Weird things about the name Kevin: Your name in reverse order is Nivek. A random rearrangement of the letters in your name (anagram) will give Ievnk. How do you pronounce that? How many people have the last name Kevin? In 2010, the U.S. Census Bureau surveyed 352 people with the last name Kevin.
Usually, a foreclosure requires five to seven years before the borrower is eligible for another mortgage. The short sale will stay on your credit for up to seven years and can affect the ability to open credit cards and other loan accounts. If you decide a short sale will be right for you, and your lender agrees to it, then you will see an immediate drop in your score once the lender reports it the credit bureaus.
Steve, the charge-off will remain on your credit report for seven years. The Fair Credit Reporting Act states that negative items will stay on your credit report for seven years from the first date of delinquency resulting in the charge-off. Typically, a debt is charged off once it is delinquent for 120 to 180 days.The original time frame for a loan -- such as five years, in the case of a car loan -- has no bearing on the length of time the delinquency will be reported in your credit file.ther actions can affect the clock in some states, so be sure you understand your state's law.To sum up, credit reporting laws pertain to how long an accurate negative item can be reported on a person's credit report, and statute of limitation laws apply to how long a debt can be legally collected using the courts.