If you have collections on your credit report, you can count on most of them staying on there for minimum of 7 years from the original collection date. Sometimes you will have the collections sold to different collection companies. This could be a challenge trying to get the original collection date, but the creditor currently reporting the collection must report this information correctly. Typically the creditor reports the wrong original collection date, so you have to dispute it. They must comply with this request under the (FCRA) Fair Credit Reporting Act.
Here is how long items stay on your credit report from original collection date:
1. Medical collections – 7yrs
2. Charge Offs – 7yrs
3. Late payments – 7 yrs
4. Judgments – 7 yrs
5. Tax Liens – until you pay off
6. Repossessions – 7yrs
7. Chapter 7 Bankruptcies – 10 yrs
8. Chapter 13 Bankruptcies – 7yrs
9. Collections – 7 yrs
10. Inquiries – 2 yrs
11. Foreclosure – 7 yrs
I am sure you have heard you can get obligations that you owe removed from your credit report. I will tell you and so will the FTC that you cannot get obligations removed from your credit report even though you owe the debt. The only items you can get removed are items that are not correct, for instance.
- Debt that is not yours
- Maybe you and your father have the same name, and report is skewed
- Duplicate items
- Items over expiration date
- Inaccurate reporting, like slow pays.
Maybe you don’t know what is being reported on your credit report. Its time you find out, so if there is inaccurate information you will know. Current statistics show that 1 out of 4 credit reports have incorrect information on it that would cause a denial of some type of loan.
CreditScoreQuick.com
