How long can a negative report stay on my credit report?

Question

In my early twenties I acquired bad credit. Too many pretty credit cards thrown in my face that eventually became too overwhelming. Today I requested, for the first time ever, to look at my credit report. The whole thing confuses me. But to make my question as simple as possible, I'll explain it this way- Take a Target credit card for example. It was "placed for collection" in 2009. The account has been sold to a factoring company account and will come off my credit report in 2014. Problem is, I haven't made a payment on that card since, well before 2003 but since I don't have any paperwork to prove that, I moved to Florida in 2007 and certainly have not used or been able to make a payment on the card since living in Florida. 

I'm thinking the "7 year mark" was in 2009. But since it's it's been sold to another company, it's now making it stay on my report until 2014 although that's like, 12 years beyond the date of my "last payment attempt". And why is the account still opened and what happens if it gets sold to another collection company after this? 

I need to know how to get these things off my credit report. I have learned my lesson. I have not applied or used a credit card since well before 2005. I was stupid and naive and have had bad credit due to it since, but according to "the law", shouldn't my credit report start cleaning itself up a bit? And in a case like the one mentioned above, what should I do?

Any help and advice will be greatly, greatly appreciated. And to any of those people that would like to yell at me about my credit card payments, just wait until it happens to you. You'll see. 

Thank you.

CatDad · Accepted Answer

7 years from the original date of default, NOT the date that you last made a payment or the date the a new collection agency bought the account. The laws were changed on this in 1998 so that a person would not be punished with bad credit forever for having made one mistake. There is more confusion over this issue than other other as people confuse this 7 years time period with another completely separate time period called the statute of limitations, which refers how long you can be successfully sued over a debt.
This 7 year period is fixed, even if the debt passes through 1,000 collection agencies or if you late make a payment, it's still 7 years from the original default date. If you defaulted in 2003 then this should be off your credit report. Some debt collectors tamper with default dates to keep these on your credit report forever...this is called re-aging and it's illegal. Dispute with the credit bureaus.

Send all 3 credit bureaus a letter via Certified Mail + Return Receipt (do NOT use regular mail) stating:

I am requesting validation that this debt from Target is being reported within the 7 year time frame as allowed per the Fair Credit Reporting Act. This default occurred prior to 2003 and should be off my credit report. 
Per the Fair Credit Reporting Act, what is the Date of First Delinquency that is being used for this default to calculate the 7 year cycle?
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Credit bureaus hate taking the time to validate items and they'd rather be lazy and validate items as accurate. If this occurs and you're sure that the debt is beyond 7 years, then file complaints with the Attorney General of whatever state the collection agency is in.

? · Answer

Per the Fair Credit Reporting Act derogatory accounts can only show for 7-years from the date of first delinquency which works out to 7-years and 180-days. 

Nothing but nothing resets this date.

As far as getting this off your credit, as long as the information is correct you can't.

Anonymous · Answer

craig, now that you have proven your ignorance get out of the credit section.  Reporting to the credit agencies has NOTHING to do with by state.  COLLECTION sol's are state issues.

Spifman is correct.

? · Answer

most of the time 7 years .however if the credit card company sells the debt it can  go on forever. every few years if a company can't collect a debt they just sell it off to another company  for pennies on the dollar yet  that company may try to collect full total owed plus any interest and late fees they have been added.

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How long can a negative report stay on my credit report?

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