Repairing credit-Is it true old debts do go away after time?

I am trying to get an apt., so I recently had my credit ran, thought I had really really bad credit, turns out I only have two recent accounts in collections, which I've already requested payments on. Credit not good, but it seems that all my old accounts from 7 years back are actually not there anymore affecting my score. Everyone and their mom kept telling me that after 7 years old debt goes away, and I never believed anyone. Is this true????

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They are supposed to fall off after 7 years but unfortunately they rarely do.

There is a new breed of debt collection agencies some people refer to as junk debt buyers.

These agencies practice illegal and unethical collection practices by illegally reaging the accounts.

They then attempt to collect these old old debts by harassment, placing back on your credit, suing or using any means necessary.

Here is a good article that tells you all about junk debt buyers or "zombie debt collectors" as some people say:

http://www.expert-credit-advice.com/junk_debt.htm

If you have old debts on your credit or have a creditor or collection agency or junk debt buyer bothering you; I would reccommend doing one or more of the following:

1. Demand validation. If the debt is past the statute of limitations, they cannot report it. It is up to the agency to provide the burden of proof that it is not passed.

Here is a VOD "Validation of Debt" demand letter:

http://www.expert-credit-advice.com/Letters/Letter17.htm

Here is the statute of limitations listed by state and type of debt:

http://www.expert-credit-advice.com/statute_of_limitations.htm

2. Dispute the items, here is a dispute letter for outdated information:

http://www.expert-credit-advice.com/Letters/Letter4.htm

Here is a dispute letter for inaccurate information:

http://www.expert-credit-advice.com/Letters/Letter3.htm

If you feel morally obligated to pay off the debts or just want to permanently get rid of these bloodsucker junk debt buyers, you can offer them a settlement in installments or lump sum. If this is your decision, make sure you get an answer in writing before paying a dime!

Here are some good settlement offers you can use to negotiate a favorable credit rating and reduced amount to pay.

I would reccommend starting off below 30%, if they are wiiling to remove the negative item (in writing) offer a bit more if tyou can afford it.

Here is the lump sum settlement offer with the agreement to remove the negative info:

http://www.expert-credit-advice.com/Letters/Letter14.htm

Here is an installment offer:

http://www.expert-credit-advice.com/Letters/Letter15.htm

Here is another:

http://www.expert-credit-advice.com/Letters/Letter13.htm

Keep in mind, these settlement offers validation demand letters and dispute letters are free, just copy paste, fill in, print and mail.......

Hope the info helped...

There is plenty more information throught that website.

Best answer?

Dear Santa:

Forget all my X-mas gifts this year...just do two things.

Stop these morons from answering questions! When the Fair Credit Reporting Act clearly states that they can't report debts longer then 7 years, why do people like KL and ruaclever keep repeating otherwise!

And to these people who post web sites trying to drum up business for themselves.....like Kayla G's answer.....put coal in their stockings!

http://www.topherreimroc.com/FixMyCredit
-NO!!! BUT Here's a site that can help you fix your credit in a simple, easy, and most importantly free form. Taking 5 minutes to fill out this form could save you hundreds of dollars. It helped me personally get away from my bad credit; I highly recommend it.

yes after 7 years in most jurisdictions, your credit is wiped out clean

check the most recent report at experian.com

depending on your state can determine the statue of limitations arising from past due debts. at the bottom of http://www.fdnsolutions.com you can view the FDCPA laws and look up the states on the web for more specific information

Unfortunately, they can pop up again at any time. The original creditor can sell the debt to a collection agency, then the whold thing re-sets and starts all over again.

You owe the money, why don't you just pay it? Basically, by not paying it you have commited theft.

Go to truecredit.com
and buy your report with all three agencies

if your accounts are old and are still on there
then dispute them to get them removed.

It worked for me. I disputed a debt that was 5 years old
and it got removed

See "Running of the Reporting Period" in Section 605(c) of the Fair Credit Reporting Act. Charged off debts may only be reported for a maximum of 7 years, plus 180 days.

http://www.ftc.gov/os/statutes/031224fcra.pdf

yes, after 7 years it no longer shows up on your credit, good or bad

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