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Obsolete Credit information

Many borrowers continue to suffer from negative information on their consumer credit report long after those accounts have been paid or the statute of limitations has run. But late payments, delinquencies, and charge offs should not stay a credit report forever. Federal law limits the time period where outdated information can remain on your report. Consumers who are working to improve their personal finances, should review their reports for negative information from the credit reporting companies for obsolete information that violates federal law.

Most Negative Items Can Only Remain on a Report for 7 Years

The Fair Credit Reporting Act (FCRA) limits how long credit bureaus, creditors and debt collectors can leave old debt on a consumer’s credit history. That federal law only allows an item to remain on a credit report for 7 years from the original delinquency date. The repayment schedule does not change this rule. Even if the statute of limitations has not run, these derogatory marks must come off 7 years after the first missed payment. This rule applies to closed accounts as well as collection accounts and charge offs. This rule applies to all all types of debt including student loans, credit cards, mortgages and time payment accounts. And this rule applies even if the the account is with a debt collector or the original creditor.

And public arrest records remain for 7 years, but convictions can stay on a credit report without limit.

Both types of bankruptcy can remain longer. Chapter 7 Bankruptcy and Chapter 13 Bankruptcy can remain on your credit report for 10 years. There is no limit to how long hard inquiries can remain on a report.

Don’t let old credit ruin your good credit history. Call our office today to find out if negative credit should come off your report, (888) 400-CREDit | (888) 400-2733.

All Derogatory Credit Marks Must Come Off In That 7 Year Time

The seven year limitation period applies to all types of credit accounts and all types of negative information. These include,

  • delinquencies
  • late payments
  • accounts placed with collection agencies and for debt collection
  • missed payments
  • poor payment history
  • nsf charges on bank accounts
  • charge-offs
  • foreclosures
  • past due accounts
  • repossessions
  • unpaid debts
  • tax liens
  • and any other form of bad credit history

The credit bureaus and their data providers are well aware of these rules but choose to violate them. If you have disputed information to the data furnishers and credit agencies without success, you may need the help of a credit report attorney. Let our attorneys help. Call for a free consultation today to find out how, (888) 400-CREDit | (888) 400-2733.

Obsolete Credit Items Harm Consumers

Any time that negative items stay on a credit report longer than allowed, consumers suffer harm to their FICO credit scores and Vantagescore. Even if all other accounts are in good standing, both of these credit scoring models penalize consumers for negative credit, no matter how old. And those low scores can keep people from getting new credit or force them to pay higher interest rates than necessary. More importantly, if obsolete data relates to unfamiliar accounts, those accounts may be a sign of identity theft. No matter how this inaccurate information shows up, it is an inaccuracy that should be corrected.

Obsolete and Incorrect information require continued credit monitoring by consumers if they want to prevent harm. If your credit score has been harmed by obsolete credit card debt, call for a free initial consultation, (888) 400-CREDit | (888) 400-2733.

Who are the credit bureaus that have information about me?

There are four major credit bureaus that get information from lenders, debt collectors, and public record collectors. The Fair Credit Reporting Act (FCRA) requires that these credit reporting agencies provide you with a free copy of your credit report every year and to process credit report disputes within 30 days.

If you are looking for additional resources, you can get a free copy of your credit file from the Annual Credit Report web site. While the bureaus must give you a copy of the report for free, they are not required to provide a free credit score.

For a more complete list of the companies that operate as consumer reporting agencies, you can see the list prepared by the Consumer Financial Protection Bureau (CFPB) at their web site: For more information on getting your free credit report, you can also visit the Federal Trade Commission (FTC) web site:

Where do you practice?

Our law office is located in Metropolitan Detroit, Michigan. We practice throughout the entire state, and we have been admitted to practice and made appearances in several other jurisdictions where we are not licensed: California, Connecticut, Florida, Georgia, Illinois, Kentucky, Louisiana, New York, Ohio, Oklahoma, and Virginia. If we are unable to practice in the state where your case needs to be filed, we can make a referral to another qualified credit report attorney near you.

If you are looking for an attorney to help in one of our service areas, call us toll free at (888) 400-CREDit| (888) 400-2733 or contact us now through this site.

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