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Do Negative Entries Really Fall Off Your Credit Report in 7-10 Years?
Many people believe that any negative entries fall off of your credit report within seven years. Bankruptcies usually go away in ten years according to experts. However, this is not always the case. There are several provisions in the Fair Credit Reporting Act (FCRA) that allow companies to keep negative entries on your file for much longer than seven to ten years. Some of these circumstances include:
* Credit transactions involving more than $150,000;
* Insurance underwriting transactions involving more than $150,000;
* Employment of any individual in which the annual salary is $75,000 or more
* Other situations as provided for by law.
Keep in mind that just because the credit bureaus are allowed to keep this information on file for longer than ten years, they are not required to do so. They may very well let it fall off your credit report at the seven or ten year mark. The only way to know for sure is to wait and see what your credit report looks like in seven to ten years. This is not an ideal situation, however.
If you are dealing with a credit score that is lower than you would like, or you have blemishes on your credit report, you don't have to deal with things alone. There is help available in the form of a credit repair specialist. This professional can help analyze your situation and then help you repair your credit. If you need the services of a credit repair specialist. We have provided a list of the top ranked credit repair companies working in the United States for you to browse and find the one to best help you achieve your financial goals.