Answer
Generally speaking, there are two-time frames for when these negative events remain on your credit reports. The first is between seven to ten years from the date of the event; many may stay on your report indefinitely.
How to remove verified negative accounts from your credit report
ANSWER: Credit bureaus must remove accurate negative information, which may include late payments, collections, and public records. However, a creditor or collection agency may report that you are 90-days past due if the account is paid in full. A credit bureau may report unpaid medical bills until they have been paid off by the consumer since they are considered “outstanding liabilities” on your credit report. You can dispute delinquent items with the credit bureaus by sending a brief letter through Certified Mail to each of the three major credit reporting agencies (Equifax, Transunion, and Experian), providing proof of payment for any accounts that were reported as delinquent. In the letter, request that all delinquent accounts be removed from your credit file. Include a copy of the proof of payment with your letter and keep a copy for your records.
If you are having trouble removing negative information from your credit report, or if you need help disputing errors on your credit report, contact the Consumer Credit Counseling Service at 717-238-7000 or 800-251-2227 in central Pennsylvania. The assistance is free and confidential. –Reprinted from SCRAP’s “Credit Report Fixer” newsletter.
ANSWER: If you throw out junk mail with personal identifying information or old bills that contain financial data such as your account numbers and credit card numbers, then you may be leaving personal information that could one day be used by someone else to open a new credit account in your name. A thief can also steal an identity from discarded mail or trash by turning it over to collection agencies for use as someone else’s top-of-the-line plastic. Stealing identities is the fastest-growing crime in America. It happens when thieves take information about individuals and use it for their own purposes without permission. The thief could have access to your name, Social Security number, home address, and date of birth making it easy to get a job or bank loan using your identity.
6 Ways to Remove Negative Items From Your Credit Report
Some criminals even take your identity to make purchases using your credit card. There is also a crime called ‘phishing’. Thieves send e-mails, pretending to be a legitimate organization, and ask you for personal information such as account numbers or financial data and passwords. They try to make it look like they are from an organization that you would normally give out this type of information, such as your bank or credit card company.
You can protect yourself by shredding all documents before throwing them away, including check stubs with bank account numbers on them; old statements with credit card numbers on them; utility bills containing Social Security Numbers; receipts from stores or restaurants – any document that has identifying information about the owner printed on it. The FTC (Federal Trade Commission) recommends that you shred large documents and papers containing personal information or other financial data before throwing them away. This is to protect against identity theft, which is by far the fastest growing crime in America. (Source: FTC Growing Concerns about Privacy – Identity Theft, dated April 22, 2003.)
If you are concerned that your credit file has been accessed illegally, contact the Consumer Credit Counseling Service at 717-238-7000 or 800-251-2227 for free assistance in handling this problem. –Reprinted from SCRAP’s “Credit Report Fixer” newsletter
Generally speaking, there are two-time frames for when these negative events remain on your credit reports. The first is between seven to ten years from the date of the event; many may stay on your report indefinitely.