Is it true that after 7 years your debts get wiped off your credit report?
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.
by jackiewilliam1970 - 6 hours ago
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!
by TSC - 6 hours ago
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!
by sakicfriend - 6 hours ago
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.
by the TreeHouse Guru - 6 hours ago
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.
by SCH - 6 hours ago
If the debt is unpaid, it can stay on there forever. Every 7 years it can be sold to another collection agency and renewed.
by zippythejessi - 6 hours ago
NO... U have to pay off the debt first, then it comes off after 7 years
by shorty21 - 6 hours ago
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.
by Zero1 - 6 hours ago
No; it can be 10 years and it usually goes from your report.
by wizjp - 6 hours ago
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