Gorski Law
Pennylvania & New Jersey Consumer Rights Law Firm
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Accounts Too Old To Report

Adverse credit information generally cannot remain on your report forever. Two exceptions are unpaid tax liens and unpaid federal student loans which can remain on your credit report indefinitely while they remain unpaid. Otherwise, all other credit information will become too old to report after a certain period of time. This type of problem ordinarily originates when the information about the record or account is entered into the credit reporting agencies database with the wrong history about when the delinquency first arose. These types of errors can cause accounts to stay on a person's credit report for years longer than it otherwise should.

ACCOUNTS TOO OLD TO BE REPORTED

Adverse credit information generally cannot remain on your report forever. Two exceptions are unpaid tax liens and unpaid federal student loans which can remain on your credit report indefinitely while they remain unpaid. Otherwise, all other credit information will become too old to report after a certain period of time. Time limits for reporting credit information are as follows:

  • Bankruptcy: 10 years
  • Judgments: 7 years or expiration of statute of limitations to enforce judgment (whichever is longer)
  • Paid Tax Liens: 7 years from the date of payment
  • Charged-Off Accounts & Collection Accounts: 7.5 years from first delinquency
  • Any Other "Adverse" Item of Credit Information: 7 years (example: a reported 30 day late payment)

This type of problem ordinarily originates when the information about the record or account is entered into the credit reporting agencies database with the wrong history about when the delinquency first arose. A typical example of this might be when a collection account is entered in the database indicating that the first delinquency was when the debt collector began servicing the account, and not when the account first became delinquent. These types of errors can cause accounts to stay on a person's credit report for years longer than it otherwise should.

Outdated Records or Accounts on Your Credit Reports Are A Serious Problem You Should Not Ignore

If your credit report contains outdated records or accounts, you should not ignore this problem. Minimally, you need to contact the credit reporting agency to dispute the erroneous items on the report. You also may want to consider speaking to a lawyer.  Mixed credit files can cause numerous harms including:

  • Denials of credit including mortgages, auto loans and credit cards;
     
  • Delays or denial of your employment application if your credit is checked;
     
  • Denial of an apartment or other rental property;
     
  • Denial of utility services such a cable tv or a cell phone;
     
  • Denied insurance.

In addition to these harms, outdated records or accounts on your credit report can adversely impact your reputation and cause substantial emotional stress.  All of these harms are compensable under the law, but you are unlikely to receive any compensation without help from a lawyer. 

Do You Need Help?

If you think you have outdated records or credit accounts on your credit report, Gorski Law may be able to help resolve the problem and obtain compensation for you.  Initial consultations are always free. Call 215-330-2100 or email the firm to schedule a consultation.