2007-08-23 17:21:02 · 9 answers · asked by Harry W 3 in Business & Finance ➔ Credit
7 Years at the most. That's the most any one can hold it against you. Some states it may be less.
2007-08-23 17:25:19 · answer #1 · answered by Stacy C 2 · 0⤊ 1⤋
Negatives stay on your credit report for 7 years and 180 days from the date of last activity (DOLA) which is usually the date the account became 30 days late and was never brought back to current or the charge off date.
Collection agencies who buy old debt CAN NOT re-age the item even if you make a settlement payment. If they do attempt to put it back on your report, you can dispute it with the credit bureau as beyond the 7 years.
People often confuse the statute of limitations (SOL) with the reporting period. They are two different things. The SOL varies from state to state. Payment, and in some cases just promise of payment, will restart the clock. Even tho credit cards are defined as "open" accounts, some collection agencies have been successful in convincing judges that they are "written" accounts which often are longer periods.
A debt beyond the SOL does not mean the collection agency cannot continue to call and try to collect -- they can follow you to the grave. The SOL is an affirmative defense if you are sued.
2007-08-24 00:35:23 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved onarrange loans or other finance, and usually means you will pay more interest on any loan you take out.
2007-08-24 12:42:20 · answer #3 · answered by Anonymous · 0⤊ 1⤋
7 years is the magic number. Look at some solutions to credit repair at http://www.your-credit-solution.com/creditsolutions.htm if you need to improve your credit rating by 200 plus points.
2007-08-24 10:23:53 · answer #4 · answered by Anonymous · 0⤊ 1⤋
There are exceptions to every rule. While those that have already answered the question are, overall, correct, there are ways to improve your credit and even get the debts eliminated prior to the 7/10 year rule. Please feel free to email me should you wish to discuss it.
2007-08-24 08:12:58 · answer #5 · answered by credit_and_scores 2 · 0⤊ 1⤋
7 years.
Bankruptcy 10 years.
Judgement 10 years.
Note: May vary by state
2007-08-24 00:31:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
7 years, although now they have a loop hole, someone comes in at the 7 years, buys the old debt and then starts bugging you as if it were a new debt. And it's legal.
2007-08-24 00:25:43 · answer #7 · answered by Anonymous · 0⤊ 1⤋
7 solid years! That's how mean those guys are.
You can refer to http://www.cheap-credit-cards.org/ for free credit repair information.
2007-08-24 20:39:37 · answer #8 · answered by Anonymous · 0⤊ 1⤋
7 years, if not resolved
2007-08-24 00:30:50 · answer #9 · answered by nay3689 1 · 0⤊ 0⤋