From time to time it is very important to understand the process of creditworthiness and if you are not super wealthy and self funded you will probably be using some form of credit in your life. Even the wealthy use credit as a way of managing cash flows and instead of using chunks of resources they use leveraging as a form of financial planning. But if you are like most of the population that require the use of credit as a form of leveraging and cash flow requirements then the following information should be useful for your review.
HOW LONG DO ITEMS REMAIN ON A CREDIT REPORT???
• Accounts paid as agreed remain for up to 10 years.
• Accounts not paid as agreed remain for 7 years.
• Remain for 7 years.
The time periods listed above are measured from the date in your Credit Report shown in the DATE OF LAST ACTIVITY field accompanying the particular credit or collection account.
Courthouse Records Remain for 7 years from date filed except:
• Bankruptcy-Chapters 7 & 11 remains 10 years from DATE FILED.
• Bankruptcy-Chapter 13 non-dismissed or open remains 10 years from DATE FILED.
• Unpaid Tax Liens remain INDEFINITELY.
• Paid Tax Liens remain up to 7 years from the DATE RELEASED.
California State Residents Only: Unpaid Tax Liens remain 10 years from DATE FILED.
REMOVING A FORMER SPOUSE’S INFORMATION FROM YOUR CREDIT REPORT
Please be aware that a divorce decree does not supersede the original contract with the creditor and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly.
If such accounts are still open and available for credit use, then it is prudent to urgently resolve those responsibilities.
Please check back soon for our next article “What Helps and Hurts a Credit Score.” These series of articles are to provide information for you to be able to understand and repair your own credit as opposed to working with a credit repair company that might or might not be competent in not only helping you raising your credit score but to educate you as to what you must do to acquire and maintain a high credit score in the neighborhood of 760+ in about 2 years. If two years seems like a long time and you need a quick fix and fall for the promise of a quick fix then its probably a scam. Also ask yourself “what was my credit score 2 years ago?” Was it 550, 574, and “what is my credit score today?” The same? Then if I don’t do anything today then “what will my credit score be 2 years from now”? Answer: The same as it was 2 years ago. Now seems like a good time to get to work.
Mailing Addresses for 3 Major Bureaus:
P.O. Box 2104
Allen, TX 75013-2104
P.O. Box 740241
Atlanta, GA 30374-0241
Equifax credit dispute
P.O. Box 1000
Chester, PA 19022
Trans Union credit report