| A frequent concern of individuals is "how long will a | | | | is the reporting maximum. |
| negative listing remain on my credit report?" The | | | | In other words, it is illegal for a credit bureau to report |
| answer is seven years. With a bankruptcy or | | | | bad credit for more than seven years. Of course, |
| judgment it can stay on your report for up to ten | | | | there are many occasions where people rid |
| years. | | | | themselves of negative items long before seven |
| Most people feel like this is an undeserved prison | | | | years. |
| sentence they have been given. During this time they | | | | Creditors and collection agencies are not required to |
| can not move into a house or purchase a new car at | | | | report a listing. This is completely voluntary on behalf of |
| a reasonable interest rate. | | | | the creditors and collection agencies. Furthermore |
| Why seven years? | | | | creditors and collection agencies have often removed |
| Should a single slip-up deserve a seven year | | | | negative marks before the seven year limit. |
| punishment? Should you have to live with a bad credit | | | | Creditors and collection agencies usually just need a |
| report for being out of work for a few months, even | | | | little encouragement from a compelling dispute letter or |
| when we caught up on our bills soon after? | | | | a good credit repair attorney. Plus, the credit bureaus |
| Is there something magical or statistically relevant | | | | perform credit repair on your report at the seven year |
| about seven years that will make somebody all of a | | | | mark. |
| sudden credit worthy again? Did financial experts | | | | In a perfect credit world negative marks would remain |
| perform complicated tests and discover that a person | | | | on a credit report forever. So long as they accurately |
| needs seven years for credit rehabilitation? | | | | reflected the credit worthiness of the applicant. Instead |
| Of course not, there is no good reason whatsoever | | | | our credit reports are an excuse for creditors to |
| for the seven year reporting law. It is a completely | | | | assign outrageous interest rates and down payments. |
| arbitrary time limit. | | | | The point is since we don't live in that world, why |
| The Fair Credit Reporting Act was passed by | | | | should we wait to repair our credit? Why shouldn't we |
| congress in 1970. This piece of legislation established | | | | take steps today to erase questionable and misleading |
| the reporting time limit. Before the Fair Credit Reporting | | | | information from our credit report? This way we don't |
| Act a negative notation stayed on your credit report | | | | have to pay the high cost of bad credit longer than we |
| forever. | | | | have to? |
| Finally, Congress placed a time limit on the bureaus. | | | | To learn more about online credit repair or lexington |
| Please do not be confused that seven years is how | | | | law or for a free custom credit repair letter to dispute |
| long an item must remain on your credit. Seven years | | | | negative marks visit us. |