2006-09-02 03:53:00 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes. It is true. Seven years. Anything other than a civil judgment, is supposed to drop off after seven years. The rule has its legal precedent in the Bible, where in the Old Testament every seventh year was a jubilee year, which was marked by all debts being cancelled and all indentured servants being given their freedom. Somewhere, someone thought of a real neat exception, so a civil judgment can stay on there for three extra years. Then there are always dishonest companies that try to abuse the system and keep their side of the story on your report for extra time.
2006-09-02 04:00:49 · answer #1 · answered by JackN 3 · 0⤊ 0⤋
most of the time yes if something has been on your credit for seven years it dissapearsexcept bankruptcy and I think that is like 10 years .
the reson I say most of the time is because sometimes they " forget" so you'll have to dispute it and ask them to remove anything passed it expiration. You ca also dipute any duplicate ntries which are actually quite common and anything yu don't eleie to be valid or reported fairly.
here is the loophole for creditors they put something in collections and bounce it around creditors for 2-4 years and then close it and list it on your report so 7+4 plus youll have more 30 60 90 lates show on your credit .
Review your credit at least once a year and dispute anything you see that is duplicated or wrong or anything that is identity theft.
After you dispute something oh and do it through the credit buroows , they have 30 days to respond or it is removed from your credit.
order a copy of your report by calling trans union they will give the # for federal fair act reporting and that is where you call to order your credit report. it also gives you the option of do n it on the net but i don't suggest this unless you know alot about what is on it cause you can't access it without lots of info. Call and they will send the three major credit agencys reports.
review and be sure to pay attention to the alliases cause it could be your first tip off of identity theft also note your previous and current addresses
.the # for trans union is866-887-2673 if u want to pay for your credit scores the # to equifax is 800-685-1111 and the number to experian is 888-397-3742
hope this help[ed
2006-09-02 04:17:09 · answer #2 · answered by pink leo 2 · 0⤊ 0⤋
Credit Reports use information that is no more than 7 years old. But they place more weight on more recent credit data. The most recent 2 years carry more weight than other.
2006-09-02 04:00:25 · answer #3 · answered by boj12345 2 · 0⤊ 0⤋
According to Section 605 of the Fair Credit Reporting Act,
(a) Information excluded from consumer reports.
Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.2
(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.
2006-09-02 11:55:04 · answer #4 · answered by DaMan 5 · 0⤊ 0⤋
Don't count on this if your trying to hide bad debt. Your credit history is for life. Some debt is not collectable after seven years, but the fact you didn't re-pay stays on your record.
2006-09-02 04:34:10 · answer #5 · answered by Classy Granny 7 · 0⤊ 0⤋
I can only answer for myself being in Australia - here your credit is clean after 7 years
2006-09-02 03:57:56 · answer #6 · answered by ♥Kazz♥ 6 · 0⤊ 0⤋
i have heard that after 7 years some things drop off your credit report. if you have placed a fraud alert flag to protect your credit report, it will drop off after either 3 months, 6 months, or one year depending on what you have specified.
2006-09-02 03:56:13 · answer #7 · answered by cari anna 2 · 0⤊ 0⤋
Yes - after 7 years...
2006-09-02 05:46:32 · answer #8 · answered by luckistrike 6 · 0⤊ 0⤋
Yes after7 years somethings may fall off.
2006-09-02 03:57:01 · answer #9 · answered by Sasha 3 · 0⤊ 0⤋
The answer may be here.
2006-09-02 03:55:23 · answer #10 · answered by Anonymous · 0⤊ 0⤋