Credit Report?

I am looking at my husband’s credit report and there are a few accounts in the negative section, but most of them are closed. Do these closed accounts still affect his credit, or does he still need to pay them off to get them completely off his report? Are they only their for history purposes?

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Tuesday, September 15th, 2009 Credit Card & Loan Consolidation

4 Comments to Credit Report?

  1. Per the Fair credit Reporting Act derogatory accounts show for 7-years from the date of first delinquency which works out to 7-years and 180-days.

    After this date expires the accounts will drop off.

    Paying them will not cause them to be removed and will actually hurt your husbands score because they will become current instead of old accounts if he pays them.

    2. SPIFIMAN1 on September 15th, 2009

  2. If someone owed you money and never paid wouldn’t you consider them a deadbeat? A credit report is a history of a person’s willingness to pay his debts. That history will stay on the record for at least ten years.

    3. SuperCactus on September 15th, 2009

  3. Just because they are paid off, they aren’t just going to disappear. It takes 7 years from first deliquency before they fall off. Unless you negotiate with the creditor to delete for payment.

    4. outlawimmortal2 on September 15th, 2009

  4. Just paying off will not make them disappear. Even if they are paid they will remain for a period of 7 years after which they eventually fall off. These entries bring down your credit score.

    There is something called as "pay for delete" in which you negotiate with the company to delete the record and do not pay till you get assurance in writing.

    You can see an example in my source.

    5. jason f on September 15th, 2009

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