Will I be sued ever?

[bigun]

Credit reporting timelimits are defined by the Fair Credit Reporting Act. That's what the FTC staff opinion letter referenced. Pratically speaking, the CRA's tend to remove it after 7 years if you dispute it as obsolete.I think that's why many people are under the assumption that the magic mark is 7 years.
If it doesn't fall off automatically, dispute the tradeline with the CRA. If they don't remove it when they are legally required to, see a lawyer. They may well owe you some money.

 

[AdviceFreeUser]

Credit reporting timelimits are defined by the Fair Credit Reporting Act. That's what the FTC staff opinion letter referenced. Pratically speaking, the CRA's tend to remove it after 7 years if you dispute it as obsolete.I think that's why many people are under the assumption that the magic mark is 7 years.
If it doesn't fall off automatically, dispute the tradeline with the CRA. If they don't remove it when they are legally required to, see a lawyer. They may well owe you some money.

After its removed, the credit score will improve also right and when I try to get a loan somewhere, lenders will never know that I owed that money since its gone after 7 years?

 

[ShyCat]

After its removed, the credit score will improve also right

Yes.

...and when I try to get a loan somewhere, lenders will never know that I owed that money since its gone after 7 years?

It will still show up on a full factual credit report. If you're trying to get a mortgage for a certain amount (can't remember if it's $100,000 or $150,000), the mortgage lender will pull a full factual.

 

[AdviceFreeUser]

Yes.



It will still show up on a full factual credit report. If you're trying to get a mortgage for a certain amount (can't remember if it's $100,000 or $150,000), the mortgage lender will pull a full factual.

Would that hurt my chances of getting a better rate?

 

[ShyCat]

Would that hurt my chances of getting a better rate?

Probably. Think about it: Why would they pay extra for a full factual if the information contained there would not be a factor in their underwriting decisions? Just for grins and giggles?!

 

[AdviceFreeUser]

Probably. Think about it: Why would they pay extra for a full factual if the information contained there would not be a factor in their underwriting decisions? Just for grins and giggles?!

Even though my credit improves a lot?

 

[TigerD]

Even though my credit improves a lot?

If you are seeking to borrow a large amount of money, to purchase a large insurance policy, to acquire a security clearance or to land a job with a payroll of more than $75k per year (I think, it may have changed), then a complete report can be gotten.

DC

 

[AdviceFreeUser]

If you are seeking to borrow a large amount of money, to purchase a large insurance policy, to acquire a security clearance or to land a job with a payroll of more than $75k per year (I think, it may have changed), then a complete report can be gotten.

DC

What about self-employed making over $75K a year?

 

[TigerD]

What about self-employed making over $75K a year?

Why would you run a credit report on yourself as a condition of employment? If you don't trust yourself, you may have bigger issues.

DC

 

[AdviceFreeUser]

Why would you run a credit report on yourself as a condition of employment? If you don't trust yourself, you may have bigger issues.

DC

Lol
......