I've had another idea. This is strictly dreaming, but I'm allowed to do that, right? You know the rule that negative credit "may remain for a period of 7 years" (I'm paraphrasing)? Wouldn't it be nice if that period varied by the amount owed? For example: Amount Owed: Can stay on record for: $0-1000.00 2 years $1001.00 - $3000.00 3 years $3001.00 - $5000.00 5 years $5000.00 + 7 years That way, people wouldn't have their credit trashed by a $150.00 chargeoff from six years ago. In other words, make the punishment more closely fit the "crime." Sure, creditors need some protection but a 7-year sentence in credit Hell just isn't justified sometimes.
I just disputed and had one removed for $31.00. No kidding. Nothing sneaky here. It really wasn't mine and was removed very quickly.
I agree - after a couple of years I think its enough - especially if the account has been paid. But that 7 yr thing comes from some ancient thing about a person being accountable for his/her actions for 7 yrs. I knew the specifics a long time ago, but I have forgotten the exact culture that came from. I can look it up if you want, but it wasn't some figure just pulled from the air. Maybe someone else here knows?
Speaking of which... why can't a paid account automatically remove negative info associated with it? As far as I'm concerned, there especially shouldn't be any such thing as a "paid chargeoff." It sounds like an oxymoron to me. The creditor either got their money or they didn't. Again, I realize that there has to be some protection for the creditors but 7 years is ridiculous.
Bingo! I have been thinking about that, wondering if I had been dreaming it but you are right. They should think about that. Also, as for the inquiries, I was thinking that the 2 years is too extreme. Its our money, its our life, why should we be penalized for inquiries.......
EXPERIAN (WAS TRW) TRANSUNION EQUIFAX IN "COLLUSION" ONE DAY DECIDED TO MAKE INQUIRES STAY FOR TWO YEARS... IT WAS ONE YEAR...
I just had a $19.00 collection account pop up in February on my Equifax. It was a bounced check for Pizza Hut in 1996. I distinctly remember making good on the check but no longer have proof of payment. I told them I would pay it again but wanted it removed. They said no. I refused to pay and the woman told me that they may sue me if I don't pay. I doubt the pizza was worth the trouble. PuuOoPaul
Nana, In NY paid collections and judgements are on the report for 5 years, not 7. Still too long in my opinion, but I don't make the rules.
Don't know where it came from but 7 yeras has nothing to do with reality or the facts so it should be cut to 3 yrs for all debts! ------------------------------------------------ ============================
=============== Any paid account should be the treated the same as a paid as ageeed account ! Example why Smith takes out a 5000 loan at 500 for 10 Months.He pays 500 on time for10 months. Smith lived up to his obligation to pay the lender infull within ten months. Jones tales out the same loan. Has several lates or whatever. In the 7Th. month he pay the entire balance in full. Jones went beyond his obligation to pay in full within 10months and paid it in only 7 Months:
While this would be a minor improvement it still isn't correct. The way I look at it paying the debt relieves me of all obligations including it's listing as a neg. on my report .
AMEN to that!!! Everything negative on my CR says paid and it was all paid no later than 6/99...but 2 years later, my report (and score) still looks like CRAP!!! What's the benefit of paying anything off? As always....
QUOTE- "AMEN to that!!! Everything negative on my CR says paid and it was all paid no later than 6/99...but 2 years later, my report (and score) still looks like CRAP!!! What's the benefit of paying anything off?" END QUOTE This is definitely one where consumers NEED some help! How about making it so PAID accounts stay on for just a year after being paid? Not POS lines, just the ones in former default. Why the collection agancies don't do some creative settlements, I don't know. Seems the FIRST thing they should offer is total deletion of the NEG for payment in full. Then, work from there. They are STILL telling people they "can't" remove items. Whadda crock! It's just bad that if one pays up, one has no chance of cleaning up the report. LK
Pardon me but when one pays off a debt dosen't that legally relieve one of the obgliations of the debt? ~~~~~~~~~~~~~~~~~~~~~~````````~~~~~____+++--
WHEN IT IS NOT PAID ON TIME...the rules change...you get punished for 7 years... I thought that when they "WROTE IT OFF" and then tried to collect...I THOUGHT THAT WAS DOUBLE DIPPING!!!
