This question is about Credit Reports
@WalletHub • 08/05/20 This answer was first published on 10/28/16 and it was last updated on 08/05/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and
user-generated content is not provided, reviewed or endorsed by any company. Closed accounts stay on your credit report for 7 to 10 years, depending on whether the accounts are closed in good standing. When you close an account that is in good standing, with a positive payment history, you can expect the account to remain on your credit report for 10 years following the closing date. On the other hand, if you close an account with a history of delinquent payments without bringing the account current (or the lender closes it for you), it will remain
on your credit report for 7 years. This period begins when your delinquency is first reported to the credit bureaus. Finally, if you close an account with a history of late payments after bringing it to good standing, the account will remain on your credit report for 10 years from the closing date, but any late notices will fall off your credit report after 7 years from first delinquency. You can read more in our guide about
how long things stay on your credit report. WalletHub, Financial Company
Lisa Harris, Member
@lisah66 • 11/13/19 This answer was first published on 06/25/16 and it was last updated on 11/13/19.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
Because the credit agencies are very diligent in reporting your late payments, but if you look closely at your credit report.....you will find that only some of your on-time payments show up (depending upon which report you are looking at), usually it just states "no data reported", and that is the fault of the reporting agencies. When you pay your bills on time, they "should" be reporting this to all 3 of the major agencies (Experian, Equifax and TransUnion) but they are lax in this and feel if they only report to one, the rest will get the information, but it does not work this way. It is up to YOU to look at all 3 of your reports, compare them, and make sure that everything is correct and that all three are the same. If they are not then you need to contact these agencies that have not reported a closed account, 9 months of on time payments, or any other discrepancies and have them removed, changed, or fixed. If you have a plan with any company where you get your credit report, they have people available 24/7 just for this type of work, get in touch with them and they will help you fix your credit reports until all 3 are correct, but they will stay with you and help you get things removed, fixed and added until everything is correct. I hope this helped.
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People also ask
How do I remove closed accounts from my credit report?
You cannot remove a closed accounts from your credit report unless the information listed is incorrect. If the entry is an error, you can file a dispute with the three major credit bureaus to have it removed, but the information will remain on your report for 7-10 years if it is accurate.… read full answer
How To File a Dispute To Remove a closed accounts From Your Credit Report
- Review your credit report to locate the closed accounts.
- Investigate the entry to confirm it is inaccurate.
- Choose a dispute method (online, phone or mail) if the information is not accurate.
- File your dispute via the chosen method.
- Wait for the results (30 to 45 days).
If the information is correct and you pay off the outstanding debt, you can then ask the lender via phone or in writing to make a goodwill adjustment, removing the derogatory mark from your credit report. Although the lender is under no legal obligation to do so, goodwill requests are successful in many cases.
Note, the lender may also sell your debt to a collection agency, if it remains unpaid. The agency has the right to pursue further legal action against you.
You can check your credit report for free and also access personalized tips on how to improve your score here at WalletHub.
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How do I remove paid collections from my credit report?
You cannot remove paid collections from your credit report. Collection accounts, whether paid or unpaid, will remain on your credit report for seven years, starting from the date your delinquency is reported to the credit bureaus. After seven years have passed, the collection will fall off your credit report automatically.
… read full answer
Some companies will try to convince you to pay extra for the removal of paid collections from your credit report. But this practice (known as pay-for-delete) is usually unsuccessful and can cost you a lot of money, so it’s best to simply wait for the collection account to be removed from your credit report normally. You could also ask the collection agency for a goodwill adjustment (where they would remove the paid collection from your credit report), but the collection agency has no obligation to accept such a request.
While seven years may seem like a long time to wait for something to fall off your credit report, you don’t have to wait until then to start working on your credit score. In fact, you can start right away. Log into your fee WalletHub account and check out the Credit Analysis page for customized advice to improve your credit standing.
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How can I remove negative items from my credit report before 7 years?
You cannot remove negative items from your credit report before 7 years. If you believe any of the negative information is accurate, you can and should dispute it directly with the credit bureaus.
The best way to combat the impact of negative information on your credit report is to maintain good credit habits. The impact of any negative information decreases over time, and even the impact of a bankruptcy can be mitigated if you make payments on time, don’t carry a lot of debt, and showcase that you are a responsible borrower. … read full answer
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