I have read on the Fico site that late payments stay on your report for 2 years....collections and bankruptcies stay on for 7 years.My impression was that a negative, late payment or otherwise stay on for 7 years.I have a couple of negatives with late payments of 30 days, 60 days...is it true that they stay on for just 2 years?They are already over 2 years old....any advice how can I dispute or try to get these negatives off my report?Thanks for your comments.
§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection (b)
of this section, no consumer reporting agency may make any consumer report containing
any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the
date of entry of the order for relief or the date of adjudication, as the case may be,antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate
the report by more than seven years or until the governing statute of limitations has
expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven
(4) Accounts placed for collection or charged to profit and loss which antedate the
report by more than seven years.(1)
(5) Any other adverse item of information, other than records of convictions of crimes
which antedates the report by more than seven years.
(b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the
case of any consumer credit report to be used in connection with
(1) a credit transaction involving, or which may reasonably be expected to involve, a
principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be expected
to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may
reasonably be expected to equal $75,000, or more.
HI, I have some late payments on my reports 10 years and older. Should I write a letter to get them removed...they are making my score lower? What should I do?Ann Marie
OK I had a 60 days late payment reported from an account I had autopayment set for several month. For some reason they stop taking auto payments and I did not know until it was too late. They closed the account and reported it. I have tried all I can to make them removed that form my credit but they just don't want.
I really think there has to be a way to fight this type of actions reported due to the creditors mistake, account was not paid on time because some how auto payment stopped, but not because I did not want to pay the last payment of $112 on a $4000 balance account! They just don't get it and I have my credit ruined because of that. What can I do?????