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Credit reports?*
I was wondering if you have a bad credit posted to your credit report, how long will it stay there? Does it stay there forever? Does it clear itself after a certain number of years and stay out of your record?
Answers:
1) For some reason seven years stick out in my mind.
2) it depends on the type of loan and how you defaulted. i think it's either 5 years or 7 years.
3) All debt issues stay on your credit report for 7 years, and its pretty hard to get them off even if you pay them off.
4) yep
5) It is seven years plus 180 days. Usually it drops off automatically but you can always send a registered letter to confirm its timely deletion.
6) In general it is 7 to 11 years depending on the creditor and tyoe of debt. If the debt is erroneous/invalid then you can send a request to the credit bureau agencies asking them to remove the account or update amount owed. They can file a Universal Affadavit to remove with all 3 reporting agencies if debt is invalid and you have proof that it is invalid. Also, you can dispute the debt in which the creditor has 3 months to prove you owe it proving its validity, or otherwise the credit bureau agencies will side with you and update reporting accordingly.
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