Is there a law that states that an account can only be on your credit report for only seven years?
Answers:
The FCRA (Fair Credit Reporting Act) is what yo're referring to. I posted a link that can explain it in detail for you
No... there are several circumstances in which the 7 year statute of limitations can be extended.
I would ask whatever credit reporting agency (Transunion, etc) what their limit is and point that one account out to them. It should be no more than 7 years, unless it was a bankruptcy, so I would ask for the details.
It can be on there a lot longer than that. It depends on when the company stopped reporting your account. A bankruptcy will always show for 10 years. Seven years is a rule of thumb, not a law. Your best bet is to either pay the account off, or just wait 3 more years.
If it has been 7 years from the date it was first reported, then it has to come off. if you make a payment on the account it will stay of for 7 years from the time you make the payment.
They go 7 years from the very last payment was made on the account. Depending on the state you live in they may still be able to sue you for repayment of the debt.
Hello,
A collection company must report the ORIGINAL date (actual month and year) the account FIRST became delinquent. This is when the clock begins ticking. In the following link, NCO was reporting later-than-actual delinquency dates. This is a violation of Section 623(a)(5) of the FCRA and NCO was required to pay a $1,500,000.00 fine.
ftc.gov/opa/2004/05/ncogroup.h...
In the following links, the FTC letters explain that if an account becomes delinquent and remains continuously delinquent and is later charged off, then the ORIGINAL date is the date that the account FIRST became delinquent. This is also referred to as the “commencement of the delinquency” date. The delinquent account can no longer report after 7 years plus 180 days from the “commencement of the delinquency” date.
ftc.gov/os/statutes/fcra/kosme...
ftc.gov/os/statutes/fcra/johns...
Credit agencies stores information from credit grantors and public records, including bankruptcies, judgments and liens. Missed payments and most public record items remain on the credit report for seven years, with the exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which remain for up to 15 years.
Active positive information may remain on the report indefinitely.
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