My bad credit items will come off in Oct of this year. After which I would like to start looking for a mtg loan. I have a friend who is a loan processor and she said that the credit reports they run go back 10 years. Should I try to negoitate something now w/ these creditors or ??? One creditor I can't find, the other I have been disputing for 6 years. I had a computer loan w/ them, which I paid off & they keep saying I had a Visa Card with them. Since I was 21 at the time, had no job & no means of support outside of my mother at the time they claim I opened the Visa Card w/ them. I highly doubt they would have given me the card. When I had the computer loan I worked PT for them and they automatically took the pmt out of my paychecks. I know their credit criteria & at the time the Visa Card was opened I had about a snowballs chance in hell of getting a credit card w/ a $2000 credit limit!
Your friend is confused. If indeed the dates on these debts will make 7 years in October..they will fall off, and no-one will be able to see them. Your friend is probably referring to bankruptcies...which do stay on for 10 years.
When I worked at a company that looked at credit reports in order to grant lines of credit, I always saw old bankruptcy and other information that was more than 7 years old. I went to my boss, and asked him why the info was still there, since I had been taught that everything is simply wiped off with the wave of a magic wand after 7 years. And to my surprise, it lingers there. However I was told by my boss to ignore the old information in making my decision to grant the applicant credit.
