The entry on a credit report will be (should be) deleted after the seven years expires. This does not mean the debt is not still valid and subject to collection procedures. Not true. Each state has a Statute of Limitations (SOL), usually around 4 years or so. After that they can scream and bi#ch, but can't file against you. Send them a Cease and Desist Letter with the date you quit paying, with a return signature requested. If they don't stop (but they probably will) contact your attorney generals' office to file a complaint. The ~7 years and 180 days clock begins to tick after the last time you paid on it. If you pay anything, even $1.00, you start the clock again. In a few states if you admit to the debt, the clock starts again. If you file bankruptcy it will take longer. If you use someone like CCCS and then can't pay, it will take longer. Student loans and a few other debts (like taxes and child support) have special rules. Count 7 years and 180 days, then check your credit. They must take the remainder off, by law. Remember, these agencies are not the government. They are private, for- profit companies who must follow the law.
No. If you wish to redeem the debt you need either to go bankrupt (legally) or enter into an arrangement to pay off the debt. If you livew in the UK go and see the Citizens Advice Center to help you with this.
It does yes, but only for seven years after it happened. This is because the FCRA (Fair Credit Reporting Act) specifies that anything on your credit report can only be on it for seven years after inactivity. Inactivity means that you have not had anything to do with it. For example, lets say you had a delinquent credit debt and did nothing with it for seven years, it would fall off your credit report. But even if you paid 1 dollar to this debt 6 years and 364 days after it's date, it would be on for another seven years.
First thing you can not go to jail for your debt. It's in the constitution the U.S has no debter prison. The unpaid bills will be on your credit report for at least 8 years. Traditionally every 8 years the information on your credit report resets. This information doesn't completely reset, information from say seven years past will still be there. The stuff that has been sent to collections will sometimes be there. Bankruptcy stays on your credit for ten years. When you lose a home, you are buying stays on there for ten years.The way most credit card companies handle what you owe them, they sell to a collection agency. This is called a [charge off], the agency buys your bill from the credit card company. It is bought pennies on the dollar. Then it is the collection agency's job to collect from you. The collection agency can and will usually get a judgment against you. Judgments can expire, but it can be renewed through the court every several years before the judgment expires. The car loans fall into the same pattern.
Unless there are some unusual circumstances, the answer would be a resounding YES. You might be confusing this issue with the amount of time some credit problems stay on your credit record. Here is more input and advice: * Why wouldn't you? It's your debt and it's your responsibility to pay it back. * Why would you? If it has been 7 years it will fall off your credit report, if you pay it now it will be on the credit report for another 7 years as a paid collection account. * Paying an old collection account will not extend the reporting period for another 7 years. This is a fallacy and is completely incorrect. The Fair Credit Reporting Act establishes time limits for how long derogatory information can be displayed on you credit. You can read the text for yourself by following links at www.ftc.gov * A charge off or other debt being expunged from a credit report does not make the debt invalid or uncollectible. States set SOL's pertaining to open accounts, verbal and written contracts and so forth. The expiration of the state SOL for credit card debt simply means that the creditor cannot file a lawsuit. Statutes of Limitations are subject to interpretation by the presiding judge and other circumstances, for example if the debtor paid even a token amount on a debt the SOL could be invalid. If sued it is the debtor/defendant's responsibility to envoke the SOL expiration as a defense, it is not automatically granted.
because a credit card purchase is a loan, a promise to pay back in the future. it does not fall under the definitions of money (m1,2,3)
No. If you wish to redeem the debt you need either to go bankrupt (legally) or enter into an arrangement to pay off the debt. If you livew in the UK go and see the Citizens Advice Center to help you with this.
In the majority of situations, bad credit items are supposed to fall off your credit report after 7 years, HOWEVER, this doesn't always happen. After the fall of date has passed, it is best to get a copy of your credit report to insure that negative items have been removed. Know your rights and get a Free Copy of Your Credit Report from the credit bureau
To help improve your credit score, you must pay off any debt that you have incurred on a credit card. Then you must limit your spending so that you do not fall back into debt and to show that you are serious about bettering your financial condition.
It does yes, but only for seven years after it happened. This is because the FCRA (Fair Credit Reporting Act) specifies that anything on your credit report can only be on it for seven years after inactivity. Inactivity means that you have not had anything to do with it. For example, lets say you had a delinquent credit debt and did nothing with it for seven years, it would fall off your credit report. But even if you paid 1 dollar to this debt 6 years and 364 days after it's date, it would be on for another seven years.
First thing you can not go to jail for your debt. It's in the constitution the U.S has no debter prison. The unpaid bills will be on your credit report for at least 8 years. Traditionally every 8 years the information on your credit report resets. This information doesn't completely reset, information from say seven years past will still be there. The stuff that has been sent to collections will sometimes be there. Bankruptcy stays on your credit for ten years. When you lose a home, you are buying stays on there for ten years.The way most credit card companies handle what you owe them, they sell to a collection agency. This is called a [charge off], the agency buys your bill from the credit card company. It is bought pennies on the dollar. Then it is the collection agency's job to collect from you. The collection agency can and will usually get a judgment against you. Judgments can expire, but it can be renewed through the court every several years before the judgment expires. The car loans fall into the same pattern.
No. Negative entries concerning all creditor debts remain on the consumer's credit report for the required 7 years.
nobody fall for the scam
Unless there are some unusual circumstances, the answer would be a resounding YES. You might be confusing this issue with the amount of time some credit problems stay on your credit record. Here is more input and advice: * Why wouldn't you? It's your debt and it's your responsibility to pay it back. * Why would you? If it has been 7 years it will fall off your credit report, if you pay it now it will be on the credit report for another 7 years as a paid collection account. * Paying an old collection account will not extend the reporting period for another 7 years. This is a fallacy and is completely incorrect. The Fair Credit Reporting Act establishes time limits for how long derogatory information can be displayed on you credit. You can read the text for yourself by following links at www.ftc.gov * A charge off or other debt being expunged from a credit report does not make the debt invalid or uncollectible. States set SOL's pertaining to open accounts, verbal and written contracts and so forth. The expiration of the state SOL for credit card debt simply means that the creditor cannot file a lawsuit. Statutes of Limitations are subject to interpretation by the presiding judge and other circumstances, for example if the debtor paid even a token amount on a debt the SOL could be invalid. If sued it is the debtor/defendant's responsibility to envoke the SOL expiration as a defense, it is not automatically granted.
because a credit card purchase is a loan, a promise to pay back in the future. it does not fall under the definitions of money (m1,2,3)
credit card information should automatically purge from your credit bureau 6 years from the date of last activity. ie) if you pay your account in full (nil balance) on June, 2012 (DLA=date of last activity) and you do not use the account, the account should purge on June, 2018
A good credit history will remain on your report. The negative credit reported will usually fall off in around 7 years. Judgments will stay on your credit report until they are satisfied.
Excellent question! The answer is YES! A debt can only be reported for seven years on your credit report, and then, by law, it must fall off your report. But this has nothing to do with the viability of the debt, which remains collectible, theoretically forever. However, once the debt passes the state statute of limitations, the collector may no longer sue to collect the debt. At this point, many collectors will write off the debt, and issue the debtor a 1099 form for the debt as income. Recent changes to the IRS tax laws make this more likely to occur. Once this happens, the debt is null and void, as it has been forgiven by the collector.