how long doe's a bad debtor stay on record and how long doe's the debt remain active?

Question

NZ BAYCORP Advantage. If you incur bad credit and the debt is lodged with BayCorp Advantage How long doe's the bad credit stay on file if you continue to ignore the Debt?

Answer 1

Collections/negative information stays on your account for 7.5 years past the date of last activity. How long it stays legally enforcable for collection depends on your state. Here is a list of SOL dates by state: http://www.budhibbs.com/statute_of_limitations.htm

This means that until the SOL expires, they can take you to court. After the SOL expires, they can still contact you and try to collect, but they can't take you to court.

I'd suggest that you read the Fair Debt Collection Practices Act and the Fair Credit Reporting Act to learn your rights.

Good luck!

Answer 2

It usually will affect your credit for 7 - 10 years, but you can be billed for the debt forever...most companies will do a charge off and leave you alone but can sell the bad debt to a debt collection agency, who can hassle you for years.

Answer 3

It normally stays on record for 7 years.

Answer 4

7 years or if it is a revolving account where you pay monthly installments, 7 years from the last 180 days late payment.