I have some collection items that have been on my credit for seven years. Can they keep selling it to other collection agencies to keep it on my credit?
Yes, they can continue to sell it and as long as they make contact with you, it can remain on your credit bureau.
There are many factors that go into your credit score. Making your payment on time makes up 35% of your score. 30% is made up of outstanding debt or the amounts you owe. Have you been charging more? Credit utilization, one of the most important factors considers the amount you owe compared to how much credit you have available. If this has increased, it would lower your score.
Length of Credit history makes up approximately 15% of your FICO score. Did you close an account that had been open for a long time?
Have you been applying for more credit? 10% of your score is based on this information, so opening new lines could negatively impact your score.
The final 10% of the FICO is determined by the types of credit you have. You want to have a variety of debts.
I hope you find this helpful.
The good news is that the FCRA limits the amount of time that negative information can appear on your credit report. Generally, a delinquent account can show up on your credit report for up to seven years from the time your first delinquent payment was originally due. Here’s what you can do to deal with this issue:
Part 1: Contact the collector and dispute the account letting them know the account is past the legal reporting period. They are supposed to investigate and notify the credit reporting bureaus of their findings.
Part 2: Send a dispute letter to the three major credit reporting agencies of Transunion, Equifax, and Experian stating that the account is listed beyond the legal reporting period, along with supporting documentation. It will be reinvestigated and if eligible, the negative information will be removed from your reports.
If you need help enforcing your consumer protections you can go to the National Association of Consumer Advocates at www.consumeradvocates.org to find an attorney to assist. This is a common problem that is worth fixing. Good luck.
Julie Zachariason, Certified Credit Counselor
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