Sunday, October 4, 2015

Negative items on your credit report can have a significant impact on your credit score and ability to obtain credit. Therefore is important for one to understand what they can do to alter or even eliminate those nasty negatives. Some states have their own laws governing the length of time a negative mark will be visible when a creditor or employer pulls your credit report. With that said although the nasty negatives may presently be hindering your ability to borrow at least it wont last forever. The typical timeframes are as follows.

Seven years for personal loans, credit cards, judgements, unpaid child support and collection accounts. Chapter 7 bankruptcy will remain for a period of ten years. Charged off accounts will remain for seven years plus 180 days. The timer begin the first time your account is reported late or unpaid. Collection accounts are considered still to be the original debt and are removed according to the original debts first date of delinquency.

Besides the obvious delinquent credit accounts one may be aware there may be negative information a person is unaware of either from identity fraud, inaccurate reporting or reporting of an account that isnt yours and those will need to be disputed in writing to each of the three consumer credit bureaus.