we went to the lawyer for bankruptsy questions, and we have to wait another yr. any way she said that the 4 yr thng is becouse ppl arent likely going to pay off the debt so after 4 yrs the credit bureau is suppose to take the debt off.. most ppl didnt know that though... it use to b 7 yrs but its 4 now they changed a whole lot of rules and bankruptcy rules last year.. so do any of yall know anything about this?
2006-12-27 06:21:45 · 2 answers · asked by stephanie r 1 in Business & Finance ➔ Credit
No, it's 7 years. See "running of the reporting period" under the Fair Credit Reporting Act, Section 605(c).
2006-12-27 07:33:40 · answer #1 · answered by Kevin K 3 · 0⤊ 0⤋
Ok - do you have to file bankruptcy - wait four years, and then hope the bad marks falls off, or does it have to be 4 years from the date of original chargeoff?
If this is true - I will research it and help spread it far and wide. But it simply seems to good to be true. Do oyu know where this is documented?
2006-12-27 15:38:26 · answer #2 · answered by Jess T 3 · 0⤊ 0⤋