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Author: FixitWoman Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 309852  
Subject: Re: Adverse Info on Credit Report Date: 5/23/2001 2:17 PM
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I'll post what I've seen and I would appreciate any comments or corrections.
Late Payments:
-30-60-90 days late - up to seven years from the first delinquecy on a given account (can this really be right?)
-Chapter 13 bancruptcy - 7 years
-All other bancruptcy - 10 years
-"Paid by Negotiation" - up to 7 years (can this be right?)
-Any account with no adverse items stays on for 10 years

What other adverse statements are there that we can add to the list? Why doesn't there seem to be any rules or standards on this?
I would think 30 days wouldnt last as long as 60 days and 60 days not as long as 90 days. Why would negotiating a payment be as bad and last as long as a bancrupcy? Shouldn't people get SOME credit for ATTEMPTING to pay it back?

Other adverse statements include: Charge-off's, Collection accounts, foreclosures, etc.

There are rules and standards. You already listed them. Creditors see it this way: Late is late. Doesn't matter why, how or when.

Negotiation stays because you didn't pay the full amount. It doesn't matter that you paid something. Creditors are backing each other with your CR. People DO get credit for paying something back. Your FICO score reflects paid or unpaid collection accounts and the amount of time since your last late payment. Just because it's on your report doesn't mean you'll get turned down by a creditor. It just means they have the opportunity to think twice before giving you a chance.

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