How long do bad things stay on your credit report?
My husband was unemployed for a while before he met me and mismanaged some repayments on credit cards and student loans. This is now over 4 years ago, and he has since been on time with all his payments. How long will those negative comments remain on his credit report?
Also, there is a claim for some money that the lender agreed to write off, but it’s still on his credit report. Can we do something about it? I think the loan is being sold on to new companies…
Per the Fair Credit Reporting Act (Federal law) derogatory accounts can show for 7-years from the date of first delinquency which works out to 7-years and 180-days and nothing but nothing resets this time line.
As far as the lender agreeing to write off the loan, there is a big difference in writing off a loan and deleting it from someone credit report.
As long as the information is true and correct it can not be deleted legally except by the creditor.
