The time period when a negative account should be removed from reports is 7 years and cannot be restarted by a creditor or collection agency. If the time period is restarted then re-aging has taken place, which is illegal.
Consumers needing a credit fix may want to know how a credit repair company works. It’s simple, a credit repair company should not use generic letters and should be able to explain in detail what they can and can’t do with an outline their services upfront.
Medical Debt: Most debt has a statute of limitations which means at some point it becomes legally uncollectible. Debt collectors can continue to pursue payment but have no leverage.
Don’t be surprised if a credit bureau re-inserts an item that was deleted due to a dispute. They must however, notify in writing if the disputed item has been put back on your reports.
Multiple charge-offs on a credit report will destroy a credit score unless you take action. Get strategies to remove multiple charges and improve credit scores.
Some credit disputes can actually cause a drop in scores because the last date of activity is updated. Old negatives that are disputed can appear more recent if the date last reported is current.
Checking account overdrafts can lead to a charge-off on credit reports. But a pay for delete offer can remove a charge-off if the bank agrees.
Medical debt collectors looking to collect on older accounts often don’t have any documentation to prove you owe the debt. It’s important to challenge medical collection accounts. If you want to pay, contact the original medical provider.
When you reinstate a loan due to car repo, the derogatory marks remain on credit reports that’s why these steps to rebuild credit after car repo are necessary