Do I have To Request Something Get Removed From My Credit Report After 7 Years?

Question

Or will it Just Get Taken Off After 7 Years?

Answer 1

The best thing to do is to go to ClarkHoward.com. This guy is a consumer financial specialist with his own radio show you can stream from his web site. His site is the bomb for questions like this.

Answer 2

First of all you must understand how the CRA's report items on your credit report.

They use the following time frame for keeping debts listed.

Unpaid Tax Lien - Indefinitely

Chapter 7 Bankruptcies - 10 years from date filed.

Public Records - 7 years from the date of payment;

Closed or Inactive Accounts - 10 years from the date of last activity;

Derogatory Accounts - 7 1/2 years from the date of original delinquency;

As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

3. Example after Dec 29, 1997:

A payment was due on January 10, 2000 but, you failed to make that payment and never made another payment. The Creditor waits until August 2000 to take action (charge off, send to collections, sell/transfer debt, etc.) on the debt.

The 180 day count began on January 2000, (your last missed payment month) and runs until July 2000 at which time the seven (7) year reporting period begins and runs until July 2007.

HOWEVER, they have been known to make mistakes.  If they do forget to remove it, just contact them.  Your credit reports will show the date the entry is due to be removed.

Hope this answers your question

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.

Answer 3

i believe some automatically do it but if they dont you have to call them do some research on the ftc website and mention the ftc during your call you and you will be taking care of

Answer 4

Technically, after 7 years it should be removed.  But sometimes the creditor can drag their feet about it and you will need to send a letter requesting the removal.

Check the website for some sample letters.