How Long Can Accounts Stay On Your Credit Report
Information that is timely and precise cannot be taken off your credit file, even if you have paid a once delinquent debt off. The fact
that it is paid off is to your credit; nonetheless, the fact that the report was once delinquent is also true and may stay in your credit files from up to seven years.
Bankruptcy information could be reported for up to ten years. Information reported because of an application for a job using a salary of more the $20,000 has not time limit. Information reported because of an application for more than $50,000 worth of credit line has no insurance or life time limit. Default advice concerning a US Government insured or guaranteed loan may be reported for seven years after certain grantor activities.
Info concerning a judgment against you or a litigation can be reported for seven years or until the statute of limitations runs out, whichever is longer. No one can legally remove accurate and timely negative information from a credit report. The law does, however, allow consumer’s to request an investigation or reinvestigation of the facts and information in your credit file that you dispute as inaccurate or incomplete. There is no charge for this particular advice.
Services or credit fix clinics can not do anything to enhance your credit report that you can not do for yourself, at little or no cost. Avoid companies that want you to cover credit repair services before they provide any services. It is illegal for telemarketers who offer credit repair services to request payment until six months after the service has been delivered by them.
The Credit Repair Scam
Everyday businesses nationwide appeal to consumers with poor credit histories. They promise, for a fee – generally paid upfront – to clean up your credit report so that you may get a home mortgage, an automobile loan, insurance, or even a job. The truth is, says the FTC, that they can’t deliver on their promises and claims.
According to hundreds of reports, consumers pay hundreds or tens of thousands of dollars in upfront fees and these companies do nothing to improve your credit report, many credit fix companies only vanish together with the customer’s cash. These businesses don’t tell you your legal rights and what you could do yourself for free. They frequently recommend that you don’t contact a credit bureau.
Or they counsel you to dispute all information on your credit report or to make a brand new credit identity which is not legal. If you follow any illegal guidance or commit fraud, you may be subject to prosecution.