How Long is Negative Info on Credit Report
Author: RADical
Posted: Wed Jul 07, 2004 12:43 pm
Post subject: How Long is Negative Info on Credit Report
2/24/2002 7:39 am CDT
Does paying an old loan already in default for six years, renew the 7yr activity date.
Example
An old hospital bill, unpaid for 6 yrs, still has amount due, referred to collection agency, never made an attempt to pay it.
If a person leaves it upaid, it should dissapear next year, am I correct?
Or, if the person wants to pay their debtor and starts to make payements, will that 'renew' the last activity date, (make it look like a current bill with recent payments) and make the negative info stay on an additional 7 yrs?
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Author: Eugene
Posted: Wed Jul 07, 2004 12:44 pm
Post subject: How Long is Negative Info on Credit Report
2/24/2002 10:45 am CDT
If the account was open prior to 1997 (February, I think - that's the time when FCRA was amended), then paying WILL reset the clock. If it's a newer account (doesn't look like that since it has been unpaid for 6 years), then the clock is not reset by payment.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jul 07, 2004 12:43 pm
Post subject: How Long is Negative Info on Credit Report
2/24/2002 7:39 am CDT
Does paying an old loan already in default for six years, renew the 7yr activity date.
Example
An old hospital bill, unpaid for 6 yrs, still has amount due, referred to collection agency, never made an attempt to pay it.
If a person leaves it upaid, it should dissapear next year, am I correct?
Or, if the person wants to pay their debtor and starts to make payements, will that 'renew' the last activity date, (make it look like a current bill with recent payments) and make the negative info stay on an additional 7 yrs?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Eugene
Posted: Wed Jul 07, 2004 12:44 pm
Post subject: How Long is Negative Info on Credit Report
2/24/2002 10:45 am CDT
If the account was open prior to 1997 (February, I think - that's the time when FCRA was amended), then paying WILL reset the clock. If it's a newer account (doesn't look like that since it has been unpaid for 6 years), then the clock is not reset by payment.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:37 PM
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