A debt can legally stay on your credit report FOREVER if a company knows how to malnipulate credit system?

What they seem to be doing is reporting the account closed every year , for example, a credit card account had closed in 2005 for non payment, each year the debtor simply reports the credit card as just being closed as of the most current previous year , thus the item remains on credit report indefinitely? In other words they keep changing the date that the account was actually closed.





Is this legal ?





Is there anything customer can do to get the debtor to reflect the TRUE date that the account was really closed, to get it to be more accurate ? In hopes of having a more positive reflection of their credit profile?|||Collection accounts will stay on your credit report for 6 yrs and 9 months. If they are reporting the date incorrectly you have the right to put your personal statement on your report. These statements are taken into consideration when someone checks your report. Also, you can dispute the items and the credit reporting agency will investigate. If the item is being incorrectly reported the reporting agency will either get it corrected or remove it.|||Yes of course, the customer can file a law suit. This is defamation of character. However, you need to choose a counsel who is well versed with defamation.|||Every state has a different law regarding the length of time a debt can stay on your credit report. In most cases, court judgments and bankruptcy are given a longer period of time. However, ALL states DO give a maximum period of time. It is based upon the date that your account first went into default, not the date it was closed.


Sometimes a single account will be listed numerous times on a credit report because it changed hands from the original creditor to a collection agency to another collection agency. The details reported might vary a bit, but they are all required to report the date that the account first went into default. This would be the date that you were officially late on the payments. Keep in mind, however, that if you make any payments at all, this renders the collection account current and the new date of default could be changed. For example, suppose I have an account that has been in collection for 5 years and would fall off of my credit report in two more years if I do nothing. Now suppose I make payment arrangements with the collection agency and make a couple payments, but in two months I stop making payments. The new default date is now whatever date I stopped making payments recently and it could be another 7 years before the account falls off my credit report.


You do have the right to ask that any incorrect information on your credit report be corrected. If they do not correct it or you still dispute the validity, you have the right to write a short explanation that will be placed in the notes of that account and will be available to anyone who pulls up your credit report.