Hello, I am confused as to how long negative information can stay on your report. I have no charge offs or collections, only late payments from a period of time when I was having some problems financially. Do late payments stay on the report from the time of the orginal delinquency..or does this only apply to charge-offs? Or does each individual late payment stay on for seven years from when it happened? Another suggestion that I have seen on some of these sites is to call an individual creditor and simply ask them to help you by removing negative information. The information states that sometimes you can convince somebody to take negative information off of your report if you have a good reason for being late (or whatever) and have otherwise been a good customer. Has anybody tried this, and with who, and did you have any luck?
7 years since the initial delinquency- late payments, as well as charge offs, under the FCRA. Some state laws mandate a shorter time period (eg, NY law is 5 years)
So does this mean if I was late twice in 1994, and once in 1996, that the late payments would all disappear 7 years after the first 1994 late? I hope this is true...but it sounds too good to be true!
Late payments are only reported for two years and then fall off unless the account was charged off then it reports for seven years and then falls off.
Maybe it depends on what state you are in, but normally late payments will be on your report for 7 years. However, after about two years, many creditors will forgive the late payment provided that you do not continue adding more to your file. I can't remember which CRA it is, but a late payment I have from a number of years ago does not reflect on the status of my account (R1) rating, but it still shows on my credit report.
I also have an R1 rating on one of my accounts and on Experian is says under comments: "Status: open/current, was past due 30 days. Account History: 30 days as of 1-1995. As of 1-2002, this account is scheduled to go to a positive status." On Equifax it has an R1 rating and states: Previous payment history: 1 time 30 days late. Previous status: 01/95 - R2 On Transunion it states: "Paid or paying as agreed. In prior 48 months from last update never late."
I know that the following isn't true: info wrote: ------------------------------- Late payments are only reported for two years and then fall off unless the account was charged off then it reports for seven years and then falls off.
No, each late pay should roll off individually on its own anniversary month. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/ Everything You Need To Know About Credit And Debt --
