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When Will Accounts Fall Off Of My Credit Report? - The Bills.com Blog
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When Will Accounts Fall Off Of My Credit Report?
Wednesday, Jul 22, 2009
Question: I have 2 credit card accounts that were opened in 1999 and 2000. Isn't it supposed to drop off my credit report? New report date is 3/09. Does this new date matter when it's dropped off my credit?
Answer: The rules dictating when listings must be removed from your credit report apply only to derogatory items; positive credit items, such as credit card debts which you have kept current, can remain on your credit reports indefinitely. For derogatory items, the date on which an account falls off of your credit report is calculated as seven years from the date the debt was charged-off by the lender; the date on which you opened the account is irrelevant. For example, if you opened an account in 1985, and stopped making payments in 2003, then the account should fall off your credit report sometime
in 2010.
The new "reported date" should not affect the date on which the account will be removed from your credit report. Again, the seven year time period runs from the date on which your accounts were charged off by the creditor. If you think that any item is appearing on your credit report incorrectly, you should consider disputing the items with the major credit reporting agencies. You can read more
The new "reported date" should not affect the date on which the account will be removed from your credit report. Again, the seven year time period runs from the date on which your accounts were charged off by the creditor. If you think that any item is appearing on your credit report incorrectly, you should consider disputing the items with the major credit reporting agencies. You can read more
about how to dispute inaccurate credit report items by visiting FTC.gov.
To learn more about credit, credit reports, and credit scoring, I invite you to visit the Bills.com Credit Information page.
I wish you the best of luck in your efforts to repair your credit report, and hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
To learn more about credit, credit reports, and credit scoring, I invite you to visit the Bills.com Credit Information page.
I wish you the best of luck in your efforts to repair your credit report, and 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!
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1. Posted by HEIDI SKILLING on Friday 24th July 2009 03:19
i UNFORTUNATELY HAD TO GO ON TO A TRUST DEED LAST YEAR(2008) WHEN WILL i BE ABLE TO OBTAIN A MORTGAGE OR CREDIT AGAIN AFTER i FINSH MY TRUST DEED?
2. Posted by Bill on Friday 24th July 2009 09:38
That is subject to many variables, not just credit score (loan to value, debt to income, etc.) I can tell you that anything is on your credit report for 7 years and a bankruptcy can be on there up to 10 years.