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HOW LONG DOES IT TAKE FOR DEROGATORIES TO DROP OFF YOUR CREDIT

sara · Posted: Wed Sep 17, 2008 5:18 am Post subject:

Usually, it takes 7 years to remove derogatories from a consumer's credit report. However, there are certain items which if paid through negotiation with creditors, can be removed from the report prior to 7 years. What type of derogatory are you talking about?

jdlegall · Joined: 29 Sep 2008 Posts: 23 16.68 Dollars($)

Let's see, as per the Federal Credit Reporting Act (FCRA) the Credit reporting statute of limitations are as follows:

Late Payments
Missed Payments
Charge-Offs
Repossessions
Foreclosures

These take 7.5 years to fall off your credit report.

Bankruptcy

7.5 Chapter 13
10 years chapter 7

Unpaid Judgments
7.5 years or Your States Debt Collection Statute of Limitations, whichever is longer.

Public Records: Unlimited

wendymeyer12 · Joined: 16 Oct 2008 Posts: 1 1.41 Dollars($)

Hello, The derogatory marks generally stays for a period of 7 years, however you can delete them before that also. What you have to do is talk to your creditors and try to make a payment arrangements in exchange of getting those mark removed. Alternatively you can dispute the same with CRA. Once again you've two option - etheir do it yourself or have a repair agency to do that.

Link deactivated as per forum rules. Thanks.

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