When Does the 7 Year Rule Begin For Delinquent Accounts?

Late payments remain on the credit report for seven years. The seven-year period is based on when the delinquency occurred. Whether the entire account will be deleted is determined by whether you brought the account current after the missed payment. If the account was brought current, the late payments that have reached seven years old will be removed, but the rest of the account history will remain.

If you had a single late payment in April of 2011, that late payment will fall off by April of 2018. If the account was brought current between April and September of 2011 and […] Read more

Cleaning Up Credit Can Be Difficult But Rewarding Process

Cleaning Up Credit Can Be Difficult But Rewarding Process

Janet Tourno was having a hard time financially. Business dried up to the point where she had to shut down a once-thriving business. She lost her home and had to file for Chapter 7 bankruptcy. She said that by the time she decided to pack up and move back to Kansas City in 2012, her credit score had plunged to 450, which is considered very poor. A person with a 450 credit score can expect to pay much higher interest rates and that is if they can even get approved for anything.

It took about two years for her life […] Read more