Credit Reporting Time Periods

[rmonoson]

I was told (i think by a thread in this forum) about 1 year ago the items included in bankruptcy stay on for 10 years.  I see in this posting that is it being stated 7 years from the date it was "included"

My discharged bk occured May 2002 ...... hence 7 years later June 2009...  shouldn't there be a ton of these vanish from my report, and my score should go UP?

am I missing something here?

please advise, it's been hell since the bk.

thanks in advance

robert

jax, fl 

[Anonymous]

Hi Folks,

I'm Mick, and I am new here; I did some searching but couldn't find an answer for my question.  Hope someone can help.  Here goes:  I live in Colorado, and I have some charged off accounts, that are so old they are now off of my credit report; they have reached the statute of limitations.  I have received an offer to clear them up by settling (at an awesome rate).  My question is: if I choose to settle, will the accounts go back on to my credit report, in any way, and ultimately be detrimental to my credit reporting?  Thanks for any help!

~Mick, in Colorado

[onthemove]

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@Tuscani wrote:

Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment.

Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Message Edited by Tuscani on 06-19-2007 07:30 PM

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Im looking of the legal statutes that says this. Can any one help me out with this? 

[Ms-Kato]

This post is 5 years old and wondering if these laws still apply today.   Great post by the way..thanks !

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 Credit Reporting Time Periods

04-29-2007 01:55 PM - last edited on 06-19-2007 08:30 PM

Delinquencies (30 – 180 days) Can remain seven years from the date of the initial missed payment.
Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.

[Ms-Kato]

Delinquencies (30 – 180 days) Can remain seven years from the date of the initial missed payment.
Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.

[llecs]

The FCRA hasn't changed (per the CRTP) and the length of reporting still applies today.

[Ms-Kato]

Thanks llecs!

[Steelersfan904]

I am confused on the child support. I am in the arrears because of retroactive child support but they didnt put it on my credit report until 2008 even though the judgment was ordered in 2005. Can somebody help me?

[llecs]

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@Steelersfan904 wrote:

I am confused on the child support. I am in the arrears because of retroactive child support but they didnt put it on my credit report until 2008 even though the judgment was ordered in 2005. Can somebody help me?

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I'd start by pulling your free reports from annualcreditreport.com. These reports have more detail Your EX and TU reports should list a drop off date for that line item and if the judgment date was in 2005, and it is reporting as a judgment, then it should show a drop off date of sometime this year.