How Do You Pay Off Derogatory Items On Credit Report, Increase Score?
There are certain things that you should be aware of: 1. Items that are less than 2 years old are affecting your score the most 2. There are 2 important timframes regarding derogatory items a. The FCRA(Fair Credit Reporting Act) time limit of 7½ years from the date of first delinquency or missed payment to the ORIGINAL CREDITOR. No matter how many times it’s sold or transferred the date of original delinquency still applies. b. The Statute of Limitaions(SOL) for collecting debt is the timeframe in which a debt can be legally enforced in court. This timeframe can usually be shorter than the FCRA, but in some states such as Wyoming, debts can still be enforced in court even after the FCRA reporting limit. 3. If you pay an older debt, unless you request a “pay to delete”, which is a payment in exchange for removing it from the report completely, new activity is created making it a more recent collection which not only doesn’t help your score, but it could hurt it even worse. In your case,
