Last Thursday, a new Bill (H.R. 3622) was introduced to the Financial Services
Committee. This bill would shorten the time period that negative information can report on a person’s credit report.
Currently, late payments, collections, charge-offs, and other adverse credit can remain in your credit file for seven years. This bill, if passed, would reduce that to four years.
Is four years long enough for consumers to have their credit scores docked for a mistake or hardship of the past?
Is four years long enough for creditors to have leverage in collecting past due funds?
The bill was sponsored by House Representative Rashida Tlaib, Michigan on July 5, 2019.
Thank you to Credit Repair Services, LLC for bringing this to my attention.
“With your help and the ease of understanding your book, I was able to get a $2,500 deletion off my credit, among others. This book is a life saver, well, credit saver! (smile)
6 thoughts on “New Bill Says Negative Credit Should Be Removed After Four Years”
Reblogged this on Oregon Real Estate Round Table and commented:
This is Good News! Could make a big positive difference in the lives of many Americans.
Thanks a lot that a good news
Tuesday, July 16, 2019, 11:22 AM -0400 from email@example.com : >askcarolynwarren posted: “Last Thursday, a new Bill (H.R. 3622) was introduced to the Financial Services > > > >Committee. This bill would shorten the time period that negative information can report on a person’s credit report. > >Currently, late payments, collections, charge-off” >
This is really good news. Has the bill passed?
The bill has moved out of committee and is headed to the House floor for consideration and possible amendments.
I’m all for this. If this bill is fully ratified when would it take effort for consumers?
The bill has not been ratified. I, too, am in favor.