How long does negative credit information stay on my credit report? Is there any way to remove it?

There is no way to remove accurate information from your credit report. It normally remains on your credit report for 7-10 years, depending on the nature of the data:

• Accounts paid as agreed remain for up to 10 years.
• Accounts not paid as agreed remain for 7 years.
• Collection accounts remain for 7 years.
• Bankruptcy information remains for 10 years from the date filed.
• Legal judgments remain for 7 years.
• Paid tax liens remain for up to 7 years.
• Unpaid tax liens remain indefinitely.

In the state of New York, paid judgments and paid collection accounts remain for 5 years. In California, unpaid tax liens remain for 10 years.

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How will your debt management program affect my credit report?

The impact on your credit report may be positive or negative, depending on your situation and the specific creditors involved. GreenPath does not report any information to credit bureaus. Only your creditors report information, and there is a wide variance in the way they do so. We recommend that you take a long-term approach. Focus on resolving your financial situation and your credit report will improve over time.

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I am going through a divorce right now. Am I still responsible for my wife's accounts?

Contact your creditors immediately. Request that they close the accounts and note that the account was closed at your request. The account will stay open as long as there is a balance on the account, so you want to pay down the balance as soon as possible. If you can't pay off the balance and close the account at the same time, send a certified letter requesting that the account be suspended. In the letter, state that you will not be responsible for new charges after a specific date.

These steps are critical in protecting yourself financially.

If a home is involved, the court will decide who gets the house. It is important, though, to note that a divorce decree does not relieve you of your obligation with the creditor if your name appears on the home loan. Even if your ex-spouse gets the house, you will still be responsible for making the loan payments. We recommend that you contact your mortgage company and consult an attorney to make sure you take the proper steps.

Then work on building a positive credit history for yourself. Obtain a copy of your credit report and review it to make sure it doesn't contain any surprises. Make timely payments on all your bills, and apply for only one credit card.

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I was recently turned down for a car loan. Can your company help improve my credit rating?

No company can improve your credit rating. Your credit rating is derived from information your creditors report to the three national credit bureaus: Equifax, Experian and Trans Union. Factual credit report data cannot be changed or removed by any company. It will disappear from your credit report in 7-10 years, depending on the nature of the data.

However, sometimes your credit bureau information includes obsolete or inaccurate data. Credit repair companies dispute inaccurate or obsolete credit report information on behalf of their clients, but do not negotiate or provide any other services that you cannot perform on your own.

We recommend that you view your credit report yearly. You can obtain a free report at www.annualcreditreport.com.  You can even schedule a GreenPath appointment to review your report with a certified credit report professional. 

If you believe any information on your report is inaccurate, you can contact the specific credit bureau to request an investigation. If you are working with a credit repair company, you should know that the Credit Repair Organizations Act requires for-profit credit repair companies to perform their services for you before collecting any money.  Remember, credit repair companies do not provide any service for you that you cannot perform on your own. 

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My wife co-signed for 2 credit cards with her daughter, who has made several late payments. How can she get her name off of these two cards so our credit can be back to normal?

Your wife's only option is a request by the primary cardholder, whether that is your wife or her daughter, to remove her name from the joint account.  Some credit card companies require this request in writing.  It is possible the company may refuse to allow the change of ownership, a fact that may be stated in a signed agreement.

When cosigning on a loan or credit card, both people are equally responsible for maintaining the debt.  If the debt becomes delinquent it will remain on the credit reports of both people for seven years.

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