littleroc02us
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| Re: About Credit Report |
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quote:
Originally posted by marshal france
How long will a debt collection remain on my credit report?
Mine showed up only when I was enrolled and then it went away.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Fri Sep 02, 2011 6:31 pm |
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multimastery
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The time could vary significantly. if the debt is not resolved and cleared, then it could stay on your credit report up to 7 years, maybe even longer if the debt companies sell your info to different debt collection agencies.
Truth is, unresolved debt can follow you forever. This is why it is advisable to check your credit report and score at least once per year so as to avoid any unwanted surprises.
If you find any errors and items that shouldn't be there - and ones that you already know need to be resolved, then it is best to do your best to resolve them even if you have to get professional help to do so.
Protecting your credit in this day & age is now more critical than ever, especially due to the high rising threat of identity theft and the strict credit measures that are now in place since the economic downfall.
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Sat Sep 03, 2011 2:36 pm |
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coaster
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A little more to elaborate on some of the above:
The reference to seven years is a reference to the statute of limitations on collection. The debt cannot legally be collected once that's up if the account has had no activity in excess of that period. Seven years is the usual but the length depends on state law. "No activity" is the key phrase. If you so much as send a letter or make a phone call to the collector in which you admit any liability for the debt, then the clock resets.
The debt default status stays on your credit history until it's resolved. i.e. forever if it's not resolved. But its effect on your credit score diminishes with time. Once the statute of limitations is up it's still in your history, but its my understanding that the effect on your score should be zero.
Information on the Fair Isaac scoring model can be found here:
www.myfico.com
A collection agency can still take a collection to court for a judgment after the statute of limitations expires, so don't ignore any legal action. If the judge isn't on top of the law and you don't defend yourself, the collector could still get a court order against you. And believe it or not, could actually get the court to issue a warrant for your arrest.
~Tim~
Eye Candy : Why Whimsy
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Sat Sep 03, 2011 4:18 pm |
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creditreport00a
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It can remain on your credit report for 6-7 years. After that, it's against the law for credit agencies to leave the collection account on your credit report. Also you can dispute account from your credit report if it’s not yours.
Credit Report | Credit Check
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Fri May 18, 2012 10:19 am |
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