Federal Fair Credit Reporting Laws
2010
Experian Credit Report?
ok i just turned 18 yrs old and i had a debt about a cell phone that i owned but once i turned 18 i paid it off.. but why does it say it’ll remain under my creit for seven years,,,
experian says:
Credit reporting agencies like Experian are governed by the federal Fair Credit Reporting Act (FCRA) and companion state laws. The FCRA permits us to list positive information on your credit report indefinitely, although it generally remains up to 10 years. Accurate negative information – such as a late payment or an account turned over to a collection agency – can remain on your credit report for seven years. Bankruptcies may remain on your credit report for up to 10 years. Unpaid tax liens may remain for up to 15 years.
what does this mean? because evn wen i want to apply for a store card (like target, macys, bestbuy) or a credit card, they dont let me because they say i have an outstanding debt….
Negative credit, like collections, repossessions, judgments do remain on your credit report for at least 7 years, they will show a zero balance but the fact that you had the derogatory credit remains.
If the phone debt was the only derogatory item on your credit reports I would think you could at least get a store card. Every time you are turned down for credit, the creditor is obligated by law to furnish you a copy of the information they used to turn you down. If it’s your credit they would have to furnish a copy of the credit report and explain how they determined you were not eligible…bad credit, no credit, credit score, whatever. If the stores did not furnish you this Information go back to them and let them know you are aware they are legally required to do so. That will give you the reason you are being turned down.
Dirge of Cerberus – Incomplete
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