debt

8 steps to rid credit report of old debt

No separate clock for sold-off debt
No separate clock for sold-off debt © Denis Vrublevski/Shutterstsock.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 seven-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
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

File bankruptcy with no fee?

Dear Debt Adviser, I am in the worst kind of financial hardship. My wages are already being garnished, which makes it difficult to keep up with mortgage and utilities. I can't file bankruptcy because I don't have the money... Read more

advertisement
Partner Center
advertisement

Connect with us