i have a det that i encoured about 7 yerars ago is there a point where where it will drop off a credit record?
2007-11-19 12:15:29 · 4 answers · asked by john M 3 in Business & Finance ➔ Credit
Exactly seven years from the last date of payment received.
2007-11-19 12:19:18 · answer #1 · answered by Cookies! 4 · 1⤊ 0⤋
Two different questions here.
Federal law requires that it drop off the credit report after 7 years.
The statute of limitations limits how long a creditor has to collect a debt, which may actually be less or more than 7 years. It is set by state law and varies from state to state.
2007-11-19 12:22:15 · answer #2 · answered by Ted 7 · 1⤊ 0⤋
yes 7 to 10 years
2007-11-19 12:38:03 · answer #3 · answered by Nora 7 · 0⤊ 0⤋
You will owe that money until you pay it, or you die, in which case your estate will have to stand good for the debt. The 7 yrs. everyone is referring to is how long a ding like making late payments stays on your credit report.
2007-11-19 12:54:03 · answer #4 · answered by linkin 2 · 0⤊ 1⤋