I have three items dating back to 1997 on my credit report. I have paid the three things but it has been some time ago and I no longer have the cancelled checks or any kind of receipt. In total, they amount to only about $200.00, but I don’t want to pay them twice in order to clear my record.
Do I have to go to war over these things, or will they be taken off my report at the end of some arbitrary time limit? If so, what is the time limit? Or should I just give up and re-pay them, which amounts to extortion in my view.
It used to be my understanding that everything went off your credit report after 7 years (except bankruptcies). I have noticed alterations to this on more recent reports (now mine sometimes state an “expiration date” which seems to have various time frames associated with it).
Make sure that the items on the report indicate that the payments are current. If next year’s report still has them, I’d contact the credit bureau and ask them to remove it, unless it’s in their printed policy not to…
I believe I have heard that if an item is protested and the firm cannot confirm or prove the debt, the reporting firm must remove it - or something like that.
Try to protest the items and if there is no reply from the creditors within a certain amount of time - order it removed.
Its pretty much like Blown & Injected said, you should dispute the items with the credit bureau,its okay even if you dont have the proof.
What happens is that as soon as you dispute the item,the bureau contacts the creditor and asks them to verify their records and if no reply is recieved within 30 days the said item is taken off.
Just in case you are asked for proof and cant provide it you can always dispute it to have it removed the next time because it will be 7 years since it appeared and the items cannot be on the report longer than 7 years unless its a bankruptcy.
I just had a class where we discussed this topic. Apparently it is not 7 years from the transaction (or lack of) date, but 7 years from the last time their was activity regarding the transaction. So if the agency pursues it every so often the clock restarts.
Our teacher said a couple things I found suspect so consider that a WAG.
The derogatory item remains on the report seven years from the date it is reported to the credit bureau. If the item was reported in 1997 it will fall off the report in 2004, this year. Contacting the credit bureau or the creditor does not restart the clock. The creditor may not resubmit the debt to the credit bureau.
Contact the credit bureau and dispute the three items. For a seven year old debt they probebly won’t even bother trying to verify it; the items will probably just be taken off the report and you will get notice from the bureau advising you of it. Or, depending on the month of the original report, you can do nothing and the items will come off by themselves within the next few months. But I’d go ahead and dispute them anyway so you have the written confirmation of action.
Also, there have been approximately 17 million threads on this topic in the last few months. Our resident credit bureau expert is Philster. Run a search of GQ for keyword credit report using his name and any question you may have on the subject will probably turn up.
Thanks to all who responded. I guess I will challenge them and see what happens.
Otto, I could only locate fifteen million threads, so your figure is a little high—why I didn’t search, I don’t know. Just lazy, I suspect. I’ll try to do better.