Credit report question???

Question

If I have outstanding debt on my report that goes unpaid and there is no activity with the account after 5 or 7 (?) years does it get removed from your account? Even if the account was left unpaid?

Answer 1

For the reporting of such things like credit cards, loans, utilities, repo's, etc., the reporting period is 7 years whether the account was paid or unpaid.
The reporting period "cannot" legally be re-aged.

Answer 2

Hi!
A few things to add to this that others have not mentioned.

First...it must be said that the debt is not "erased"..it still can be resold and resold for many years and collection attempts can be made..long after it is off your report.

Re-aging is quite common these days by Junk Debt Buyers.
Illegal or not..it has been happening. Fact.

You still can be sued as well..as long as it is legally within the debt statute of limitations..which varies depending on what kind of debt (there are three types) and what state the debt was made (not what state you currently are in).

Do a search on "debt statute of limitations" and see how this applies to this sitch.

Junk Debt Buyers only threaten to sue of this old, woprthless debts..legally..they cannot..just be aware of two things:

1. making one payment restarts the statute clock.
2. Even agreeing to a payment plan can restart the statute clock in some states.

Answer 3

The negative entries will be removed after 7 years, unless it gets re-aged.

Do not make payments on the debts, unless the creditor/collection agency is willing to accept payment for deletion (get it in writing if you can work this out). If you make payments, the account will be re-aged and the 7 year clock will start over again.

Answer 4

hi

Answer 5

I do believe it does. I had a repo on my credit report (thanks to the EX) and after 7 years it was erased.