Credit Question . .?

Question

Is it true that after 7 yrs collections get removed from your credit report,
and what are the exceptions if there is any?

So what you all are saying is that if the collection agency is still trying to collect that means there is activity on the account
and even though the account is 7 yrs old it will not be removed ?
I would also like to mention that I have not been in contact with any of these collectors since the accounts went to collections, I have just left them alone for 7 yrs.

Answer 1

Public records like Bankruptcy information can remain on your credit report up to 10 years; unpaid tax liens can remain for up to 15 years; other public record information can remain up to seven years.

Credit information includes specific account information, such as the date opened, credit limit or loan amount, balance and monthly payment and payment pattern. The report also states whether anyone besides you (a joint account holder or cosigner, for example) is responsible for paying the account. Active positive credit information may remain on your report indefinitely, while most negative information remains up to seven years.

Answer 2

Yes, it is true that collections fall off of your report 7 years after the date of last activity. Let's say that after the debt has been on your report for 6 years and 6 months, you decided to contact them and ask a question. Legally, those 7 years CANNOT start over from the date of your phone call.
Be advised that even though the debt falls off the report, the collection agency does have the right to keep asking for the money because you still owe it.
The exceptions to this rule are judgments. If satisfied, judgments will remain on your report for 7 years. Depending on what state you live in, that statute of limitation can come into play. In Ohio (and in many other states), the law says that a judgment will stay on your report for 7 years after the date it was satisfied.
For example, if you have a judgment and you don't pay it, it can sit there indefinitely. Let's say I have one and it stays there for 8 years. I save my money and can then settle the account. It will stay on my report for another 7 years after the first 8. Tax liens are the same way.
I hope that helps and wasn't too confusing!
Good luck!

Answer 3

the exceptions are accounts put into judgment. A judgment stays on your credit report for 20 years because it is an actual legal proceeding. Also collection agencies will keep repeating the same debt in order to extend the "7" year time frame.

Answer 4

It is usually 7-10 years depending on the creditor. One point of caution is that this is from the last date of activity. If you pay on a collection account it will become current and will then start all over. If your looking to let them go stagnent and they are not pursuing a judgment don't make any contact with them.

Answer 5

I believe it is 7 years from the last activity...so that would be an exception. If you talk to them, that re-ups the 7 year mark, to my understanding.

Answer 6

true but bankruptcy is 10 years