Hi, a friend of mine had been sued by his landlord in 1993 ....will it still be on his credit in 2007? Or does it clear after 7 years?
2007-02-25 12:33:44 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
The other answer stated the statutory law, 7 years. However, that's not the entire story. After a couple years your card accounts were sold off in the "3rd market." That means, you are not hearing from the original issuer. You may be getting phone calls from a "collection agency," but they are a different company name. That name may, in fact, change over time as one collection agency "sells" the account to another collection agency at a still lower price. It's important to know these defaulted accounts never sell at 100 cents on the dollar. After 3-4 years the accounts are changing hands for 5-20 cents on the dollar. This fact sets up a settlement plan. You could probably settle the smaller account for 15% of the amount they claim (that's an educated guess). The other one, maybe 20% of the amount they claim ($400?). As part of your settlement talk, you make it clear that you agree to settle subject to their sending a letter stating that the account has been "paid as agreed" or "paid in accordance with its terms." That letter lets you write the 3 credit bureaus to say the account was paid and the collection should be removed. I have personally settled about 8 accounts in this manner. You only have two!
Lastly, the credit agency only reports what is reported to them by a reporting card company. When an account is sold in the 3rd market, the original company loses interest quickly. They have received some cash for the account and move on. Often the collection company does not report at all. So, you can pull a free credit report to see what is being reported by whom. Your question didn't say you looked at your credit report recently. I suggest you do that.
2007-02-25 17:01:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Seven years for most all items except certain bankruptcies. Items can stay on longer (but should not) if the debt has been purchased by another entity. If this happens you would need to show the credit bureau proof of this and they will remove it. Items also can be disputed on your report and if the reporting company does not reply back to the bureau within 30 it will be removed by the bureau.
2007-02-25 12:53:01 · answer #2 · answered by blakerphagan 2 · 0⤊ 0⤋
Depending on the state it should be clear in 7 yrs. Have him check with the credit bureau.
2007-02-25 12:57:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It clears after 7 years from your report.
2007-02-25 12:42:38 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
It should clear on its own after 7 years. If it doesn't, contact the credit bureaus to remove it. Lots of times, they miss things, and you have to let them know.
2007-02-25 12:36:56 · answer #5 · answered by Boots 3 · 0⤊ 0⤋
the final charge posting by no skill pass away. in case you pay previous due they rfile it and that's a factor of the checklist. in case you prefer them bumped off close the account and wait seven years. different clever the longer you maintain the enjoying cards open the less result they have on you. EX: 2 lates in a million 365 days or 2 lates in 5 years
2016-10-16 12:02:30 · answer #6 · answered by ? 4 · 0⤊ 0⤋
I've heard 7 legally. Though you will have to rebuild your credit score still.
2007-02-25 12:37:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
ya it should be cleared by now
2007-02-25 15:05:29 · answer #8 · answered by MIke 1 · 0⤊ 0⤋