Did you know that your credit report is an entity that develops rapidly as the months and years go by? When you pay your bills on time, good things tend to happen regarding your credit scores. However, some people simply cannot pay their bills on time due to a vast variety of financially based reasons. Although you may have had the intention of paying for your mortgage/rent, automobile loan, and credit card bills on time each month, circumstances often get in the way. In essence, bad things happen to good people.
The good news is that when something bad happens to your credit, it will heal eventually. However, the length of that healing process depends on how severe the damage actually is. There are a vast variety of claims floating around out there regarding what can raise your credit scores and what will lower them. The following information will help you separate the facts from the fiction. So without further ado, here is the 2nd biggest credit report myth exposed.
Credit Report Myth #2: It Takes Seven (7) Years For All Negative Items To Drop Off Your Credit Report
A great deal of consumers are under the impression that it takes seven (7) years to remove negative items, or have negative items drop off their credit reports. While is there is some truth to this, as a whole it is a myth and a rather large one. In reality, the length of time that negative information remains on your credit report is governed by a federal law known as the Fair Credit Reporting Act, or FCRA for short. It is also determined by your state government’s Statutory of Limitations.
In essence, the length of time that negative items can remain on your credit report can also be determined by the state in which you live in. Please consult with a Consumers Rights Advocate in order to determine if your state’s Statutory of Limitations is different than the FCRA rules. That being stated, most pieces of negative information must be taken off your credit report after seven (7) years. However, some line items, such as a bankruptcy, can legally remain on your credit report for up to a ten (10) year period.
When it comes to the specifics of derogatory credit information, both the law and the time limits may vary. On the other hand, any positive information on your credit report may remain there for the foreseeable future. Please not that a credit account that was paid off as agreed will most likely be removed from your credit report after ten (10) years after the date of the last activity.
If you feel that you are being treated unfairly by a creditor or collection agency, please contact us immediately. Legal Rights Advocates, PLLC is a consumer advocate law firm that focuses on consumer rights protection services across the Unites States. We have well over twenty-five (25) years of combined experience helping consumers that are experiencing Debt Collector Harassment, Social Security Disability issues, and a whole lot more. LRA is truly your consumer rights advocate. We take great pride in the fact that our job is to protect you from deceptive and or abusive debt collection practices.
Our goal is to assist you each and every step of the way regarding your rights for consumer protection. Please call us today for more information at 855-254-7841 or click here for a FREE Case Review. We look forward to working with you.
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