How long can a bank keep a delinquency on a credit report?
Bob M asked:
Back in 1997, I ran into some financial trouble and took out a loan for the balance on a mobile home I once owned. I defaulted on the loan that year, but it is still on my credit report. I wrote letters to the bank and to the credit reporting agencies, and this is still on my credit report. This is the only bad credit/delinquency I’ve ever had. I would appreciate any suggestions.
Back in 1997, I ran into some financial trouble and took out a loan for the balance on a mobile home I once owned. I defaulted on the loan that year, but it is still on my credit report. I wrote letters to the bank and to the credit reporting agencies, and this is still on my credit report. This is the only bad credit/delinquency I’ve ever had. I would appreciate any suggestions.
The current economy is a mess everybody knows it. What is amazing is how some people continue their daily life as if nothing changed and one such behavior is their attitude to credit cards. The first step Americans need to do is get rid of their credit card debt as it is the best symbol for how Americans lived above their means for so many years getting all of us to this big economy mess. First step is education. Here is a good resource to read about credit cards http://www.creditcardknowhow.info start with understanding and then please stop loading your cards with too many charges.
If you have paid your debt then I think it was either 5 or 10 years. If you didn’t pay your debt then forever till it is done.
if that is the only problem you ever had it has no effect on your credit score, most creditors would just ask you for a letter explaining what happened if they even noticed it. generally creditors look at the last 3 years of payment history and then look at public records (bankruptcies ) for the last 10 years.
I’ve had good info about it here:
Hope that helps.