How can a 15 year old credit card from 1994 that was delinquent one year after show up on my credit report in 2009? What should I do?
If a credit card was delinquent and then you reestablished payment history the clock to remove the negative info is 7 years only for that first delinquency. Scenerio 1 Credit card is late Feb 1994 and never returns to good standing and is charged off in lets say May 1994 then the first delinquency and 7 year clock stats in Feb 1994 #2 Credit card is late Feb 1994 and March 1994 and returns to good standing in April and is never late again then the seven year clock for Feb 1994 late payment starts 7 year clock but entire account is not removed off the report. The account goes back to positive status April 2001 and remains positive as long as no other lates are reported on the account So by looking at the two i outlined if your scenerio is #1 then def call the bureaus and first the date of first delinquency. If it is #2 then it should explain why the account is still on the file.
Most definately dispute the item. The law states 7 years from first delinquency. If the account never went back to postive status then the 7 year clock would never re-start.
