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Is it true that your record as bad credit will clear after 7 years even though you did not pay the amount you owe?

2007-10-28 17:58:19 · 8 answers · asked by Grace M 1 in Business & Finance Credit

8 answers

It really depends on a number of variables. Your original creditor can keep it on your CR for seven years and if they can't collect. They can sell it to a debt collector and they will re-date it for an additional seven years.

2007-10-28 18:04:53 · answer #1 · answered by Jay R 2 · 0 2

Bdancers answer is wrong....the debt will automatically drop off your credit history after 7 years (not 7 1/2 years).

True, the collection agency can continue to TRY and collect once the Statute of Limitations runs out, but they can't sue you for the debt. They can only harass you...but if you send them a "cease and desist" letter that will put a quick stop to that.

And all these people who state the debt can be restarted once they sell it to another collection agency is wrong!!!! Read the law people! It clearly says 7 years from the date of the delinquency....not the date they receive the collections!

2007-10-29 05:12:11 · answer #2 · answered by Anonymous · 2 0

Yes, it clears after 7 years. You should not pay at all if you are close to or after the 7 year period, if you do, that starts the time again for another 7 years and it can go back on your credit report, so don't pay.

2007-10-29 02:37:06 · answer #3 · answered by Anonymous · 1 0

It is true that after 7 years negative information falls off your credit report. As some of the other people mentioned, you still owe the money, and they will still try to collect it from you. But your credit report and credit score will look better after 7 years, when the negative information falls off.

The information should automatically fall off, but check your credit reports anyway, and if it does not fall off in 7 years, dispute it. Be sure to check all 3 credit bureaus.

Hope that helps. :)

2007-10-28 21:50:19 · answer #4 · answered by WisTex 2 · 1 0

Negatives fall off your credit report 7 years and 180 from the default date. This does not mean the credit card company cannot continue to try and collect. They just can't put it on your credit report.

2007-10-28 18:04:36 · answer #5 · answered by bdancer222 7 · 0 1

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2017-01-04 14:06:13 · answer #6 · answered by ? 3 · 0 0

You would have to find out the statue of limitations in your state. It may be 7 years or it may be more than that.

2007-10-29 02:18:37 · answer #7 · answered by Anonymous · 0 0

yes but it will haunt you for 7 years

2007-10-28 18:17:15 · answer #8 · answered by Rufus Turk 1 · 0 0

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