By federal law, all debts must be removed from a credit report after seven years (US Code Title 15, §1681c) and bankruptcies after ten. The seven years starts running from the date of first delinquency. Review your credit report carefully to make sure that the dates of last payment being reported on these accounts are correct.
The Fair Credit Reporting Act and the rule stating that derogatory items must be removed from credit reports after seven years are designed to help consumers recover from past credit mistakes and help them rebuild their credit rating. If you find charged-off accounts appearing on your credit report after seven years, you may want to dispute the incorrect listings with the credit bureaus.
You can read more in the Bills.com resources Derogatory Credit Report and Credit Score Report and Information.
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Bill
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