Question about credit reporting?

Question

I had a problem with my Sears credit card over 10 years ago...paid them off, but had late payments. They are still reporting this to all 3 credit bureaus. I thought they stayed on for 7 years...should I write all 3 companies and report this to get it off?

Answer 1

Hi there,

The difficulty with credit card debt is that it can take so long to pay it off that you just get almost bored and spend again. Most people find it hard to live within their means and not get further into debt or back into debt.

I can recommend starting to buy everything with cash - I'm telling you, when you see those bills going through your fingers you will really cut back on your spending! It's far too easy to spend money you don't have with a credit card.

You have to get rid of your credit card debt. Either get a consolidation loan or consolidate your cards to ones with zero or low rates of interest. Once you have done this you MUST get rid of your old cards - cut them up and destroy them otherwise you will be tempted to spend on them again and get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline and self control and maybe even a five year plan, but once you are out of debt you will feel a new found sense of freedom!

Hope that helps, but please let me know if you need any more info :)

Answer 2

Yes, dispute it with all 3 as being outside the 7 year time frame.

Answer 3

There is only one 7-year reporting cycle for credit reports...This cannot be restarted under any circumstances. Changing the dates is called "re-aging" and it's against the Fair Credit Reporting Act.

Send the credit bureaus a letter via Certified Mail + Return Receipt stating:

Per the Fair Credit Reporting Act, I am requesting written validation that this item is being reporting within the 7-year time frame as allowed under the Fair Credit Reporting Act

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Send the collection agency/Sears a letter via Certified Mail + Return Receipt stating:

Per the Fair Debt Collection Practices Act, I am requesting:

- written validation of this alleged debt

- written validation of the original "date of delinquency"

- written validation that this item is being reporting within the 7-year time frame as allowed under the Fair Credit Reporting Act

Answer 4

Don't bother doing debt validation. Just go online and dispute these accounts as "too old" and they will be removed. Sears never got around to removing them and you are right; they should have been removed 3 years ago (or thereabouts).