Jun
18
Cat asked:
Seven years seem like an awful long time to punish someone who had a hard time financially and therefore has negative remarks on their credit report. Does anyone know if anyone has tried or is trying to have the “seven year” rule for negative remarks reduced?
EMERY
Seven years seem like an awful long time to punish someone who had a hard time financially and therefore has negative remarks on their credit report. Does anyone know if anyone has tried or is trying to have the “seven year” rule for negative remarks reduced?
EMERY
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5 Responses to “How can we change the “seven year” rule on credit reports?”
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Even though an item can stay for 7 years, this does not mean that you will have bad credit for the entire 7 years…The first two years will be bad…after that, the effect will gradually wear off…assuming that there are no other financial problems.
It is perfectly fair, look at what happened to the banks when they stopped paying as much attention to credit reports. Though for some it is just a rare incident that they can not pay, for the majority that default on loans it is a great predictor of future behavior. Most people that default on loans, repeatedly default on loans.
Don’t be surprised if some things are still on there for 10 years. I see this all the time. It doesn’t mean it is an issue other than a nuisance, but it may show up.
7yrs is perfectly fair, agreed.
And other than write your congressman … lol … No.
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