What will happen to my credit report after collection account erase after 7 years?

Question

Well, i still owe some phone bill money it's been almost like 4 years. My state SOL is almost up in a couple months. They haven't sued me so I'm ok for now. I don't need my credit for anything for the next 3 years. I want to just wait until it get clear from my credit report after 7 years. What will happen to my score right after 7 years when the collection account is off from my report. Do I have to rebuild my credit again? or I will have 750 score after 7 years? thanks

Answer 1

another company will probably buy it and then they will hassle you all over again. it just happened to me

Answer 2

One collection falling off your report will do little for your credit score. You will need to take steps to build a good history now, so that in 3 years when you need your credit it will be there. I would open a secured credit card (try New Millenium Bank) and also another revolving credit line (try CrownJewelers.com) to offset the bad effects of your collection. Companies like to see a history - that means an account with 3-5 years of good payments. Ensure you have a couple of items on your reports when the collection falls off and you'll be ok.

Answer 3

It will melt off your credit report assuming that no other credit agency buys the debt. If your lucky and that doesn't happen then no worries, constently monitor your credit report. I recently went golfing with a financial specialist who works in the mortgage field. Smart cookie, teaches a class in ASU(arizona state university) and holds seminars in the like. You can buy his book at amazon.com ----"The Credit Road Map" by Patrick Ritchie--a practical guide for navigating your way to good credit------
I read this book and I learned alot more than what I already know.

Answer 4

You will have to rebuild your credit, but at least when the mess fall off after 7 years you won't have bad credit.

Answer 5

As Kevin says...your credit does not instantly jump to great. You need to begin NOW by fixing your credit. That may mean getting a credit card or some other form of credit to begin establishing a credit history.

Answer 6

products age off your credit record 7-a million/2 years from the date of first deficiency. no longer something restarts that clock. it somewhat is unlawful for sequence companies to re-age a debt. Dispute the object with the credit bureau if it somewhat is previous the reporting era. The reproduction products you spot are the unique creditor, which could show can charge off and 0 stability and then the sequence corporation who now owns the debt.