Over the years we’ve all heard about the 7-year rule as it relates to credit reporting. Basically, the rule states that any and all accurate information must remain on your credit reports for 7 full years. Now, the question is: Is this statement true? Well, the answer is both yes and no.
Let me explain… If you simply accept the “accurate” derogatory reporting and do nothing, then the answer is yes and you’d be correct in the definition of the 7-year rule. Sounds simple enough right? Not so fast. The key phrase is “if you accept it and do nothing.”
I’ve never been one to believe something just because everyone else says it’s true. I do my own research. Credit bureaus try to convince consumers that their rules are non-negotiable, but what they don’t tell you is that everything is disputable. They don’t want you to know this because it creates extra work for them.
If everyone knew that they could work around the system, then credit bureaus would lose their “perceived” power and control over the consumer so they keep everything hush-hush and continue selling the lie that what they say is how it is, what it is, and non-negotiable!
So getting back to my point, the 7-year rule is a lie “IF” you do “something” rather than sit back and do “nothing,” which is what they prefer you do. For instance…let’s say that you have a 2-year derogatory item on your TransUnion credit report that is 100% accurate and belongs to you. If you sit back and do nothing, then the 7-year rule becomes fact.
Now, if you dispute the negative item and the creditor cannot verify or validate the debt within 45 days, then the credit bureaus MUST remove the derogatory item from your credit report. Period. That’s the law.
I have successfully used this strategy many times over the years to have accurate derogatory information removed from my credit reports long before the 7-year mark…sometimes in as little as 45 days! It makes me laugh when people tell me that it can’t be done when I’ve been doing it for the past 20 years!!!
That’s why credit bureaus try to convince you that credit repair companies don’t work. They know that these companies are effective at finding loopholes in the law and it drives them crazy because it threatens their bottom line. Credit bureaus make money by selling your information. If consumers go “bucking the system” then they can’t make money, so they continue to perpetuate the myth.
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