debt

8 steps to rid credit report of old debt

Get your free credit score

No separate clock for sold-off debt
No separate clock for sold-off debt © leungchopan/Shutterstock.com

No separate clock for sold-off debt

One point that confuses even the experts: No matter how many times a debt is sold (and resold), the date that counts for the 7-year credit report clock is the date of delinquency with the original creditor, says Sweet.

Think of it as your debt's birthdate.

If a collection agency bought your 10-year-old retail card debt and has started putting it on your credit report with a different date, that's a no-no.

"It used to be a really big problem for us," says Sweet. "Now it's the exception rather than the rule."

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
advertisement

Debt Adviser

Don't be seduced by this debt plan

Dear Debt Adviser, I have about $50,000 of debt on credit cards. My credit rating is still high. I am thinking about a debt consolidation loan. Will that adversely affect my credit rating? -- DT Dear DT, The cliche... Read more

advertisement

Connect with us