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Author: expatpat Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308688  
Subject: CR info lingering after 11 YEARS Date: 1/15/2003 1:45 PM
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Hi,

I'm brand new to the MF boards.

I'm an American ex-pat living outside the country.

I left America in 1991 and have not lived there nor had activity there since, which in my humble math, comes out to more than 11 years.

I was young and when I left I had a few black marks - dept. store and credit cards unpaid.

I know that history is supposed to disappear after 7 years.

My question is: How is it that 11 years on there is still all this negative info on my CR? I'd like to be able to go back and open up a bank account again and not worry about the account being frozen!

I'd appreciate any help and if there are archived threads I'd be obliged to have the links as a search by keywords just doesn't drill down to answers on my particular question!

exp@p@


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Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149319 of 308688
Subject: Re: CR info lingering after 11 YEARS Date: 1/15/2003 6:49 PM
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expatpat,

You wrote, My question is: How is it that 11 years on there is still all this negative info on my CR? I'd like to be able to go back and open up a bank account again and not worry about the account being frozen!

I believe there is no limit for any credit history that's considered positive; but most CRAs drop anything older than 10 years. Negative information has to be dropped 7 years after the last verifible activity. If you have reason to believe the information is too old, get a copy of your report and dispute the item(s) with the CRA.

There is one exception to this rule. Court judgements may be renewed periodically by a claimant. The renewal counts as new activity and judgements can be renewed indefinately, as long as the claimant meets the jurisdiction's statutory limitations.

If you skipped out on a really big debt or really pissed off someone you owed money when you left, they may never let the claim die. In this case, you either have to 1) pay the claim, 2) file bankruptcy, or 3) live with it. This means that if the debtor is persistant and you're a dead-beat and refuse to pay, the creditor can make a mess of your credit for the rest of you life.

BTW: If you have a judgement against you and an open U.S. bank account, the claimant can file for a Writ of Possession and one day the contents of your account will just vanish.

- Joel

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Author: expatpat Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149323 of 308688
Subject: Re: CR info lingering after 11 YEARS Date: 1/15/2003 7:24 PM
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Hi Joel,

Thanx for the reply!

You wrote, "I believe there is no limit for any credit history that's considered positive; but most CRAs drop anything older than 10 years. Negative information has to be dropped 7 years after the last verifible activity. If you have reason to believe the information is too old, get a copy of your report and dispute the item(s) with the CRA."

Is there a site that lists contact info for the various CRA's?

You wrote, "If you skipped out on a really big debt or really pissed off someone you owed money when you left, they may never let the claim die. In this case, you either have to 1) pay the claim, 2) file bankruptcy, or 3) live with it. This means that if the debtor is persistant and you're a dead-beat and refuse to pay, the creditor can make a mess of your credit for the rest of you life."

The various amounts weren't much, but when you're young and out of work even a couple of bucks is a lot of money. I have the money today to reimburse and ethically would like to do so but after reading posts here I'm reluctant to surface and repay as this would trigger a new 'last activity' date.

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Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149330 of 308688
Subject: Re: CR info lingering after 11 YEARS Date: 1/15/2003 8:47 PM
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expatpat,

You wrote, Is there a site that lists contact info for the various CRA's?

Yes. The first part of this board's FAQ contains the info. ( http://boards.fool.com/Message.asp?mid=16327282 ) You should browse through the entire FAQ; but here is the paragraph pertaining to your question:

There are three major credit reporting agencies: Equifax (www.equifax.com), Experian (www.experian.com), and Trans Union (www.transunion.com). A general guideline is to pull your report from each agency once a year to check for errors or inaccuracies. If you live in certain states, or have recently been denied credit or employment due to your credit report, you are entitled to one from the appropriate agency for free.

Also you wrote, The various amounts weren't much, but when you're young and out of work even a couple of bucks is a lot of money. I have the money today to reimburse and ethically would like to do so but after reading posts here I'm reluctant to surface and repay as this would trigger a new 'last activity' date.

Your resurfacing won't trigger anything by itself. The real question is, Does anyone have a judgement against you? A judgement is a court order and as such, is a public record. Your credit report will list any judgements.

If it's been 11 years, you probably have nothing to worry about. You're probably past the Statute Of Limitations (SOL) on the debt for just about any State in the Union. If you are past the SOL and they've taken no legal action and you can live with yourself, there's no practical reason to repay the debt. Simply file a dispute with the CRA stating that the information is older than 7 years and should be dropped. They may or may not try to verify it again; but if they do, there's nothing the creditor will be able to do about it unless they lie. And if they do that, you can take them to court and sue them for damages.

- Joel

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Author: expatpat Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149342 of 308688
Subject: Re: CR info lingering after 11 YEARS Date: 1/16/2003 7:39 AM
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Thanx enourmously Joel.

BTW, how do you get the italic print for the copied msg text?

TTFN

exp@p@

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Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149432 of 308688
Subject: Re: CR info lingering after 11 YEARS Date: 1/16/2003 7:02 PM
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expatpat,

You wrote, BTW, how do you get the italic print for the copied msg text?

We just use the standard HTML markers:

Italic: <i> - text here - </i>
Bold: <b> - text here - </b>
Embedded Table:
<pre> - text here - </pre>

Get the idea?

There's a page for it on the Fool somewhere; but I'm lazy.

- Joel

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