| | Link Details| ID: | 15327 | | Title: | 6 Myths About Bad Credit | | Description: | When I pay off a past-due account, such as charge off or collection account, it will show “paid” and will no longer be negative. It is practically impossible to restore your credit without somehow satisfying your outstanding debts. However, the act of paying off a debt actually hurts your credit. Negative credit is allowed to stay on the credit report for a maximum of seven years, except for bankruptcy which may remain up to ten years. This seven year clock begins ticking on the “date of last activity,” or, in other words, when the last action took place on the account. By paying an outstanding, delinquent debt you will change the account status to “paid collection,” “paid was late,” or “paid was charged off”– which will stand out as a very negative listing. Furthermore, you will create a new date of last activity on the day you settle the account. The seven year clock will reset and begin all over again. | | URL: | http://credit-repair.zersal.com/2008/08/21/6-myths-about-bad-credit/ | | Category: | Computers & Internet: World Wide Web: XML | | Link Owner: | koko@hotmail.com | | Date Added: | September 08, 2008 04:37:54 AM | | Number Hits: | 0 |
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