When, if ever, is bad debt erased from your credit? How long can debt stay on your record?
Judgments do not remain on forever. I had one and it fell off in 8 years. they told me 10 but I disputed it after 8 and it fell off.
by ஐ♥Bethஐ♥ - 20 hours ago
Per the Fair Credit Reporting Act, derogatory accounts are reported for 7 yrs. The 7 yrs. starts 180-days after the delinquency that led to charge-off or collection activity. Nothing can reset the reporting period. Paid judgments also follow the 7 yr. reporting period. Unpaid judgments can reappear as new entry. Under general rule, the reporting period for bankruptcy is 10 yrs. However, it's been known for a Chpt. 13 bankruptcy to be deleted after 7 yrs. Chpt. 7, on the other hand, will remain for 10.
by Celeste - 20 hours ago
More information on your situation would help, but bad debt can only remain on your credit report for 7 years after the date of first delinquency. Making a payment does not restart the statute of limitations for this debt, that is a pretty common myth. However, the CRA's don't always catch debt that is past 7 years old, so you should keep an eye on your credit reports close to the time for the debt to drop off and alert the CRA's if the debt either remains on your report or is reinserted by a sneaky collection agency. There are different rules when it comes to bankrupcies and judgements. Those remain on your credit report for 10 years. Hope this helps.
by A.R. - 20 hours ago
Be honest,It is gonna take some time to find the answer for your question.Try to have a look the resource here for reference.http://debt-relief.expertips4u.info/debt-free.htm
by KIMBERLY Y - 20 hours ago
Bad credit remains 7 years but judgements remain forever. They never disappear they will show satisified if you pay them but the will remain on your credit until you die. But your normal 30/60/90 goes away after 7 years.
by hogfarmer2 - 20 hours ago
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