[jeremymelisa]

I have old collections on my credit report that are 4 yrs old, how long can they report these on your credit report? These items are paid but still look bad on my credit how long to I have to put up with it?:confused:

[Handyman2007]

If these judgements and collection have been paid , you should document these and send copies to a credit reporting agency to have those negative reports removed. There are companies that can do this for you and if the extend of the negative reports are great, it may be worth it to pay them to have it done properly.

[jeremymelisa]

When you dispute unpaid collections on your report with proof of payment do they delete the file or update it as paid?

[Fr_Chuck]

Sorry for those that provide poor or wrong advice.

But even if paid, if you were behind in payments, had late pays and so on, yes those can show up for up to 7 years. And no, if the reports are correct, it is not proper to challenge them. And in many states those so called credit repair companies are even illegal.

If there is a debt you do not owe listed that is what challenging those debts are for.

[tomterm8]

That's correct, however, the credit reference agency should amend the data in light of the fact you have paid them, if you provide evidence... although any default information will remain.

[creditagents]

But even if paid, if you were behind in payments, had late pays and so on, yes those can show up for up to 7 years. and no, if the reports are correct, it is not proper to challenge them.

I'm sorry, but this information is misleading. You do have a right to dispute any information on your credit report that you feel is either inaccurate, unverifiable, or wrong. Disputing information on your credit report is your RIGHT provided to you by the FEDERAL GOVERNMENT. Please see the FCRA: http://www.accessreports.com/statutes/FCRA.htm


Fr_Chuck is correct in saying that most negative information will stay on your credit report for 7 years, some bankruptcies stay on your report for 10 years. Also, any inquiries (when you go an apply for a new credit card, or a home loan) will stay on your report for about 2 years.

And in many states those so called credit repair companies are even illegal.

I have not heard of this. I know that these Unites States of America specifically allow for credit repair companies to operate under the Credit Repair Organizations Act. My company is allowed to operate in Texas, that's for sure. I am registered by the Texas Secretary of State: Credit Agents: Giving your creditors what they deserve!

In closing, it won't hurt you to dispute the information in your credit report that you feel is either inaccurate, unverifiable or untimely. You can use the free program at my website, or do it yourself.

[JudyKayTee]

If these judgements and collection have been paid , you should document these and send copies to a credit reporting agency to have those negative reports removed. There are companies that can do this for you and if the extend of the negative reports are great, it may be worth it to pay them to have it done properly.

You are incorrect - if the info is true and correct (and it this case it appears there were late payments) the info stays on your credit report. If it is incorrect you can file an explanation with the credit card company. For that matter if there is a reason you were chronically late, you can include that with your credit report - divorce, illness, an explanation.

The info is generally there for 7 years.

The companies that advertise they will remove this info from a credit report are not being truthful - unless the info is incorrect they cannot get it removed. These companies are constantly being investigated and changing names.

[JudyKayTee]

That's correct, however, the credit reference agency should ammend the data in light of the fact you have paid them, if you provide evidence... although any default information will remain.

You are incorrect - if the payments were late that info will stay on the credit report generally for 7 years. The fact that the accounts are now up to date and/or paid has no bearing on the credit history, which is what the credit report is. It is NOT a report of how things stand today; it's a report of what has happened in the past.

[PJAMOK]

Beg to differ with those saying credit repair agencies don't work. The law is the debt CAN stay on your credit report for seven years, but it doesn't have to. You can dispute it and if the debtor doesn't respond in thirty days, the negative information is removed. I have successfully removed a few from mine. Often times, if the creditor sold off the debt, they don't want to be bothered answering the credit agencies request for verification and don't bother to respond. It then has to be removed. It does work.

[JudyKayTee]

Beg to differ with those saying credit repair agencies don't work. The law is the debt CAN stay on your credit report for seven years, but it doesn't have to. You can dispute it and if the debtor doesn't respond in thirty days, the negative information is removed. I have succesfully removed a few from mine. Often times, if the creditor sold off the debt, they don't want to be bothered answering the credit agencies request for verification and don't bother to respond. It then has to be removed. It does work.

I guess we all have our own experience with this. The Internet is full of info on credit repair agencies and so before anyone pays one of them, check out the info and be informed.

Why would the debtor be asked anything? The debtor is the person who owes the money!

If you are correct the credit reporting agencies are doing a great injustice to everyone who "pulls" credit reports for the purpose of extending credit, authorizing professional licenses, employing people and at some point someone is going to find out this has happened, they themselves will be "burned" and there will be a lawsuit.

I am chilled that "I" could hire "you," get "you" bonded - and then find out "you" haven't paid your debts but have simply had that portion of your credit report erased.

[Fr_Chuck]

I did find this about debt repair,

The biggest peril a consumer may face when hiring a “credit repair clinic” is that the sole tactic these organizations and/or individuals rely on is sending unsupported and “frivolous” disputes to the Credit Reporting Agencies (CRAs) i.e. credit bureaus, with the hope that it will fool them into removing negative information. Credit bureaus, while not Rocket Scientists, are more savvy than that, usually picking up on this technique and then “flagging” a consumers file so that any future contacts will be scrutinized as the consumer is considered a true “deadbeat,” whether valid or not. Additionally, Federal and State laws say that credit repair clinics must be totally free and cannot charge “up front” fees for their services. They must complete all the work (even if it takes years) before they can receive any payment from you. Anything else is a criminal act, or so says The Credit Repair Organizations Act and The Federal Telemarketing and Consumer Fraud and Abuse Prevention, Act.

[PJAMOK]

Yeah, well, the debt collectors don't always follow the law either. I can tell you from personal experience and from dozens of people I've met over the years, they can be very effective at eliminating negative accounts from a person's credit report for a nominal fee (average $30.00 per month.) For a small fee, from everyone I've talked to who have used them, it's worth the price.

[progunr]

If an individual just spent the amount of time and energy, earning a living, that they spend trying to "get around" the rules and regulations, we would not need these "repair" agencies.

I agree with JudyKayTee, you see them being sued, closed down, and changing the names on a regular basis.

I even contacted one once, just to see what they would tell me.

The first question was, how far behind are you right now?

I said, I'm not behind yet, but I fear that I will be.

I was told to STOP paying ALL of my creditors because NONE of them will negotiate on a debt that is not in a very serious default status. Not only that, but if the ones I don't pay, see that I am paying one of the other accounts, they will refuse to settle as well.

Instead, send all my monthly payments to them. They will HOLD my money, and keep offering to settle, until they get an offer that is acceptable.

Meanwhile, the information on my credit report will just get worse and worse.

That's great advice!

Stop trying to pay, you idiot, we can't get your obligation reduced until you are so far behind that you are about to be sued?

[JudyKayTee]

Yeah, well, the debt collectors don't always follow the law either. I can tell you from personal experience and from dozens of people I've met over the years, they can be very effective at eliminating negative accounts from a person's credit report for a nominal fee (average $30.00 per month.) For a small fee, from everyone I've talked to who have used them, it's worth the price.

Consistently incorrect information, correction quoting Statute turns into an argument (as witnessed above) and a "Yeah, well I know people" argument."

Age of this person should be verified as well as email address - perhaps all of this knowledge was gained in a high school civics class.

I have never said this before through good, bad and indifferent but this person is disruptive.

[PJAMOK]

My mistake on wording--the creditor doesn't anwer is thirty days it's taken off. Whether you think it's right or wrong, it is done and frankly, with the way the banks/credit card companies clean the consumer's clocks with outrageous interest rates and penalties, suing beyond the legal date, etc, I say alls fair in love and war. What difference does it make if you bond someone whose debt fell off after seven years or who got it taken off? Why does an employer automatically have right to check someone's credit? This is a very new practice and was unheard of a decade ago. A criminal past yes, a credit report no.

[JudyKayTee]

My mistake on wording--the creditor doesn't anwer is thirty days it's taken off. Whether you think it's right or wrong, it is done and frankly, with the way the banks/credit card companies clean the consumer's clocks with outrageous interest rates and penalties, suing beyond the legal date, etc, I say alls fair in love and war. What difference does it make if you bond someone whose debt fell off after seven years or who got it taken off? Why does an employer automatically have right to check someone's credit? This is a very new practice and was unheard of a decade ago. A criminal past yes, a credit report no.

This isn't a new practice and the bonding companies determine who can be bonded and who can't, not the employer.

A financially irresponsible employee under certain circumstances is a risk - and in many States cannot obtain a professional license.

What business are you in?

(I know you believe all's far in love and war; your various postings indicate a total disregard for the law and total support for your personal belief in "all's fair.")

With apologies to the regulars for my participation - this thread has become disruptive to the board and serves no purpose. I'm out.

[progunr]

As an employer, who would need to hire people who could be trusted in the handling of MY money, I believe I DO have the right to know how this person handles their own money.

What better indicator could there be? If they are irresponsible with their own money, I sure as hell don't want them handling mine!

Not only that, your financial responsibility, is a very good tool to judge your responsibility in general.

Would you want to hire an individual who can't manage their own finances, to take care of yours?

[Fr_Chuck]

Actually trying to get valid debts erased is not legal or ethicial, companies that do that only hope that the reporting agencies will not notice what is happening, but come on, they get 20 letters on the same person on every debt?? But they have to verify it with the lender to see if the debt is valid or not. So the fault is in that the lender may not respond in time, but then the lender will later report the debt again and it will just go back on it. And also it may work on one reporting agency but not another

There are 1000's of laws these companies are suppose to follow and most don't.

[Fr_Chuck]

Myself and others seem to have gotten off track on the original question,
Question closed since the OP was given good answers and a lot of other info also.