Your One Stop Resource for Saving Money.
Credit report clean up advice - The Bills.com Blog
Bills.com Blog > Credit Questions > Credit Report Clean Up
Credit report clean up advice
Question: When an old account has fallen off your credit report, does it make your credit score go up? If so, how much?
Answer: An old account falling off your credit report should have a positive influence on your credit score - if it has a negative history - but how much your score will improve depends on too many factors for me to accurately predict.
First, however, you shouldget a copy of your credit report:
Get My Credit Report
Unpaid credit accounts remain on your credit report for seven years from the date of charge-off. Since the negative impact of delinquent accounts decreases with time, an account that is nearing the seven year mark should only have slight impact on your credit history. However, if you do
not have other positive items on your report to balance out the impact of the disappearing item (especially if that was a trade line that had no derogatories), this old account could significantly lower your credit score.
Therefore, when it falls off your report, your score could increase significantly. On the other hand, if you have many positive items, this old account is probably not lowering your credit score much, so when
it falls off your report, your score may only improve by a few points.
To read more about credit, credit reporting, and credit scoring, I encourage you to visit the Bills.com Credit Solutions and Resources page at http://www.bills.com/credit/
I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
Submit questions/comments about this post:
Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
© 2006 - 2008Bills.com LLC. All Rights Reserved.