matman1490

749 Contributions 866 People Helped Top Contributor

Member Since: April 2010

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do bad credit reports automatically come off after 7 years?

Aug 16, 2010
Helpful to 193 out of 209 people

you are confusing your terms...

a credit report shows all of your current credit accounts and your payment history on each..

each entry is called a tradeline, and negative tradelines, can stay on your report for 7 years, like with a past due bill you paid late from 2003.

But, something like Federal Judgements can stay on indefinately, especially in cases of criminal activity that caused the problem, or in the cases of Bankruptcy which can stay on as long as 10 years.

one thing to keep in mind. a creditor normally has 7 years to collect on a debt, before it ages off your report.. In most cases the original creditor makes a few attempts over the next 6-12 months to contact you regarding your debt. If they don't get anything during that time, then the debt is sold to a 'collection agency' who;s sole mission in life is to take money from consumers that do not know the law..

so, then a few months later you start getting calls from someone claiming to be from the original creditor, and as soon as they have verified you are the chump they are looking for, then they open a new tradeline and the collection clock starts all over again, and even though that bill you should have paid in 2003, would have dropped off in 2010, now you have a new line for the same debt, but this one started in 2005, so now you have 2 times the damage to your report, and another 2 years to put up with the calls. Every time that debt is sold, a new company will try to wrangle some cash out of you, and the moment, the very second they confirm you are who they are looking for, BINGO.. a new tradeline appears on your report, and the 7 year collection clock starts all over again.

realize one thing.. NOTHING YOU DO AT THIS POINT WILL MAKE THIS A POSITIVE LINE ON YOUR CREDIT.

even if you paid the line in full now, it would go to the collector that bought the debt, not the original creditor, and that COLLECTIONS line will still be there..

stop talking to people about your debts over the phone,

make every payment on time, every time.

do all of your business in writing,

the only reason you should ever be calling any creditor is to get a contact persons name, mailing addrss and direct dial telephone number.

It is always easier to avoid new tradelines being created than it is to get a collection agents tradeline removed once it hits your file..

give no info out over the phone unless you made the call and have an established relationship with the person you are calling. If they call you, or you arent sure if the person you are talking with can help you resolve the problem at hand, then HANG UP THE PHONE!

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do bad credit reports automatically come off after 7 years?

Aug 16, 2010
Helpful to 193 out of 209 people

you are confusing your terms...

a credit report shows all of your current credit accounts and your payment history on each..

each entry is called a tradeline, and negative tradelines, can stay on your report for 7 years, like with a past due bill you paid late from 2003.

But, something like Federal Judgements can stay on indefinately, especially in cases of criminal activity that caused the problem, or in the cases of Bankruptcy which can stay on as long as 10 years.

one thing to keep in mind. a creditor normally has 7 years to collect on a debt, before it ages off your report.. In most cases the original creditor makes a few attempts over the next 6-12 months to contact you regarding your debt. If they don't get anything during that time, then the debt is sold to a 'collection agency' who;s sole mission in life is to take money from consumers that do not know the law..

so, then a few months later you start getting calls from someone claiming to be from the original creditor, and as soon as they have verified you are the chump they are looking for, then they open a new tradeline and the collection clock starts all over again, and even though that bill you should have paid in 2003, would have dropped off in 2010, now you have a new line for the same debt, but this one started in 2005, so now you have 2 times the damage to your report, and another 2 years to put up with the calls. Every time that debt is sold, a new company will try to wrangle some cash out of you, and the moment, the very second they confirm you are who they are looking for, BINGO.. a new tradeline appears on your report, and the 7 year collection clock starts all over again.

realize one thing.. NOTHING YOU DO AT THIS POINT WILL MAKE THIS A POSITIVE LINE ON YOUR CREDIT.

even if you paid the line in full now, it would go to the collector that bought the debt, not the original creditor, and that COLLECTIONS line will still be there..

stop talking to people about your debts over the phone,

make every payment on time, every time.

do all of your business in writing,

the only reason you should ever be calling any creditor is to get a contact persons name, mailing addrss and direct dial telephone number.

It is always easier to avoid new tradelines being created than it is to get a collection agents tradeline removed once it hits your file..

give no info out over the phone unless you made the call and have an established relationship with the person you are calling. If they call you, or you arent sure if the person you are talking with can help you resolve the problem at hand, then HANG UP THE PHONE!

how can i get rid of hard inquires

Oct 28, 2010
Helpful to 30 out of 32 people

hard inquiries are on a rolling 24 month calendar, so inquiries done in november 2010, will fall off in december 2012. Anytime you offer your DOB and SSN, you are allowing anyone to do a new credit pull on you.. lock up this information, and do not offer it to anyone, and the iquiries will start to fall off in time.  

should i pay off closed accounts?

Sep 11, 2010
Helpful to 46 out of 51 people

are they held by a collection agent, or by the original creditor..?

If they are held by a 'collection agent'... then nothing you do or say will turn that negative into a positive... what has happened is the original creditor sold your debt to a collection agent, for pennies on the dollar, and written off the full amount of what you owed as bad debt. period end of story, that file is closed as far as the original creditor is concerned.

Once you get to this point, any money you pay, will go to the 'collection agent' and not the 'original creditor'... All you are doing at this point is feeding them profit.. It will not come off your credit report, and it will not change anything. your account still went to collections and will still show that way in your file.

You could even make matters worse for yourself. Say you defaulted on a charge card, in 2000... it goes to collections and just sits around, untill say 2006, when you decide things have improved enough for you to pay that debt off.. Now almost every debt is subject to the statute of limitations, which in most states is 7 years, which means if the original debt isn't satisfied within 7 years of the date of first delinquency, then the debt is extinguished and is no longer collectable. In that case, it falls off the credit file, and your score goes up.

On the other hand, you have that same debt, go to collections in 2000, just like before but, this time, in 2006, you make contact with the collection agent, who then updates your credit file to show the debt is active, which resets the statute of limitations and the debt clock starts all over again, for ANOTHER 7 years...

So now what you've done, is spend money you didn't need to.. The account may show PAID IN COLLECTIONS, but now the debt clock has been reset so you've got a collections line that will stay on your report untill 2014 possibly even later. As a result, score stagnates or, worse yet goes down, because you have recent collections activity.

what credit score is needed to rent an apartment

Oct 01, 2011
Helpful to 10 out of 10 people

every landlord has their own set of criteria they look for in new tenants.. the reason they pull your credit is they want to see how well you pay your bills every month... a bigger part of the puzzle is what shape you left your last place in...

it really doesnt matter if you have scores in the upper 700's if you skipped on your last 2 addresses, after trashing the place...  

how long does an account stay on your credit/

Jun 16, 2011
Helpful to 10 out of 10 people

POSITIVE OPEN accounts- stay on as long as the account is open and active.

POSITIVE CLOSED accounts- stay on for 10 years from the date of last activity.

OPEN ACCOUNTS WITH NEGATIVE ACTIVITY - normally show a rolling 24 month payment history, with negative payments, ( missed or late) noted for the entire run of the account.

NEGATIVE ACCOUNTS- stay on for seven years from the date of the first delinquency...

JUDGEMENTS, AND PUBLIC ENTRIES- depends entirely on what the line is, and what state of residency... a civil judgement can stay on 7 to 10 years, a discharged BK can stay on 10 years, and a federal tax lien can stay on up to 15 years, or even indefinitely....   

When a collection agency buys debt, does it come off after the 7 years when the original debt does?

Mar 14, 2011
Helpful to 24 out of 27 people

Charge offs stay on your report for 7 years from the first date of delinquency.. If you were late 30 days on your XXX credit card june, july 2001, paid on time, August, and then missed september 2001, this charge off would start the clock based on your june 2001 payment, so it would stay on your credit reports untill june 2008.

Realize that anytime that debt is sold to a collector, they will try to collect from you, and report this to he credit bureaus as a 'new' debt. If they manage to make contact with you, that WILL reset the clock and the 7 year period starts all over...

Federal tax leins, judgements, and court orders can take 7 or 10 years or even longer to fall off dependingon your circumstances. 

the key to remember, is that any collection agency that buys your debt, needs to make contact with you, in order to resubmit the debt to the credit bureaus... If that doesnt happen, then the debt will fall off your credit after the initial 7 year period...

This is why I make it habit not to accept certified mail, or answer a ringing telephone if the caller ID is someone i dont recognize. If you make any contact at all with a collection agency, you have in effect, made contact and they now can submit anything they have on you to the credit bureaus..

if something is sent to you via certified mail, they must make 3 attempts and fail, and then it gets sent to you regular delievery anyway... the catch is, if it gets sent 'certified' and you sign for it, then they have 'proof of delivery' without that, they can not claim they made contact and the debt can not be resubmitted...

hope this helps.  

How long does it take for hard inquiries to be taken off my report

Feb 08, 2012
Helpful to 8 out of 8 people

 your hard inquiries are tracked on a rolling 24 month calendar, so the credit app you put in in november of 2011, should fall off your reports, after December 2013.. remember it takes 24 months, plus at least another month for the systems to be updated...

How long does information stay on your credit report?

Sep 24, 2011
Helpful to 8 out of 8 people

nandog.. that is not always correct...

POSITIVE OPEN accounts- stay on as long as the account is open and active.

POSITIVE CLOSED accounts- stay on for 10 years from the date of last activity.

OPEN ACCOUNTS WITH NEGATIVE ACTIVITY - normally show a rolling 24 month payment history, with negative payments, ( missed or late) noted for the entire run of the account.

NEGATIVE ACCOUNTS- stay on for seven years from the date of the first delinquency...

JUDGEMENTS, AND PUBLIC ENTRIES- depends entirely on what the line is, and what state of residency... a civil judgement can stay on 7 to 10 years, a discharged BK can stay on 10 years, and a federal tax lien can stay on up to 15 years, or even indefinitely....

How long does hard inquiries stay on your credit file

Apr 21, 2011
Helpful to 8 out of 8 people

 Hard inquires stay on your credit reports for a rolling 24 month period. if the inquiry was pulled in july 2009, then it will fall off in august of 2011, after the report file has updated.

Has Credit Karma helped anyone improve their score?

Dec 14, 2010
Helpful to 8 out of 8 people

CK was a big help to me. by being able to check my reports easily, I knew at a glance what the 'problem areas' were on my bureau file. When the economy tanked after Y2K, my scores went from the mid 700's to under 500, in a matter of a year. I had defaulted on EVERYTHING and was flat busted broke.  

after a whole lotta time, and many letters to creditors and the bureaus, I was finally able to get the last bad line off my reports, by 2008. by 2009, I was able to get a new card thro cap one, and now by 2011, i now have my scores back over 700.

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