I received an email with the question? Is it true that after seven years items will be removed off my credit?
How might I best go forward? Any help would be appreciated. Thank you. Regards, Janet
Here is my response.
Janet,
The simple answer is Yes and No. Let me explain.
Yes – If the item is a satisfied account, such as a collection or charge-off, then it should fall off after 7 years. Items can remain on your credit report for longer than 7 years, if so, dispute the accuracy with the credit bureaus and they will have to remove it per the FCRA (Fair Credit Reporting Act).
No – If the item has not been satisfied, such as an open collection account, then it will remain on your credit indefinitely. The statute of limitations for the company to collect on the debt may run out, however, it will stay on your credit report.
Good accounts will remain on your credit forever. You want this. Never have good standing accounts removed from your credit report. It would be like getting an A removed from your report card.
If you have any other questions or a follow-up question please feel free to contact me. Have a great weekend!
–
“Creating a Fantastic Day!”
Benjamin Kruell
Nationally Recognized Credit Expert
My Goal: To help you understand what is on your credit report, how it affects you, and what can be done to improve your capabilities.
Please visit 720creditguru.com for great credit tips and information.
{ 0 comments… add one now }