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I have seven old accounts (the oldest is from 2001) with the Dept of Ed that are closed (consolidated) but show negative payment history, what should I do?
The new accounts are showing current but I know that these old accounts and late payments (some went 120 days late, cringe) are hurting my score. They also affect my age of credit history which is a positive...what to do, what to do...
Thanks in advance for your help.
The negative information should remain on your report for 7 to 7.5 years, if it is older than that, you can dispute it as "too old" and it should be removed from your reports. If the loans had some positive payments before they were closed, those positive marks should remain for about 10 years, but if all of the information is negative (or the account defaulted) the whole line should come off at that 7 to 7.5 year mark.
If you ever defaulted on the loan it is 7 years from the date of default. I'm curious are the loans paid off? They are keeping them on your report for a long time. Have you disputed and asked for them to be removed?