just got credit report... how long do "collections" stay on one's credit report?

[phatj]

any idea how long these things stay on? It was for like $50 back in early 2005.... and its still on my credit report affecting my score

edit: the account is already paid off but its on my report nonetheless




and PS: I found that my American Eagle and JC PEnney cards are still active from years ago... I read recently that having these types of cards (since they are non-VISA/mastercard/discover/etc -- just STORE cards) is bad... if I cancelled those accounts would my report look better?

 

[Scouzer]

7 years isnt it?

 

[Whoozyerdaddy]

Originally posted by: phatj
any idea how long these things stay on? It was for like $50 back in early 2005.... and its still on my credit report affecting my score

7-10 years...

IIRC it can be put back on if there is activity with the account. Why not just pay the $50 and get it off your report?

 

[phatj]

i already paid it off --- back in 2005-- that's what im saying --- i thought if I paid it off it wouldnnt be there

 

[spidey07]

7 years I believe.

this is why people REALLY need to pay attention to their score and NEVER have a collection against you. It can seriously screw up your finances and cost you thousands of dollars a year in higher interest.

 

[phatj]

i assume there are no phone calls i could make or letters i could write to hahve this removed from my report?

 

[Markbnj]

No, the only way you can have it removed is if you convince the credit bureau that it was a mistake. They aren't there to serve you, but rather the people who consider lending you money.

I wouldn't get too upset, especially if you're young. Keep your debt down, make your payments, and in a few years it will be buried under all your good credit. If it is the only thing on there that is negative it won't be too bad.

 

[bennylong]

7 years, doesn't matter if you pay it or don't pay it.

 

[Descartes]

I stays on 7 years + 180 days beyond the DOLA (date of last activity). So, whenever you paid it off it likely when the DOLA was updated.

Yes, there are ways to get it taken off, but it involves perhaps unethical means to do so. It's likely worth your time to at least consider it, because even one collection account can destroy your credit by as much as 100 points depending on what else you have.

This is what I would do:

1) Dispute it. This is the easiest and quickest way. Chances are that you won't succeed with such a young account, but you never know.
2) Send a validation letter to the original creditor (OC) using certified return receipt mail.
3) Wait 30 days.
i) If you haven't received a response in 30 days send a letter to all three major bureaus (TransUnion, Equifax, Experian) with proof of non-response.
ii) If you do receive a response with sufficient validation you're likely screwed. You should NEVER, and I mean NEVER pay off a collection account without first requesting that they delete if you do so. It only hurts your credit to pay as you simply update the DOLA.

Those are the primary methods. There are others if that doesn't succeed...

<disclaimer>I don't condone unethical consumer behavior. The only reason I know about any of this is because I was hassled by lawyers for accounts that weren't mine, and they threatened to sue me for those accounts. I ended up filing a lawsuit against them and a class action lawsuit was later filed by hundreds of other consumers that were exploited by the same company.</disclaimer>