Does bad credit go away?

iStock_000009122819XSmallHaving bad credit can be a nightmare. Especially if you don’t have any money saved. You might find yourself in need of a loan, which will require use of your credit. I assure you that there will be a point in your life where your credit will be required of you. It is quite possible that you are in this very predicament now. All of us have read that everyone is pulling our credit reports to see our credit history. Your credit report can be quite violating, kind of like being in front of a crowd with no clothes on.

With your credit no longer being a secret and a intricate part of our lives, the question is does past credit mistakes really ever go away? The credit bureaus say that some past credit history goes away after 7 years. Some debts don’t to away until you pay them off, especially debts owed to the government. Let’s assume you have old collections on your credit report that fall into the 7 year rule with the bureaus. You pull your credit report and notice a collection that is well over 7 years old and you are still getting calls for this collection as well. What do you do? The first step is to dispute the collection with the credit bureaus that is still reporting the collection. When you dispute the collection, you dispute the fact that the collection has expired. Within 30 days the collection will be removed. So yes, after 7 years of collection calls and being told no, your collection will eventually go away. This is granted that the bureaus have removed that collection, but in some cases you will need to dispute that collection to get it removed.

I wrote an article a while back on collections and when they expire. Go to collection expirations article. I would recommend reading this article after you have pulled your credit report. If you find some collections on your report have expired, dispute them with our online resource.

Author: Mike Clover your resource for credit reports, credit cards, loans and credit news.

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