It should stay on your credit for 7 years after the last date its status was reported to the credit bureau. It may have been repoed 8 years ago but for 2 years after that they finance company was trying to collect and was reporting it during that time. I am in financing and I see this quite often. If it has been that long and you have paid your other bills OK since then, you should be all right. Check your credit report for free at annualcreditreport.com. Its free to see your report here once a year, but it does not show you your credit score. If you want to see your score, you will have to pay for it. Check it at equifax.com, transunion.com, or experian.com.
by tomdchi - a day ago
You are right, there are so many rumors out there about credit that who knows which is right?!! I'm not too clear about the time-line of derogatory information on credit reports, but it's somewhere between 7 and 10 years. What I do know is that after such time, it is your legal right to request these "expired" items be taken off, some will "fall off" automatically, some won't, in that case, you have to call each reporting agency directly and see about getting these removed (TransUnion, Equifax, and Experian). They will in turn request verification from the lender and clear it accordingly. Good Luck!
by JoelMBA - a day ago
contact the three credit bureaus and tell them to update your credit history. it should have been removed after 7 years.
by de bossy one - a day ago
If you still have a balance on it that you owe they will keep it on your credit report. I would try to work out some sort of payment plan to get it paid off. Once it shows paid it will help your credit score.
by Gracie - a day ago
by Gizmo - a day ago
i think if u owe the money then u must pay the amount due then it is 7 yrs after that. I might be wrong but i think that is the way it works.
by jibbers4204 - a day ago
Three In-Store Experiences E-tailers Need to Emulate
New e-commerce businesses continue to emerge at a breakneck pace, but they still account for only 6 percent of all retail...
What is the color of your logo? A Business Rockstars Minute
One of your big decisions when you start a business is the name, the brand and the logo. But what about the color? It turns...
Does Your Business Need a Buy-Sell Agreement?
A buy-sell agreement is a legally binding contract between the co-owners of a company that goes over a variety...
The 3 Best Ways to Keep Your Small Business Safe Online
Every day, entrepreneurs face a variety of decisions, from who to hire to what to tweet. It’s normal to make a decision and...
Summer 2015 Retail Sales Forecast
The summer season is an interesting time of year for retail. Weather changes, increased tourism, and seasonal holidays all...
Business Transition Lessons Learned: Why Getting Yourself Prepared Is So Important
We first met John in the building where his father, a brilliant engineer, had started their manufacturing business over 40...