CreditRepairChampionLLC's

(written by Rodney Eugene Peak on

October 13,2015)

CREDIT : HOW LONG

DEROGATORY CREDIT
(NEGATIVE CREDIT ACCOUNTS)
CAN LEGALLY REMAIN ON
ANY OF THE NATIONAL
CREDIT BUREAUS ,
IRREGARDLESS OF HOW LITTLE
OR LARGE THEY ARE. SIMPLY PUT,
IF THEY ARE A COMPANY THAT IS
ONE THAT PROFITS BY SELLING
INFORMATION ON YOUR
FINANCIAL AND PERSONAL
RECORDS AND HABITS AS
REPORTED TO THEM BY ANY
OTHER 3RD PARTY (i.e. CREDIT
REPORTING AGENCIES, ESPECIALLY THE BIG
THREE SUCH AS TRANSUNION, EQUIFAX,
EXPERIAN , AND ANY OTHER REGIONAL OR
NATIONAL CREDIT REPORTING AGENCY SUCH
AS CHEX SYSTEMS, INNOVIS, AND SO ON!!!)

Negative Credit Report

Items

Collection Accounts Required to be removed 7 years from the date

the ORIGINAL
ACCOUNT FROM
THE ORIGINAL
CREDITOR
IRREGARDLESS OF
WHOM HOLDS THE
ACCOUNT
NOW
of default on

(****BEWARE, A COMMON TACTIC THAT

AT LEAST 98% OF COLLECTION AGENCIES

INVESTIGATED BY FBI AND CONGRESS WERE FOUND
GUILTY OF WAS SOMETHING KNOWN AS RE-DATING AN
ACCOUNT. THAT IS, WHEN THEY WOULD RECIEVE THE
ACCOUNT FROM A CREDITOR OR ANOTHER
COLLECTOR, THE COLLECTOR WOULD RE-DATE THE
ACCOUNT AS NEAR AS POSSIBLE AS THEY COULD GET
AWAY WITH TO WHEN THEY RECEIVED ACCOUNT
BECAUSE THEY DO NOT WANT TO LOSE TWO THINGS-FIRST, THE STATE'S STATUE OF LIMITATIONS TO FILE
LAWSUIT WHICH IN SOME STATES ARE AS SHORT AS 3
YEARS WHILE OTHERS AS MUCH AS 10 YEARS AND

SECONDLY TO NOT LOSE THEIR RIGHTS TO REPORT THE

NEGATIVE DERAGATORY ACCOUNT ONTO YOUR CREDIT
FILES AT ONE OR MORE CRAs IN ORDER TO ENABLE
THEM TO HOLD THAT "KNIFE TO YOUR FINANCIAL
THROAT" WHEN IT COMES TO NEEDING LOANS FOR
MORTGAGES,VEHICLES, EMERGENCIES, VEHICLE AND
HOME OR RENTAL INSURANCE COVERAGE RATES WHICH
TAKE IN ACCOUNT YOUR CREDIT RATINGS SADLY AS A
FACTOR AND EVEN LIFE AND HEALTH INSURANCE
RATES, CREDIT CARDS, BANK ACCOUNTS, EVEN YOUR
ABILITY TO OBTAIN SECURED CREDIT CARDS WHERE
YOU ACTUALLY GIVE BANKS THE MONEY UPFRONT AND
CAN NOT BOUNCE OR OVERDRAW ON, OR EVEN YOUR
ABILITY TO OPEN A SAVINGS ACCOUNT IRREGARDLESS
OF HOW MUCH MONEY YOU FLASH TO THE
BANK.SIMPLY PUT. ESSENTIALLY, THIS IS ABSOLUTELY
ILLEGAL BUT IS NOT ILLEGAL IF NOT "CAUGHT BY THE
CONSUMER AND DISPUTED AND CHALLENGED IN SUCH
AN EXACTING MANNER" WITH THE PRECISE LEGAL
TERMINOLOGY AND ANY LAWFUL DEFINITIONS TO
INCLUDE ANY RECENT COURT APPELLANT RULINGS
UPHOLDING YOUR CONSUMER RIGHT'S IN SUCH
MATTERS" . The date of default is the date that the original account became
180 days or approximately 6 months past due. The date the original account was
assigned to the collection agency is NOT the date when the 7 year clock starts
ticking. And, nothing you do with respect to the collection can reset the 7 year
credit reporting clocknothing.

Foreclosures and Repossessions Required to

be removed after 7 years from the date of the original terminal delinquency.
Terminal Delinquency means that the account has been unpaid for 180 days,
which leads to the foreclosure or repossession. In other words, if you went 30
days delinquent in January of 2010 and into default in June of 2010 without
bringing the account current in between, then the item can be legally reported
until June of 2017.

Charge Offs Required to be removed 7 years from the date of

original terminal delinquency.

Settlements Required to be removed 7 years from the date of

original terminal delinquency.

Late Payments

Required to be removed 7 years

from the date the late payment occurred. The account does not have to be
removed if it did not go into default, just the late payments associated with the
account.

Judgments Required to be removed 7 years from the date the

judgment was filed, whether it has been satisfied or not.

Chapter 7 bankruptcies must be removed no later than 10 years from the date
filed. Chapter 13 bankruptcies can remain on your credit reports for 7 years from
the date of discharge, though this date may not exceed 10 years from the date
filed. For a Chapter 13 the date of discharge and the filing date are not the same
dates.

Tax Liens Paid and released tax liens are required to be removed
from your credit reports 7 years from the date released. Withdrawn tax liens will
be removed from your credit reports immediately (though this is a matter of credit
bureau policy and not a requirement under the FCRA). Unpaid tax liens are never
required to be removed from your credit reports, although the credit bureaus may
choose to eventually remove them.

Federal Student Loans The FCRA is silent on the issue

of defaulted federal student loans. Instead, the credit reporting limitations for
these items are governed by the Higher Education Act. Once a defaulted student
loan has been paid it is required to be removed from your credit reports after 7
years. However, unpaid federal student loans can remain upon your credit reports
forever, although the credit bureaus may choose to eventually remove them.

Positive Credit Report Items

The FCRA is silent on the issue of positive accounts. There are no guidelines imposed on
the credit reporting agencies which require them to remove positive information from a
credit report, ever. Unfortunately for consumers, however, positive credit report
information may not stick around permanently. Inactive positive accounts are removed
from credit reports after a period of 10 years as a matter of policy.