Resolved Question

A few questions regarding Credit Report?

I just recently got mine, and I have a few outstanding debts from almost 6 years. The report states that after 6 years these will be removed from my file. First of all, has anyone experienced this to be correct?
Also - If the file will be removed lets say the end of this year and I start paying it off now, will it stay on my report for the next 6 years because I'm now paying it off?

Also - does the 6 years begin from when the credit card in question started? or when the last payment/default payment was?

Thanks in advance.

Additional Details

Thanks guys for all your answers! I am gonna let it fall off

: )

3 days ago

Best Answer - Chosen by Asker

First, the time frame is 7 year. The seven starts at last activity/date of reported delinquency (put into collections). The date does not restart if the debt is sold to or optioned to a debt collection agency (one of the neat little tricks they try to pull is re-age the debt, which is illegal). After 7 years, the debt is supposed to automatically come off your report - if it doesn't, you need to file a dispute with the credit bureau citing age of debt for reason of dismissal. They will investigate, verify the date and if longer than the statutory period, pull the record off the report. And yes, if you make even a token payment, that be be considered an "activity" and restart the aging process. This hurts two ways - it keep the negative record on your credit report for another seven years and can restart the statute of limitations for collecting through the court system. I honestly hate to say this, but you should check the last activity column - if the last activity is 6 years or more (or maybe even 5 depending on how you feel), while you are probably morally obligated to pay the debt, from a self-preservation aspect, I would let it age off the credit report by not paying anything.

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Other Answers (5)

• SteveD gave a good answer but I just want to make one thing clear - as long as you have debt outstanding (you still owe something), then the lending institution (or collection agency) has the right to keep reporting it. It is only after you have completely satisfied the debt that the 7 year clock starts ticking.
  
  Also, since it is up to the lender to report the debt to the credit bureaus, some small lenders that you have a good relationship with MAY be willing to remove the tradeline from your credit report. But you have to ask the lender. This usually doesn't work, but may be worth a shot.
• The companies use date of last activity. The funny things is that this date varies from reporting company to reporting company. Check out the video at he link for an overview of getting the stuff removed.

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• Its actually 7 years, and is from the day the credit was issued, if you start paying now it will not show negative or extend the neg on the report.
• DONT DO ANYTHINK LISTEN TO STEVE D LET IT FALL OF
• free credit report.com, tell your friends tell your dad tell your mom,