Credit Reports
Can I repair my credit report?
Watch out for credit repair agencies! The Federal Trade Commission
once said, "There are no legitimate credit repair agencies."
There are several offers, particularly on the Internet and late
night TV, advertising the ability to fix or erase bad credit. Some
charge hundreds or even thousands of dollars while unable to legally
"fix" credit.
Accurate negative information can be reported for seven years.
Exceptions
- Bankruptcy information can be reported for 10 years
- Information based on an application for a job with a salary
of more than $20,000 has no time limitation
- Information concerning a lawsuit or judgment can be reported
for 7 years or until the statute of limitations runs out, whichever
is longer.
The time period for negative information starts from the last time
you were late or delinquent, not from the last time you made a payment
on the account.
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