 If someone dies and they have a lot of debt, can creditors go after that person's children to collect? |
Is there something that should be done as a child of the deceased to protect your credit, assets, savings, etc?
Additional Details
The deceased was not married, but had a live in ... |
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 Debt settlement or bankruptcy? |
| Just finished school, and right now i cant pay all my bills, my credit sucks, and not sure what i should do. Is it better to do debt settlement, or bankruptcy, or just like the bills continue to go ... |
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 Why was my credit score lowered? |
My credit score was not perfect because I had "TOO MANY INQUIRIES W/IN THE PAST 12MOS".
I don't get it, I have not applied for credit cards, so who would be inquiring? & how ... |
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 I'm 21 and need to build credit? |
I'd like to build some credit. As of now I have a checking account and have had a phone contract since I was 16.
What else can I do to build credit? I know a credit card... but I'... |
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 What would be the best prepaid credit/debit card? |
I don't like carrying around actual money so instead, I carry my debit card. I am terrible with money, I keep spending it so I need to limit myself.
What would be the best prepaid ... |
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 Will cancelling bank account stop ACH payment without NSF fee? |
| I have two payees that want to hit my bank account for an ACH payments. The payments are in dispute where they say I owe them and I say that I do not. The payees had been previously authorized to ... |
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 Question about an old collection acccount? |
| Yesterday I pulled my credit reports from all three bureaus and discovered that on one report there was an old collection account. I called the collection agency and discovered that it was for an ... |
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 Can you help me understand some credit questions I have? |
I need to hear from people who've experienced good or bad credit on their credit cards.
-What is the value of a good credit score when it comes to life? Things such as buying a car.
-A... |
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 How to build a good credit score? |
| I have no credit what so ever. I've tried to apply for credit cards, but been rejected from all. So how am I supposed to build a good credit score if I can't have a credit card? What can I ... |
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 My visa check/debit card? |
ok so i was at walmart ready to buy a videogame today..
it was $130 when my account only has like $20, but i thought it would go through and i can pay at the end of the month.
so i swipe ... |
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 Why am I finding impossible to get someone to pay a debt even if he has the means (money, property) to pay? |
| I lent some money to a friend who now refuses to pay it back despite having the means to do so. Normal legal procedure won't work because I realised too late that is a serial debtor and know all ... |
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GlamorousGirl24 | Is it true that after 7 years your debts get wiped off your credit report? |
I've heard, but not sure if it was correctly, that if you've had a debt for 7 years, it automatically gets wiped off of your credit report, and your credit score returns to normal. Please let me know if that's true or false. |
 |
 
rrnmcn
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Some types of credit is 10 years but most are 7 years. If they are over 7 years since they originated they must be wiped off. look at your credit report each one will have a date on it as to when it will come off of your credit report. you can get a free copy of your credit report each year at annualcreditreport.com
some companies are now waiting until the 7 years is almost over and seeling the accounts to other companies and they relist these items as new credit if this has happened you need to dispute the charge, then the credit bureau asks the company to prove in writing when the debt originated and if they can't in 30 days it is supposed to be removed. I was reading an article a few months back where some companies where going back 20 years and hurting peoples credit which was not legal. |
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TSC
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That is true to some extent. They actually have "up to" 7 years to list debts on your report. If it was sent to a collection agency and another collection agency buys them out, the new agency could harrass you several years later for the same debt and again it would be on your credit report. But for the most part, it is erased if that doesn't happen. ;) Good luck! |
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jackiewilliam1970
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Credit agencies stores information from credit grantors and public records, including bankruptcies, judgments and liens. Missed payments and most public record items remain on the credit report for seven years, with the exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which remain for up to 15 years.
Active positive information may remain on the report indefinitely.
Requests for your credit history remain on the credit report for up to two years.
But, they can still collect until the Statute Of Limitations expire. |
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sakicfriend
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I'm a CPA, and I've seen a couple things that bend the general rule.
Some places like the Federal Student Loan program, will re-classify an older school loan, ending in "A", and call it "B". Not only has the older debt been renewed another 7 years, it now includes interest and penalty.
I also had a client that had many smaller medical bills on her report. I urged her to pay them, some through a collection agency... Wouldn't you know it - another collection agency smelled blood in the water, and tried to collect money owed on a furniture loan - that was older than 7 years and not even on the Equifax report!
Long story short, pay what you can, esp. if a small amount merits its own row or listing. The only sure way to make stuff go away is by paying, not waiting for creditors to give up! |
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the TreeHouse Guru
 |
Debt does not get erased. Any derogatory information will drop off of your credit report after 7 years. If you decide to stop paying for a bill, than they cannot put that on your report after 7 years after that last payment. If they threaten you and you send them $1 than the clock starts all over. They can also still try to sue you for the money after 7 years, but usually they will have sold it off to a collection agency by then. |
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SCH
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No...it gets wiped off 7 years after it is paid off. So if you have a collection from a doctors office and you paid it off today it would be wiped off in June 2014. If you never paid the debt it wouldn't be wiped off. |
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Zero1
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Yes, but often you have to initiate the effort to clean up your credit report. No one else, unless you're paying them, is going to do that out of the goodness of their heart. |
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wizjp
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No; it can be 10 years and it usually goes from your report. |
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zippythejessi
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If the debt is unpaid, it can stay on there forever. Every 7 years it can be sold to another collection agency and renewed. |
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beauty s
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NO... U have to pay off the debt first, then it comes off after 7 years |
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