Still confused about Credit Report?

Question

I've asked a couple questions regarding my credit and they've been answered fabulously but I'm still confused on one thing:

If the bad credit "NEVER" leaves your credit report then why is there a section on my credit under each creditor that says "this account is scheduled to continue on record until 2010"

Now does that mean in 2010 that creditor/balance will be erased completely....like not there, cant see it, GONE?

I ask because some of the past answers have led me to believe that the balances will show on my report for the rest of forever.

Answer 1

That's why you're still confused because you've been given incorrect infomation. Your accounts will not show on your credit report forever. However they will show for the longevity of the accounts + 7 years

Example 1-  if you have a Visa credit card for 15 and it's still active. Then Visa will report your payment history to the credit bureaus for 15 years. If you decide to close it then it will show on your report for an additional 7 years (this is standard)

Example 2 - if you have a Visa card that is defaulted and/or in collections this will be reported on your credit report for 7 years from the date of last activity and or date of default.

The message on your account that says "this account is scheduled...." is true that means you have 2 more years for the negative information to be deleted from your credit report. So it's safe to say that about 5 years ago you were in default or collections.

If you have a

Answer 2

If the information is more the 7 years old the contact the credit bureaus and the company and request that they remove it.

Answer 3

Stay away from credit, and the report becomes meaningless.

Answer 4

I know things do not stay on your credit report forever because I have had stuff that used to be on mine that no longer is.

I also don't think there is a set time frame for something to drop off.

I know inquires only show up for about 2 years.

Answer 5

You can use credit repair agency to fix your credit by deleting such items from your report - for example this one - http://creditreport.imess.net - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.