How long does it take to get something negative removed from you credit report?

How long does it take to get something negative removed from you credit report?

I am in the process of paying a debt from a credit card. I just wanted to know when it would be free from me credit report. Should I request a written statment from the collection agency upon when they will remove the negative info? Thank you all so much.

The Answer : See what I mean? At lease we have a lot of close answer.OK, Instead of posting the actual law...maybe I can explain it in simple English.Negative items on your credit report can only be posted for 7 years (not 7 1/2 years) from the date of the delinquency (not last transaction period....not when it's paid off).Example...if your payment was due on January 1, 2000, and you missed that date, THAT is the delinquency date. The creditor must wait 180 days before he can begin posting this to your report (explains the confusion about the extra 1/2 year). The report must be deleted on January 1, 2007 (7 years).If it's not removed, they are in violation of the Fair Credit Reporting Act and they can be sued.Many collection agencies lie about this date (called re-aging the debt). You need to verify what the actual delinquency date is. This can be done by demanding that the creditor VALIDATE the debt. They must send you the final bills and final notice. This proves the delinquency date.

Source(s):Commission paperhttp://www.ftc.gov/os/statutes/fcra/john...605(c)(1) and 605(a)(4)§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c](a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)(c) Running of reporting period.(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.http://www.ftc.gov/os/statutes/fcra/john...
http://www.ftc.gov/os/statutes/fcra.htm...