How Long Do Mistakes Stay On My Credit Report?

Nov 21, 2013

We all have to face the day when a bill was overlooked and didn’t get paid. Or even worse, an accident happened to you or a family member, and there simply was no way to pay the bills.

We have had it drilled into our brains over and over again to keep our credit clean. The credit reporting bureaus are awesome at reporting a bad credit mess up, but getting them to remove something from the credit is like trying to break into Fort Knox. It just about does not happen.

The seven-year itch

The general rule of thumb for bad credit to hang around is seven years. There are a few other rules that go along with it, but for the most part, seven is the lucky number for things to drop off and no longer exist for current credit reports.

So if you are after a merchant account, look at everything you have before you go looking for one. You might have to learn how to get a bad credit merchant account the hard way. Sorry, it really isn’t that difficult, for there are many merchant account servicers that exist purely with this in mind. But, it may stick in your mind as you are getting it, that it could have been easier if you did this…. Or did that.

Don’t despair

These are some of the items that will drop off after seven years:

  • Late payments
  • A debt that’s gone into collections
  • Charge-offs
  • Repossessions
  • A chapter 13 bankruptcy
  • A foreclosure
  • Paid, withdrawn, and released tax liens
  • Defaulted student loans

If you have other issues, these are what to look for:

  • Chapter 7 bankruptcies stay on your credit report for 10 years
  • Unpaid tax liens can stay on your credit report forever

Now what to do

When you apply for your merchant account, tell them the truth. They can’t take your birthday away and they only want you to succeed in what you are doing. So, if you had something go sour in the past, let them know what happened and why. A little bit of honesty goes a long way. They will work with you.

You might have a little longer trial period than other people or businesses, but that’s not a big thing. You know how to travel straight and narrow. You’ve got this.

If there are still things

Buckle down and track down all the bad credit you have. Find them through your credit report and begin making payments on the past debt you have. Ten dollars goes a long way toward paying off bills. You can’t get it paid if you don’t start. That will also go towards a brighter future, a cleaner conscience, and a credit report that begins showing positive payment history.

You’ve got it now! So, go grab your future. It’s a little brighter than when you started and there’s a merchant account servicer waiting for you at the end of your engine search. See you there.


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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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