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Correction: Negative Items Are Supposed To Fall Off Credit Reports After 7 Years, No Matter What

Correction: Negative Items Are Supposed To Fall Off Credit Reports After 7 Years, No Matter What

Yesterday we erroneously reported that while chargeoffs are supposed to disappear from your report after seven years, you can get that clock reset by making payments or otherwise communicating with the creditor.

Negative Items Fall Off Credit Report After Seven Year Itch, As Long As You Don't Scratch 'Em Creditors Don't Fraudulently "Reage" Them

Negative Items Fall Off Credit Report After Seven Year Itch, As Long As You Don't Scratch 'Em Creditors Don't Fraudulently "Reage" Them

Under the Fair Credit Reporting Act (FCRA), bad items fall off your credit report after seven years, but did you know that if you contact the creditor in any way during that time you they can use that to illegally reset the clock?