Credit report questions?
Answers:
A negative tradeline will drop off 7 years from the date of last activity on the account. If it has been exactly seven years I would wait another month for the item(s) to fall off. If they fail to disappear in a month I would certainly dispute them. If you file a dispute it will not add more time to the 7 years. Good Luck
I think it usually takes 30-60 days for items to be removed.
If it's over 7 years file a dispute with the CRA's. By law, it has to come off. That is, if it's just a credit card under 'trades' on your credit report. If it is a judgement under 'public records' it can stay on a lot longer than 7 years if it goes unsatisfied.
The credit report determines your credit score which is an indication of your financial health. A lot of misconceptions prevail regarding the credit report and credit score. In this article we try to clear some of these misconceptions.
1. The credit reporting agencies make random guesses for credit score
The credit reporting agencies do not arbitrarily decide on your credit score. In fact every loan, mortgage or credit card you take is closely monitored by the financial institution that provides it. The way you tackle your debt, repayment and interest rates is tracked by the company and sent to the credit rating agencies to calculate your credit score. The software used to calculate your credit score is FICO (Fair Issacs Corporation) after the people who designed it. It is a fairly complicated piece of software that decides on your credit score based on established parameters.
2. The credit reporting agencies are biased
No, not at all. No consideration whatsoever is given to factors like race, gender, nationality, marital status, or religion. It is your finances that matter. The feedback received by credit rating agencies from your banks, lenders etc. are the only things that matter. The idea is to establish your credit trustworthiness.
3. I have to pay heavy fees to credit reporting agencies to get my credit report
This is grossly untrue as the Fair Credit Reporting Act (FCRA) makes it mandatory for each of the credit reporting agencies to send a free copy of your credit report on your request each year. So, you can have a copy of your credit report absolutely free of cost once a year. If you require more than that you have to pay a small fee to the respective credit reporting agency. In fact, it is advised that you regularly check your credit report. It is indeed one of the best financial practices. Read more about credit report at: http://www.credit-card-gallery.com/free_...
dispute it
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