2007-10-15 15:41:44 · 8 answers · asked by reba 1 in Business & Finance ➔ Credit
If that is the case then no one will pay their bills. Creditors won't let you get off that easily. Imagine if you loan someone money and after 3 years, they walk away free. Would you do anything to get your money back? If the answer is no then credit card company would do the same.
2007-10-15 19:59:11 · answer #1 · answered by Who wants to know 4 · 0⤊ 0⤋
No. Negatives stay on your credit report for 7 years and 180 days from the date of delinquency. This doesn't mean the collectors won't be calling.
Before it gets to that point, the creditor will probably sue, win a judgment, attach your bank account, garnish your wages, and lien your property -- all of which also show up on your credit report but judgments stay for 10 years.
There is a Statute of Limitations (SOL) which varies from state to state. Some are only 3 years. That's the time limit to bring lawsuits. Payment restarts the SOL.
2007-10-15 16:57:42 · answer #2 · answered by bdancer222 7 · 2⤊ 0⤋
Bad credit items only stay on your report for 7 years. The law does not allow garnishing wages for unpaid credit accounts. That's only for child support and things like that.
2007-10-15 16:34:27 · answer #3 · answered by J P 7 · 0⤊ 1⤋
I think it is more like 7 years, but that is after it goes to a collection agency and the garnish your wages and take the payments anyways.
2007-10-15 16:15:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It is 7 years but they can still call you about the account balance forever. If you make a payment the
2007-10-15 21:09:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No it is not true, is is actually seven years. Be aware though the seven years is from the time it was last reported not the time it was opened.
2007-10-15 16:31:09 · answer #6 · answered by sshilaym 2 · 0⤊ 0⤋
it comes off your cr 7 yrs after the last transaction-last time used or last bill paid. you still owe the money but its not on your cr. unless you make a payment or a bc illegally reages the debt.
2007-10-15 20:24:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No it is not true.
2007-10-15 16:24:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋