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
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answer #1
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answered by Jay R 2
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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
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answer #2
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answered by Anonymous
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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
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answer #3
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answered by Anonymous
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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
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answer #4
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answered by WisTex 2
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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
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answer #5
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answered by bdancer222 7
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i could look to credits consolidation organizations. you will no longer get the certainly superb fee, yet you will desire to get a great one. in case you place all of this into one charge, you ought to have a smart month-to-month charge. over the years, in case you nonetheless make money your credits score will enhance. even regardless of the undeniable fact that, with that lots debt, the only thank you to be authorized for a housing mortgage is to repay loads of the debt. the two earn greater money, or spend much less. it fairly is advisable to seek for a greater affordable house or a greater affordable motor vehicle. as some distance because of the fact the mortgage, i could advise chatting with the financial business enterprise or business enterprise who handles your scholar mortgage. I think of they does no longer recommendations taking something of your debt. as some distance because of the fact the seven hundred, it does not make lots enormous difference on your credits record. Your credits score is greater desperate by using your comprehensive debt, no longer the form of expenses you have. in case you're worried approximately actual owing the money, call the business enterprise that your reviews says you have debt with and clean up the topic.
2017-01-04 14:06:13
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answer #6
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answered by ? 3
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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
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answer #7
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answered by Anonymous
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yes but it will haunt you for 7 years
2007-10-28 18:17:15
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answer #8
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answered by Rufus Turk 1
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