SPIFIMAN1
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Actually it is a law per the Fair Credit Reporting Act derogatory accounts show for 70years from the date of first delinquency which works out to 7-years and 180-days unless you file chapter 7 bankruptcy then it's 10-years from the date you filed. |
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Jason K
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No, it last 7 unless you declare bankrupcy then its 10 |
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tan0301
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Someone used my name and account to order over $1000 worth of merchandise.. I had no idea.. this happened in 1991.. I had a credit check ran on me in 2007 I was making a large land purchase.. It was on there. That is what.. 16 years????? I had to file a lawsuit with the company and everything. The shipped the stuff to a state I had never lived in to a Man.. I am female.... anyway I did get it cleared up.. but it had been on my report for 16 years. I had just never purchased anything large enough for it to matter. I got denied the loan because of it. I did get it though after it was cleared. |
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$m¤¤v¥ £¤¢¤
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No, that answer is wrong. There are 2 periods of time that you need to be aware of:
1. The Fair Credit Reporting Act(FCRA) allows debts to be reported for a maximum of 7½ years from the date of first delinquency. No matter how many times it can be sold to collection agencies, or no matter how often collection agencies try to "re-age" or re-set the date of the account, the day that it first went delinquent still applies. For example, if a date of an item was July 4, 2000, the maximum time that it can be reported legally would be January 4, 2008.
2. There is also a statute of limitations(SOL) for debts that can be legally enforced in court. This statute is completely different and can vary by state. I posted a link below that lists all the states. One thing to keep in mind that there are some cases where although a debt may stop reporting under the FCRA, it can still be legally enforcable in court (Wyoming is a good example of this)
So to answer your question, depending on where you live, a debt can be legally reported a maximum of 7½ years, but also could be legally responsible. |
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♥ Embracing Optical Freedom ♥
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No. If that were the case nobody would pay their bills. There are consequences for every action when it comes to your credit. |
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Sparkles
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I read in my credit report it is 7 years for unpaid accounts, and 10 years for bankruptcy when I received my credit score. For unpaid accounts, this does not mean that they still cannot come after you if they sell the account to a collection agency. |
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Due September 17th with baby #1
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Everything will stay on your credit report for 7 years. If you have bad credit due to medical bills, sometimes people will look past that. Everything else you have to wait 7 years. It should resolve after that but if it doesnt then it could soon after. However, I wouldn't bet on your credit improving in only 5 years. You can however try to get some good reports on your credit to possibly even it out. Call a local bank (ask to speak with a loan officer) they should be able to tell you everything about credit reports since they work with them everyday, or search for credit reports online and see if they offer any knowledge on this subject. |
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Rayha
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No it's ten years I just went through that and I had no credit which I found out was worse than bad credit so I had a cosigner on my truck and now I have good credit and credit cards and all and I am very careful this time |
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min77ion
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Negative...Your credit history can delete bad itmes off after 7 years. But 4 some reason when U apply 4 a home loan they can look as far back as the day U were born...Makes it tough to get descent rates!!! |
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niquey
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Hell no, even after you pay your debt off it will style be there. stop wasting your points for stupid *** questions. |
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wizjp
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nope. 7 years is a guideline and not a legal requirement. |
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Anastasia Beaverhousen
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Not true. I have things on my credit report from 7 and 8 years ago. I think that only applies to hospital bills unpaid. |
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