Consumer Debt Management: What are Errors, Inaccuracies, and Expiration Dates

A Credit Article Contributed by Brandie King

Consumer Debt Management: What are Errors, Inaccuracies, and Expiration Dates

A consumer who is trying to set up a debt management program may not understand what to look for on their credit reports when they are trying to clean them up. They also might not know what accounts expire and when they expire. This article will help you to understand both.

Consumer Debt Management: Getting Your Credit Reports

When you are a consumer trying to do your own debt management, the first thing you will need to know is how to get your credit reports in the first place. You can go to the websites for each of the three major credit bureaus (Experian, Equifax, and Trans Union) and order your credit report from each from their websites.

Experian http://www.experian.com

Equifax http://www.equifax.com

Trans Union http://www.transunion.com

Consumer Debt Management: Errors and Inaccuracies to Look For

As a consumer trying to come to grips with your own debt management, you need to know what to look for on your credit reports. The following is a list of things that you should look for when checking your credit reports for errors, inaccuracies, and incorrect information.

- incorrect and/or incomplete name, address, phone number, Social Security number, birth date, aliases

- missing, outdated, or incorrect employment information

- incorrect marital status (such as a former spouse being listed as your current spouse)

- expired accounts and information (see below)

- credit histories for someone with the same name or similar Social Security number

- duplicate accounts

- your current spouse's premarital debts

- lawsuits that you weren't involved in

- incorrect account histories (late pays when you paid on time, past due debts discharged in bankruptcy)

- unpaid liens (tax, judgment, mechanic's) that you paid

- missing notations from you disputing credit card charges on your bills

- incorrectly listed accounts, such as closed accounts being listed as open or items that were included in a bankruptcy not being marked as "Included in BK"

- accounts closed by you that don't indicate "closed by consumer"

Consumer Debt Management: Accounts That Expire and Their Expiration Dates

As a consumer trying do perform debt management, you may not know what accounts can expire and how long it will be before they expire. You can request that expired accounts be removed from your credit reports.

- Bankruptcies (Chapter 7, 11, 12) will stay on your credit report for 10 years and accounts included in the bankruptcies will stay for 7 years.

- Charged off accounts will stay on your credit report for 7 years.

- Closed accounts with delinquencies will stay on your credit report for 7 years from the date they were reported.

- Accounts sent to collections will stay on your credit report for 7 years from the date of your original missed payment.

- Inquiries will stay on your credit report for up to 2 years.

- Judgments will stay on your credit report for 7 years from the date they were filed.

- The 30-180 day delinquency for late payments will stay on your credit report for up to 7 years.

- City, county, state, and federal tax liens will stay on your credit report indefinitely.