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

How Do I Contact the Credit Bureaus?

How Do I Contact the Credit Bureaus?

Contact Information For All of The Credit Bureaus

Credit bureaus, or credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report. There many credit reporting agencies, or credit bureaus, in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

To correct errors on your credit report, you need to contact the credit bureau that is showing erroneous information. Your FICO┬« score uses the information on your […] Read more

Does the 7 year clock restart if an old collection debt is sold to another collection company?

Does the 7 year clock restart if an old collection debt is sold to another collection company?

We get this question all the time. “A creditor of mine sold my credit card debt to another company after seven years. Do I now have to wait another seven years to have it removed from my credit reports?”

No, you do not have to wait another seven years if your lender sells your account to someone else. Selling an account to a collection agency does not restart the period of time a debt will remain on your credit report.

Negative accounts remain on file for seven years from the original delinquency date of the debt. The original delinquency date is the […] 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