can someone explain this 7 year rule with credit reports to me. lets say you have a macys card and for some strange reason, the statements they send you get sent back to them because they do not have your correct address, then out of the blue a statement finds its way into your mailbox with a bunch of late fees and a letter saying they have found the correct address and would like you to call them to discuss payment. you call and they agree to remove all the late fees caused by the mix up in the address. does this incident stay on the credit report? if it does, does it have very little or no negative effect on the report? also even if it was on the credit report, it will remove itself in 7 years right?
You should always get it in writing that they will delete the lates. However, if they do follow through with their promise, your account will return to a "positive" status i.e., open/never late.
I didnt get it in writing since I called and the late fees were 100% removed (I called em up a couple of days later to check for any balances owed and it was a big fat goose egg), the account is currently active. this incident occured in early '99.
Have you pulled your reports since then? If they show no lates/pays as agreed then you have nothing to worry about, Macys removed them.
I haven't pulled reports and I haven't been denied credit either when applying for target, old navy cards recently so thats a good thing. I mean even if it was on a report, it will expire in 7 years right???
You didn't specify if the account was past due 30 days or if you just got late charges because the payment was 2 weeks (or whatever late). If it wasn't 30 days late it wouldn't be on your credit. If it was 30 days late, it would probably be on your report. Why dontcha pull your report (for free) and check it out! But yes, negatives like late pays would stay on for 7 years. Ozzy.
Usually if a payment is just 1 day late, it's considered a 30 days late on your report. That is unless Macys has their own internal late payment system set up where they won't report unless you're 31+ days late.
Are you talking just Macy's or any creditor in general?? Any creditor I've ever dealt with didn't report you 30 days until you were 30 days late... otherwise it seems like they'd be reporting false info, kwim? I mean, if you were 1 day late, you were *1* date late and reporting you 30 days late just seems like an outright lie! Maybe I've just been lucky??.... Ozzy.
I was referring to any creditor in general. I believe someone in an eariler thread said 1-30 days (late) is all coded the same. For ex. there's no R1.5 for someone being 15 days late. You're either R1 (pays as agreed) or R2 (30 days late)
Credit laws say that if reported it must be accurate. reporting 1 as 30 sure hain't accurate ! It don't seem to be it is.
