Credit Reporting Time Frames

• If you miss a credit card or loan payment, that fact reflects on your credit reports for seven years from the date of the missed payment. The same time frame applies to accounts turned over to collection agencies, such as delinquent medical or utility bills. Some types of negative credit reporting, including tax liens, civil judgments and Chapter 7 bankruptcies can last for 10 years from the date of the event.
  
  

Billing Rights

• Under the Fair Credit Billing Act, creditors cannot legally report negative information about a billing dispute you initiated. If a math error or stolen or lost card caused unjust charges, the credit card company must investigate your dispute. You are only liable for the first $50 of unauthorized charges if your card was lost or stolen. Also, if you are unhappy with goods or services you purchased with your credit card you can dispute that and it cannot harm your credit report. You are only liable for the bills if the credit card company rules in the merchant's favor.
  
  

Debt Collection Issues

• If you promptly dispute a debt claim from a collection agency, they cannot legally report the account to the credit bureaus until they complete their investigation. If the account is already noted on your credit reports and you dispute it, the collection agency must update the notation to reflect that you disputed the account. If they cannot prove the debt, they must remove it from your credit reports and stop attempting to collect it.
  
  

Disputing Errors

• Under the Fair Credit Reporting Act, you have the right to an accurate credit report even if you did not always pay your bills on time. If you find outdated or incorrect information on your credit reports, you should immediately write a letter to the reporting business as well as the involved credit bureau. The Federal Trade Commission advises citizens to send such correspondence through a delivery method such as certified mail. If you do not get resolution within about 45 days, contact the Federal Trade Commission, your state Attorney General or a local attorney for help.