Remove bad credit after 7 years?

Question

So I have some charged off accounts that were never paid from 6 years back.. after 7 years roll around will they fall off.. Or can the creditors keep reporting it as a debt that needs to be collected?

Answer 1

Derogatory trade lines will be deleted from your credit reports seven years after the accounts became delinquent (missed your first payment, and then did not pay any longer).
Creditors cannot report debts that are older than 7 years to the credit bureaus, but they still can try to collect from you. Creditors cannot legally collect debts that are past your state's statute of limitation (as little as 3years on some state to as long as 15 in others). If try to sue you after the statute of limitation has expired, you have an affirmative defense to any lawsuit they may bring against you.

Answer 2

To add to what was said above, in some cases you may have to get a copy of your credit report and initiate a dispute about a negative trade line that is 7 years or older.

The credit reporting companies have become much better about removing old Tradelines but sometimes it's up to us consumers to stay on top of it

To BB, no sorry it does not have to be paid before being removed. The debt or negative trade line just has to be 7 years old or older. Check out this link.

Answer 3

sure. maximum credit falls off after 7 years. Exceptions are automobile loans that are 7 years when you've paid it off or offered it, bankruptcies that can stay see you later as 10 years, and authorities pupil loans which do not come off until eventually 7 years after that's paid. The month counts also so once you've some thing in June 2002 it received't come off until eventually June 2009.

Answer 4

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 5

it has to be paid in full, then 7 years after that it is removed form your credit repot...