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Tammy V | Does Anyone know about pass due bills, what I mean is I heard after 7 years they are cleared, is it true? |
I'am asking for a friend, she's a big fan of Susie Ormen I think that's her name she's a Financal adviser, well I just want to know is it true. |
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SPIFIMAN1
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There are 2 time lines the first is set by the Fair credit Reporting Act and says that derogatory accounts show on your credit for 7-years form the date of first delinquency which works out to 7-years and 180-days. Nothing resets this date.
The second is the statute of limitations and this varies by State and type of debt. This date can be reset by payments of simply by admitting the debt is yours in some States.
I have posted a link to look up your State in the source box. |
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Steveo
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If after 7 years they drop off of a credit report, then that does not mean that they are cleared. The statute of limitations is state law. So it depends on when the account was last active.
Also depends on whether or not there was a an attempt at collection, as this can extend the time-frame when it appears on credit collection reports.
If a bill goes to collections and they get a judgment, then this starts the clock all over again. |
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Studly
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Wow, where do I start.
The previous answers contain a big assortment of right and wrong answers.
Etta, you listening???? You are WRONG!!! I wouldn't point at you specifically if you hadn't posted that you were were a 30 year credit analyst! How can you get it so wrong????
Rather then posting a 10 page answer, please check out the link below as it does a great job of answering your question. |
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1985 & going strong
 |
The link below will take you to bankrate's website, where they have listed the statute of limitations by state.
http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8
Negative information contained in your credit report should be cleared after 7 years. The exception used to be bankruptcy, including Chapter 13 (which remained for 10 years), but with the changes in bankruptcy laws I don't know how that may have affected the statute of limitations on those proceedings.
Hope I helped.
God bless you. †|
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Beverly S
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7 1/2 years after the delinquency date is when it comes off your credit. That does not mean that it is not owed- it will always be owed. Judgments are longer. |
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Crazyjester9
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Most negative items stay on your credit report 7 years from the date of delinquency and NOTHING CAN LEGALLY RESET THIS CLOCK. |
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pemberton561
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What you need to do is find out from your friend how old the debt is. If it`s past the statute of limitations for your state it is non collectible unless acknowledged by the person. the statute starts over if you acknowledge the debt. If contacted by a collection agency ask about the details of the ALLEGED DEBT but don`t say anything about owing it. |
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JJ
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It will removed from your credit report for after 7 years. You still morally owe and can still be harassed by third rate bill collectors. Still there can be no legal action taken against you unless you some how screw up and get the Statue of limitations restarted, for example making a payment on it. |
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Etta P
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There is no statue of limitations on debt. A consumer does not have the right to be"forgiven" of money or products they were loaned money on and failed to pay.The 7 year rule was designed to protect consumers from creditors that have posted a collection or other account on the persons report then go out of business making it impossible for a consumer to settle. However, all a creditor has to do is update the account once every 7 years and it will remain on the credit report. I have the website for the Federal Trade Commission that can give you more information. Hope it helps
www.ftc.gov/credit |
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