The Fair Credit Reporting Act (FCRA) of 1970 states that credit bureaus can continue to include negative information on your credit report for up to seven years. If you have negative items such as late payments, collection accounts, judgments, repossessions, or even Chapter 13 bankruptcies on your credit report that are more than seven years old, you should contact the appropriate credit bureau and demand that such items be removed.
Certain items, such as Chapter 7, Chapter 11, and Chapter 12 bankruptcies, are exempt from the seven year rule, and may be reported for up to ten years. A few items, such as criminal convictions, may be reported indefinitely.
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DIY debt consolidation: 3 secrets for success
You're sinking fast in credit card debt, and there's not a life preserver in sight. Loans and balance transfer offers involve applying for more credit. Follow these tips for rescuing yourself from the dangers of excess debt.
Reducing debt or building savings?Even if you are following a debt reduction plan, it is important to try and build emergency savings.
When debt help is not enough: 3 reasons for filing bankruptcySituations can arise that make paying your bills impossible, or that render you ineligible for participating in debt relief efforts such as credit counseling. When you're enduring any of these circumstances, consulting a bankruptcy attorney can provide information about your rights and the consequences of filing bankruptcy.
Personal spending rises as income slipsPersonal income declined in August, but personal consumption expenditures rose, according to the Bureau of Economic Analysis.
3 reasons for consolidating credit card debtAre you paying more than one credit card bill each month? Have you overlooked a bill and incurred penalty interest rates or late charges? Consider credit card debt consolidation for simplifying debt management chores.
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