all communication on credit cards has seized. been sitting in collections for six years now. last credit report was done about a year ago and they were on there. do they ever go away or do i have to pay them off.
2006-12-21 03:37:31 · 7 answers · asked by Anthony A 1 in Business & Finance ➔ Credit
They will go away after 7 years. I wanted to add, DO NOT pay them at this point it will not help your credit and the staute of limitations would have expired so you are no longer legally required to pay.
2006-12-21 03:44:50 · answer #1 · answered by gottabuylots 3 · 0⤊ 0⤋
Any item, whether good or bad remains on your credit score for seven years after the date of last activity (which in this case would be when the original creditor wrote the debt off). However, if you declare bankruptcy they will remain on your report for ten years.
This also means that if you decided to pay it off after it has been there for 6 years and 6 months, the new activity on the debt would make it stick for seven years after you paid it off.
If it has been about 6 years, check your credit ever 3-4 months from now on to watch for those items to fall off.
Now, and this is VERY IMPORTANT: Just because by law the creditors must remove the items from your report after seven years does not mean they automatically do. Often times (pretty much a guaranteed, really) you'll have to do some calling and letter writing to the creditors to gently remind them that the seven year mark has come and gone.
Be sure to wear you patience when you make these calls -- you will probably get the runaround a few times before you finally get someone to help you get the stuff off your report.
Good luck!
2006-12-21 03:55:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I did the exact same thing. After 7 years, your credit will be clean again. But do NOT pay them anything, or even contact them or talk or write to them in any way. I bought a house with my clean credit, but only after 7 years of waiting.
2006-12-21 07:19:29 · answer #3 · answered by Travis R 3 · 1⤊ 0⤋
They become a non factor after about 4 years but at any time they can escalate their status. If the creditor reports new information it will remain as a current issue.
Here is some additional info. Hope this helps.
2006-12-21 04:43:30 · answer #4 · answered by loanman46 2 · 0⤊ 1⤋
Bad items can only remain for 7 years from the date of 1st delinquency...then they fall off. So I would wait one more year and check then, I bet you won't see them.
2006-12-21 03:45:31 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
the way to make them go away is to pay them off. .
2006-12-21 03:46:32 · answer #6 · answered by Rainy 5 · 0⤊ 1⤋
I don't think so.
2006-12-21 03:38:50 · answer #7 · answered by aaron_esq 3 · 0⤊ 1⤋