There is a statute of limitations on negative items
reporting to your credit. But , the law doesn’t call for a minimum length of time that a negative account must
remain on your credit report. The credit reporting agencies can remove
information well before the statute of limitations if they choose to. Creditors
will often tell you that they can’t
remove negative accounts from your credit report and say the credit
bureaus simply won’t permit such action. But this isn’t true , I’ve often seen
creditors make arrangements with the credit reporting agencies to have accounts
removed in exchange for payments.
If you take no action and wait for items to fall of after
the statute of limitations, that typically doesn’t happen. Creditors are
notorious for selling your accounts to other creditors and the new debt
collector will report the account as a new account although it might have
already been on your credit report for 6 years. So don’t count on time being on
your side and just waiting it out.
to Experian, here is a brief list displayed on their website, which shows the
most common types of information found on a credit report and when it will be
Experience says that you should take note that, except for tax liens, making a payment or any other activity on a negative account will not impact these rules.
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