So I have paid off all my bad debt on my Credit report?
Answer:
Per Section 605(a) of the Fair Credit Reporting Act, the judgment will stay on your credit report for SEVEN years from DATE OF ENTRY on the credit report.
I said date of entry NOT date of payment. Calm down!
It will show paid however.
The old collections will drop off SEVEN YEARS from the date(s) the accounts first became delinquent. So you probably have 1-2 years to go.
To have gotten the greatest bang for your buck, you should've asked for a pay for deletion letter for the 5-6 year old accounts (which they would've probably obliged if you were tendering that offer with legal consideration [cash]). However, it is too late. You might get a VERY small bump, but that will probably occur within 2 years. You should see a rise in your FICO score when the old collecition items drop.
It's great you paid everything off! Now to rebuild your credit. It will take time. Be very careful on your charging. Don't charge anything you can't pay off in one month is the rule. You need to check your credit reports regularly.about every 6 months and read it carefully to be sure things are correct. Since you recently paid things off you may want to get a report now to see if these debts are still on the credit report. IF they are write the credit reporting agencies. Keep checking. It could take several years to get that score up.but it will go up. Good Luck and Take Care.
The good news is, you'll be sitting very well in 2 years, when all the bad stuff is completely gone.
Until then, consider disputing all the bad stuff- sometimes when they are paid, even if they are legitimate, the account holders agree to delete them. So order your reports online and delete ALL the bad stuff. . . it could help.
If nothing else, make sure to follow the second those accounts are SUPPOSED to be deleted-- they dont always automatically fall off.
And Kudos for building new/good credit!
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