I have a $7,000 debt sitting on my credit report since 2003. It says it will come off in 2010. What does that mean? It hasn't been updated by the collector since 2003 and I haven't received notices about paying it since then. What happens after 2010 if I don't pay it? Does it come off my record for good so I don't ever have to pay it? Please help!
2007-11-12 05:44:44 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Having worked for credit card debt collection, here is what I know.
After 7 years on the credit report, it will fade away, in essence giving you a clean start.
Can the company still require you to pay off your debt? That depends on state law. I live in state of DE, where there is a 7 year statue of limitation, thus after7 years, the collection agency will not win. Go to google/yahoo and type in statue of limiation to learn about your state laws regarding limitations.
2007-11-12 05:51:57 · answer #1 · answered by hsingh86 2 · 1⤊ 0⤋
well i just want to share something with you that if u dont pay off you debt it could seem like a short time but my child is seven and i had a credit card when she was a baby im still paying for the stuff i bought with that card for her and it is still on my credit report and that was in 2001 so i dont know if the seven year theory applied to my situation and I've been trying to move and i lost out on three aparment choses and it really hurt because its hard enough out here to survive but to have something like your credit stand in the way of your happiness it sucks since then i have been paying to resolve my credit issues so good luck to you i hope this helps u understand somethings about credit wish i had worked mine sooner i would have been able to move
2007-11-12 06:14:41 · answer #2 · answered by Sweet B 3 · 0⤊ 0⤋
Yes...I am pretty sure that is what happens....I could be wrong but I am about 90% sure it will come off then and you don't pay them back......good luck!!
2007-11-12 05:52:42 · answer #3 · answered by tmo1020 2 · 0⤊ 0⤋
unpaid student loans will never drop off your credit report.
2007-11-12 15:35:24 · answer #4 · answered by !!! 7 · 0⤊ 0⤋