Question

How long does credit debt take to fall off your credit report?

When I was younger (in 2000), I ran up 3 credit cards and never paid them (20K total). I have now become responsible and just received a new credit card which I pay promptly. My credit report says that the 3 bad ones will expire Sept'08. Can they renew the debt to me or will they just expire automatically making my credit report clear and only show the new card I got that I'm paying on time? I'm afraid they'll see that I've changed and now want me to pay the back money which I can't afford. Can anyone help me with this as I don't know where to turn or who to ask. I'm hoping they just expire and that's it but I'm scared the credit card lawyers can renew it once they see that I've changed and now want their money. Please, anyone help if you can. Thanks so much.

6 years ago - 3 answers

Best Answer

Chosen by Asker

Good question.
I'll keep watching for the answers myself.

6 years ago

Other Answers

Just let them fall away - if you make **any** type of payment to them, including a collection agency payment, the 7-10 year clock starts all over again and it will stay on your report for another very long time...so in October of 2008 check your credit report. If they are not off, dispute w/each of the credit reporting agencies - they will have to remove them.

Source(s)

by ineedavacation - 6 years ago

It takes 7 yrs for bad debt to fall off. So, if your credit reports say they'll drop off in Sept. of '08, they should. If they don't, you can always dispute the inaccuracy.
The creditor cannot re-age the debt to prolong/renew the reporting period.
Making a payment or reselling the debt also doesn't renew/re-age the reporting period.
There's also a statute of limitations on debt. The SOL is how long a creditor has to seek legal remedy. If the debts are over the SOL, I wouldn't pay them a dime.
Also, paying on debts this old would actually hurt your credit. The longer a debt remains unpaid the less impact it has on your credit score. If you really want to, pay off the debts once they've dropped of your reports.

Source(s)

by Celeste - 6 years ago