I've got a question that has been puzzling me ever since I began my credit history a few years ago. When I first started applying for cards, I had aquired numerous cards such as: 2 Associate Visa Cards 1 Nextcard 1 Classic Discover 1 Asphire Visa 1 Capital One Gold 1 Direct Merchants Bank Being that I was young, I really didn't know all of these accounts would list on my credit reports and have a direct impact on my credit worthiness. Now, I know but I wish I had known earlier. At this time, every one of the above accounts is closed because some I didn't like and some I just grew out of over the years. Does anyone know how long all of these accounts are going to be reported on my credit reports? I wish they would all go away, but does it take 7 years for them to disappear or are they going to be there for my entire life span with credit? I would give anything to have my credit reports look cleaner than be plauged with all of these accounts. Does anyone have some answers?
I'm quoting from the Experian insert they send you when you order/get your credit report: Where information comes from; how long it stays Credit reporting agencies like Experian are governed by the federal Fair Credit Reporting Act (FCRA) and companion state laws. The FCRA permits us to list postitive information on your credit indefinetly. In accordance with federal law, accurate potentially negative information-such as a late payment or an account turned over to a collection agency-can remain on your credit report for seven years.(Of course they calculate from the time of charge-off. This sets your seven year clock ticking) However, bankruptcies can remain on credit reports for up to 10 years and unpaid tax liens may remain for 15 years. (check your state's SOL laws to find out) here's a website to help you in that area www.carreonandassociates.com/statute.htm for more information go to the federal trade commission website and it has all the FCRA and other laws regarding this issue hope this helps
They can stay on for 10 years if they are good accounts. If it says "closed by consumer" and the balance is zero, and it says "paid as agreed" they don't hurt you. Dont worry about them. Actually, they are probably helping more by being there than by taking them off. When they calculate "average age of open accounts," they don't help, but they help "length of credit history" in general. it would have been better to keep one of them open, but that's water over the dam.
Ok so I have an charged off account with Date of Last Activity early 1995 (no date listed for charge off, only Date of Last Activity)...early 2002 when it is 7 years, What is the proper procedure to get this item removed? Do I send a letter to the Equifax saying "According to the FCRA, the 7 year period of reporting is up, please remove this entry"? -Peace, Dave
I wish someone would enlighten us both. I am looking at my experian report. Under STatus details it gives you the date an item comes off EX. 1 reported since 2/97 off 8/2003 6yr 6mos EX. 2 reported 1/99 off 12/2006 7yrs EX. 3 "" "" 6/99 """" 6/2006 7yrs EX 4 "" "" 11/99 6/2006 6yr 5mos So I'm not really sure as well how it works 2006 is my year!! my husband also has several going off that year. Unless I can get some deletes prior to that?
I would just send a simple dispute stating the account has reached the 7 year reporting mark, it is now obsolete, please remove.
