How long will a collection stay on a credit report?
How long will a collection stay on a credit report? It comes down to a date that’s not easy to find.
I’m talking about the date of first delinquency, that’s the date that determines the 7-year period after which a collection should be removed. It is the first date that a consumer is late on a payment that eventually caused that debt to go into collection. Seven years after that date is when the collection should come off as well as most other accounts should also start to fall off after seven years, except for;
Chapter 7 Bankruptcy
Unpaid Tax Lien
Just because the debt comes from the credit report doesn’t necessarily mean that the collector can’t attempt to continue to collect on that debt. The Fair Credit Reporting Act only covers how long they collectors can report debt on a credit report not how long they can actually attempt to collect on a debt. It can be longer or it can be shorter depending on the rules in the state the debt was originated in. I’ll put a link where you can look up the actual rule for your specific state but just know that that collector can collect for longer than that 7 years in some states.
The date of first delinquency, that’s the key date seven years after the 7 years the collections are required to come off.
Trended Credit Data unintended consequences.
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