If negative items only stay on a credit report for 7 years, when does the 7 years start?
Aug 26, 2010 in
Business FAQs
(from when the account opened, when it closed, when the creditor reported it, or what?)
and do positive accounts stay on there forever?
Okay, so if I paid a student loan late 8 years ago, but the account is still open, it’ll continue to show the late payment until the whole loan is paid off?
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2 comments
PooPooLaTrash on August 26, 2010 at 5:50 am
"Okay, so if I paid a student loan late 8 years ago, but the account is still open, it’ll continue to show the late payment until the whole loan is paid off?"
Most negative information must be erased after seven years. This includes late payments. A late payment really stops making much of a difference two years after the fact as long as you haven’t incurred any more negatives.
Open accounts remain forever. Closed accounts in good standing fall off your credit reports 10 years after they are closed. Sometimes people experience a drop in their FICO scores when these "good" accounts are removed.
knowitall on August 26, 2010 at 5:50 am
The 7 years starts from the date of the last transaction, If you have one that is 6 years and 11 months old and you send a payment, the 7 years wait starts over.
Positive accounts stay as long as they are open.