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. I briefly touched on this subject in a July article entitled “Top Credit Repair Myths” listed under lie #2. 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. But also, it threatens to weaken the foundation that the credit bureaus were built on.
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 is 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!!!
This is why credit bureaus try to convince you that credit repair companies are a waste of money and don’t work. They know that the good companies are effective at finding and exploiting loopholes in the law and it drives them nuts because it threatens their bottom line. Credit bureaus make money by selling your information to any creditor / bill collector that’s willing to pay for it. If consumers go “bucking the system” then they can’t make money.
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