Follow Us: Google+
 
Bankrate.com

debt

8 steps to rid credit report of old debt

No separate clock for sold-off debt
Next
Slide 3 of 9
Back
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 seven-year credit report clock is the date of delinquency with the original creditor, says Sweet.

Think of it as your debt's birth date.

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."


Next
Slide 3 of 9
Back

 

 

 

advertisement

Show Bankrate's community sharing policy
            Connect with us
Compare Home Equity Rates



advertisement
Most Read
  1. Nick Nolte's house for sale
  2. 8 eerie ghost towns
  3. 5 best markets for home values
  4. What does a kitchen remodel entail?
  5. Don't sell a smelly house
  6. Headlight requirements by state
  7. 9 gas-only, fuel-efficient cars
  8. 8 affordable, classic cars for retirees
  9. 5 car models that lose value
  10. Top 10 states for foreclosure
Home Equity Averages
Product Rate +/- Last week
$30K HELOC
4.99% 5.00%
$30K home equity loan
6.19% 6.21%
$50K HELOC
4.56% 4.58%
$75K home equity loan
5.97% 6.01%
View rates in your area:
Your credit report has a long memory. Here's how to get it to forget your checkered past.
advertisement
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.