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How Long Can Negative Items Stay On A Credit Report?
Question: How long can negative items stay on my credit report?
Answer: In general, a bankruptcy can remain on a credit report for 10 years and a late or missing payment can be retained for seven years. It is believed that unpaid judgments can remain on a credit report forever as they are "current" items. Once paid, they seem to fall into the seven year category. More complex are items that have been "charged-off" or "not paid-as-agreed." It is not clear how such items can be removed from a credit report as they appear to be outstanding disputes. If part of a bankruptcy, however, perhaps they have been voided by the bankruptcy action and thus, one could argue, they have been resolved. Speak with credit bureaus for details. Under the Fair Credit Reporting Act (FCRA), federal consumer-protection legislation, you can post a 100-word statement disputing any reported item. (Before posting, ask when and how you can remove such a statement. It may be that you do not want a reference to a negative item.)
If you think an item is incorrect or out-of-date, contact a credit bureau by certified mail with a return receipt.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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