When Does Bad Credit Come Off Your Report? Discover The Reality About Time And Your CreditJanuary 16, 2022
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Did you know how long the bad credit stay on your report? 2 years? Or maybe 4? Or does is STAIN your credit score forever? If you are anything same I used to be when I first ran into credit trouble many years ago, the simple reality or the truth is that you are in a TOP concern is how long it’s going to take to regain your score, right? If so…continue reading as we bring you to a closer look at some common questions about time, and reparing your credit right below!
Does bad credit stay on my report forever?
No, absolutely not. The Fair Credit Reporting Act (and it’s subsequent amendments and revisions) places strict, finite time lines on how long bad credit can remain on your report. There are some variations, depending on the type of item…but the general rule is 7 years for MOST derogatory items.
Which (if any) items can stay on LONGER than 7 years?
Public record items like Bankruptcy, can affect your credit for up to 10 years. Some tax liens and judgements can affect your credit for longer than 7 years as well…depending on a few factors. But believe it or not…the effect a bankruptcy has on your score is GREATLY diminished in just a few short years. Time is your credit’s BEST friend, especially as you stay current going forward.
Can some derogatory items come off my report FASTER than 7 years? Or do I have to wait the full term to improve my credit score?
Good question! The truth is, challenging or disputing an item at ANY point is a great way of removing it from your report. (and therefore improving your score right away) As a matter of fact, you can successfully challenge, and remove ANY item, at any time and have it permanently expunged from your credit file if you know what you’re doing and have a bit of luck on your side…and believe it or not, it happens thousands of times a day, every day of the week! (no bull!)
Article Source: sooperarticles.com/finance-articles/credit-articles/when-does-bad-credit-come-off-your-report-discover-reality-about-time-your-credit-142542.html
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