Credit reporting agencies to remove negative report before 7 years with reasonable explanation
A negative report [in USA] can stay on the credit history for 7 years. It does not matter how small or large the amount is. In many cases businesses send the remaining balance to debt collection agencies without even contacting the payer. Debt collection agencies can simply report the balance to credit agencies like TransUnion, Experian etc.
In my case the apartment complex where I used to pay over $3000 per month, stayed for over 3 years reported the final balance of around $100 to a collection agency. I could have certainly paid the remaining balance if they just called or mailed. They had my new address and phone number. Because of this I'm stuck with that negative report for a long time.
I'd appreciate if credit reporting agencies remove matters when a proper explanation is provided, or when the amount is very small compared to yearly income, or maybe, one can pay some fine to get the negative report removed. But please don't keep the report for 7 years, it is a very long time!