a lawyer told me this and she said it was a new thing!!!
2006-12-27 04:36:21 · 7 answers · asked by stephanie r 1 in Business & Finance ➔ Credit
10 years I think
2006-12-27 04:39:33 · answer #1 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋
7 years is the limit. Here is something that most people don't know....They can refile against you in 7 years and it will stay on for 7 more. They can actually refile on you for the rest of your life. Most companies do not take the time to do this but Sears is one company that will do it on occasion. The way to get out of this is to go to Office Max or Office Depot and buy a Credit CD. I'm not sure the exact name for it but they will know what you are talking about. This CD will print out forms that you mail to the bureau and dispute anything on your credit. They have 30 days to respond. If they don't the bureau will remove it from your credit. If they do respond you can send one every 30 days until they dont and it will be removed. Hope this helps.
2006-12-27 04:51:34 · answer #2 · answered by bcauble1 2 · 0⤊ 0⤋
I don't mean to vote yeah or nay to what you are saying - but...and this is a very BIG but...I suffer from past "bad" credit - in other words, everything that is in the last 2 years is good and current, everything before that is disastrous - for lots of reasons.
But I have noticed - particularly on my Transunion report - that they actually tell you when something is about to slide off, about 2-3 years before they should. The kewl thing is that once one bureau does it, the rest start to do it too, because they all compete and buy information, and all claim to be the most current info, which is what bankers want.
They say the average "dispute resolution" is resolved in less than 5 minutes - so many times, things go on the report, but if you ask to take them off, and there is no one to contact to verify the debt (which many times they don't even call to verify beforehand), they may actaully take it off if you make enough of a stink about it. There is nothing on your report that is solid. IT IS A PAIN to take anything off - but the pain may be worth it. And you can do it all yourself - provided the debt is older - if a derogatory debt was paid 4 years ago - with a little proding, it may just get the boot. You don't ask, you don't get.
So to semi-answer your question - the lawyer may not have been lying to you - if it were a complete certainty, it would make international news - but there are things that have and will "mysteriously" drop off before its time on my report - and once it goes down in one, chances are it will go down in all. Most creditors/bankers don't really care about anything before 2 years ago (unless it was a charge-off/repo/bankruptcy) anyway. Good luck to you.
2006-12-27 05:22:32 · answer #3 · answered by Jess T 1 · 0⤊ 0⤋
The above person who said creditors can refile theoriginal debt is mistaken.
Yes, they can certainly try. But if you prove that the debt is 7 years old (and the acccount has been closed/charged off that long) than they will remove it in a dispute.
The same goes for collections-- they are 7 years from the ORIGINAL DELINQUENCY, not 7 years from the date the collection co. gets the debt.
2006-12-27 04:59:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you are in doubt please send in a letter to the three credit bureau and kindly request this information then you will be very sure of the information on what you really wanted, the attorney could be right but you know it would be better to hear from the bureau's.
2006-12-27 04:42:57 · answer #5 · answered by maria fkun 4 · 0⤊ 0⤋
your lawyer lied to you ...something like that would make national news so your lawyer was just trying to take your money....7 years and the possibility of that ever changing are slim to none
2006-12-27 04:45:05 · answer #6 · answered by krismonkey 2 · 0⤊ 0⤋
You lawyer needs to stop believing in urban legends...
2006-12-27 05:57:20 · answer #7 · answered by KL 5 · 0⤊ 0⤋