Negative credit file to drop off in 2009??

Question

I just ran my three free credit reports that I am entitled annualy. I have 2 negative credit files from my past. The worst one which is from 2002, according to Trans Union will drop of in feb of 2009. That would be consistent with the seven year rule.

Does that mean that if Trans Union says it will drop off their sheet, that it will also happen in Experian and Equifax? My score should get a huge boost when that's out of my hairs.

Answer 1

if it's 7 1/2 years, then this should come off all 3 reports. since the account is paid in full and closed, there should not be an issue of them selling the account to another agency. just be sure to keep all receipts and correspondence from this debt, in case you do have to dispute this item.

Answer 2

Yes it is in line with the 7-year reporting rule and yes it will drop off of all credit reports.

But, don't look for a huge change credit scores are mostly made up of the last 24 months of history so anything that is 7-years old is having very little affect.

Additional information.

What Michelle is describing is a violation of the Fair Credit Reporting Act and is easily fixed, all you have to do is dispute these accounts with the credit bureaus as being both beyond the allowed reporting time and as being re aged by the collection agency's and they will be removed.

This is also punishable by a $1,000.00 fine per violation under the Fair Credit Reporting Act you must take the collection agency's to small claims court and sue them to collect this money.

Answer 3

No this is untrue. I still have things on my credit from the 90s that I have made effort after effort to get rid of.

If it is not collected. The collection agency will re-sell the debt and it will show up on your credit as a new charge.

Example:

Bad debt occurred Jan 2002

Sold to credit agency-A Jan 2003

credit agency-A tried to collect on debt until Jan 2006

credit agency-A re-sells the debt to credit agency-B in Jan 2006

credit agency-B refiles(or something) the debt

bad debt appears on your credit report as occurring in Jan 2006

credit agency-B tried to collect on debt until Jan 2008

credit agency-B re-sells the debt to credit agency-C in Jan 2008

credit agency-C refiles(or something) the debt

bad debt appears on your credit report as occurring in Jan 2008

Wrong? Un-ethical? Yes! But it happens every day.

Also, I have to add. Yes the law does state that they are supposed to remove it after 7 years. But there are loop holes. And these credit agencies will do anything they can to find the loop holes and get thier money.

Answer 4

Actually it can stay up to 7 years and 180 days so it could be that one or both of the others will take a month or even 6 longer than that 7 year date.

Michelle there are NO LEGAL loopholes on these dates!  IF this happened to you then you were not diligant enough in order to change the information with the credit bureaus.

Answer 5

The rules apply to all 3 credit bureaus so the answer is yes.