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DanceRat · #1 (**permalink**) 04.01.2002, 11:43

It seems I read somewhere that if you have an open revolving account, that the creditor can only report 30 day lates for three years, or they drop off after three years, or something like that, can someone elucidate that?

Thanks

GEORGE · #2 (**permalink**) 04.01.2002, 11:53

Quote:

Originally posted by DanceRat
It seems I read somewhere that if you have an open revolving account, that the creditor can only report 30 day lates for three years, or they drop off after three years, or something like that, can someone elucidate that?

Thanks

7 years

lbrown59 · #3 (**permalink**) 04.01.2002, 11:54

No Neg. Belongs for over 3 years.

Quote:

Originally posted by DanceRat
It seems I read somewhere that if you have an open revolving account, that the creditor can only report 30 day lates for three years, or they drop off after three years, or something like that, can someone elucidate that?

Thanks

betacredit · #4 (**permalink**) 04.01.2002, 12:29

It stays on for 7 years. ALL derogatory info does. Positive stuff for 10 years.

It will not show when a creditor pulls a report in the most recent 2 year history. But, it will say something to the effect of most deliquent x times 30 day late.

betacredit · #5 (**permalink**) 04.01.2002, 12:30

BTW

Your score will always take a hit.

GEORGE · #6 (**permalink**) 04.01.2002, 12:38

The credit card/loan company "CAN" have it REMOVED at any time they want to...

DanceRat · #7 (**permalink**) 04.01.2002, 13:27

Okay, I knew I read it somewhere, but I don't know what she is talking about:

"Dear Nancy:
By paying off your "bad visa" account and asking them to close out your account might have done you more harm than good. The way the #34;system" works, as long as your account is open, every month the creditor will report your payment history to the Credit Reporting Agencies. Even though you might not have a balance remaining, the creditor will report no activity on your account. Any late payments noted will be removed within three years. As soon as your account is closed though, the creditor stops reporting a payment record on your account. Whatever is last reported by this creditor will remain on your file for seven years. Asking a creditor to remove this report will get you nowhere. They will not do it and the Fair Credit Reporting Act says they can report your payment record for up to seven years.

You now must live with the decision you made and hope it doesn't hinder you too much in getting credit in the future. "

http://www.debthelp.org/credit_reports.htm

Has anybody heard about this? What system is she talking about?

GEORGE · #8 (**permalink**) 04.01.2002, 13:45

...BUT...if you have the choice of having it "JACKED" to 22.49% if you keep it open...or keep it at 9.99% if they close it~~~NO BRAINER~~~REFUSE NEW TERMS~~~IT WILL BE CLOSED...you saved a "TON" of money!!!

DanceRat · #9 (**permalink**) 04.01.2002, 15:39

Okay, so you have heard of this? My balance is 0 and I have a 30 day late notification from 98 and one from 99. The account is open - but I would love to know WHAT she is talking about?

Pat · #10 (**permalink**) 04.01.2002, 16:46

Me too...

The way I've seen it work first hand is 7 years. I had 4 x 30 day lates, the oldest one was 3-1995. It went away last month. So now I have 3 x 30 lates.