I have bad credit is it true after 7 years it erases from my credit report?
458379
Yes and no. If you have declared bankruptcy, 10 years. Non-payment and late payments...2-7 years. There is a reason people get bad credit...unless you change your ways, you will just keep on adding to the pile. 7 years is a very long time. Start today to clean it up, or nothing will have changed in 7 years. Good luck
77144
yes. you need yo contact a credit help agency like crusader or careonecreditcounseling.com they will put you on the right track. items can be removed in as little as 3days but will report in 31days.
382691
Yes. It takes 7 years for an account to fall off of your credit report, and it is 7 years from the last date of activity. So if you opened the account 5 years ago, but you paid on it last month, it won't fall off until 7 years after last month. Your best bet is to just keep paying as agreed. \n\nFiling bankruptcy won't help, either. They just changed the laws so it really wouldn't do you any good.
12303
If you're talking about a legal judgement on your credit report, it would be no more than 7 years.  It may be less, depending on your state of residence.
945804
No. Each state has a statute of limitations, it is usually 6-7 years depending on where you live. For example, in NY if you incurred a debt 1/1/2000 and never paid on the account, the SOL would be up 6 years later, on 1/1/2006. Usually it starts from the date of first delinquency. A company cannot collect, you do not have to pay it, and a court will throw out a judgment that is outside the SOL.\n\nUnder the FCRA, they also cannot list a debt on your credit report that is over 7 years old, regardless of the SOL. If you see this on your report, dispute as "the 7 year reporting period under the FCRA has expired". The Fair Credit Reporting Act does not allow bad debts to be listed for more than 7 years, except bankruptcy which can be listed for 10.\n\nBy the way, do not, and I mean DO NOT under any circumstances pay this debt if it is over 9 years old. It will reset the SOL, and also the 7 yr reporting period, which means it can be listed for another 7 years on your credit report. One of the worst mistakes people make is they think paying old debts will help their credit. It won't! Making a payment causes the Date of Last Activity for the account to be updated to this month, instead of 9 years ago, and your credit score will plummet.
310774
The debt will show the status as paid on your credit report, but it will stay on the report as a former delinquent account for 7 years.
695909
If it's been 10 years since you made any payments, wait another 6 months and the charged off account will be off your credit report and won't matter anymore.  Some of them may have fallen off after 7 years anyway.
571470
<sigh>\n\nOK, William, I thought you would be a differant form of creditor....but you are at least honest.  Just need some more education.\n\nWinelover, you are obviously a collector, peddeling the same like of BS as all the rest!\n\nLets clear up the lies.  Debts can NOT be reported on your credit report for more then 7 years, beginning on the date of the delinquency.  Please refer to the Fair Credit Reporting Act Section 804.\n\nCreditors can continue to collect on a debt that is older then the statute of limitations.  They just have no legal way of collecting.  Depending on the state, that runs from 4-10 years.  Once that day is passed, they can NOT sue you in court or legally try to collect.  If the debt is real old, you can simply contact the credit bureau and demand that it be removed due to the SOL running out.  It will probably require a letter to the creditor also.  Either way, debts older then 10 years can easily be ignored!\n\nSo when you folks tell people that depts never go away, you are simply uneducated or lying?  Which is it?\n\nThe only time they can continue to come after you is if they have taken you to court, and won a judgement.  \n\nThat said, lets answer your question.  William is correct.  Older debts do not hurt your score as bad as recent debts.  Don't get me wrong...negative reports still hurt!  \n\nIf you have any bills collection interest, pay them first (high interest rates first).  Then just try and work your way through.\n\nBefore you pay, first contact the creditors and try to negotiate a lower balance if possible.  Just explain what happened and they may work with you.  \n\nMost importing...you are trying to cean up your credit report.  It does you absolutely no good to pay these bills if the creditor does not remove any negative information from your report.  And you will find that once they have your money, they will not be very cooperative in helping you.  Once paid, you no longer have any leverage to work with.\n\nGet IN WRITING an agreement that once the bill is paid, they will remove all negative information from your records.\n\nUse the sample letters below to help you.\n\nWhen you negotiate, DO NOT offer to pay anything.  One slick trick collectors are using is to ask for a "good faith" payment.  If you do that, you start the statute of limitations clock, and your debt added several years to it's age.  The way the game is played...you are NOT denying you owe the debt, but you are NOT offering to pay it either, until an agreement is reached.
105812
after about seven years assuming you have cleared your debt.  However, if you are nearing the 7 year mark and it is yet unpaid, it is in some cases actually better to not pay it and let it disappear, otherwise you pay off the debt but have to wait another 7 years before it clears from your credit history statement. Nothing like waiting 6 years and paying something off and having another 7 years on your credit history saying it's paid but paid way late.
431777
nope, but here's the fun part.  a lot of people will tell you it will erase the history from your credit file, and that's true.  however, I'm a credit analyst for a major bank, and let's say you apply for a loan with us in 10 years.  I won't see the 7 years that was erased, but I will see a very large "gap" on your credit file.  bankruptcy doesn't erase the entire credit file, it only erases what you had discharged.  let's say you turned 18 in 1990, and filed bankruptcy in 1998 and it just came off your record last year, I will wonder why you haven't had credit since 1997 and i will ask you what happened.  even if you lie about the bankruptcy, I will likely turn you down for the best rates and maybe even the loan due to not having any recent established credit.
1186924
7 years after you pay the fine you owe I believe.
245293
Negative credit accounts are reported for 7 years from the date of last activity. Are you talking about accounts showing as "charge offs"? If so, then it will stay on your file for 7 years from the date of last activity.\n\nI would love to help with more specific answers. You can e-mail me with the details of your situation at creditguru@earthlink.net
836984
Do your research before to proceed.  Check out some of the previous answers here, or follow my messages.\n\nWhy?  Here are two examples.\n\nIf you pay off a bill, all the creditor is required to do is update the information on your report to show "paid".  It does NOT remove it from your report, and it will continue to be a negative mark because it shows you had late payments or were in collections.  \n\nIf you are going to pay it off, get the creditor to agree IN WRITING to delete the entry before you pay them a dime!  Otherwise you are not doing anything to fix your credit.  You are tossing away money.\n\nAlso, the debt you pay off makes a big differance.  Older debts do not have as much of an effect on your credit as recent debts.  When you pay off an old debt, it will "reactivate" it and show recent activity.  It will actually hurt your credit by paying off a very old debt.\n\nAlso note that debts automatically drop off after 7 years, beginning on the date of the delinquincy.  So if the debt is 6 years old...ignore it.  Pay off a more recent debt.\n\nFixing your credit and getting out of debt is a battle!  Knowledge of the laws is your only weapon.  Don't fight them unarmed, learn your rights and know how to do it wisely.
845879
Seven years, and then you can ask for the credit bureaus to take it off your report.
404055
Credit reports are reported for 7 years, beginning on the day of default.  They can not be restarted, but many collection agencies will try.  They simply change the date on the report.  Many consumers don't even realize it.  \n\nGotta keep your records.
765370
Yes...credit agencies record the number of times your credit report is accessed by lenders in the last 24 months.  Too many of these "inquiries" drop your credit score.  After 24 months, the inquiry is removed from your report.  Accessing your own credit report or inquiries made for auto loans, credit account maintenance, or promotional inquiries aren't counted.
718582
I am really surprised at the wrong information that was given to you here. It is not true that paying off the account will allow it to be removed from the credit report any faster than if it is settled. The opposite is actually true in many cases. Negative information is kept on the credit report for seven years from the start of the last delinquency. If you catch up at one point and then get behind again, this will start the clock over. If you settle the debt, then there is no restarting of the clock.\n\nIt is also not true that a settlement will necessarily keep you from getting credit for years. Most loans are based strictly on your credit score. There is no appreciable difference in the credit score of someone who paid off a debt in full and someone who settles the debt as long as they happen at the same time. Much more important is how long ago the delinquency was. If you have to wait to pay it off, it will have far more impact on your credit score.\n\nThe money that you save by settling the account can be used to help you financially now and to help you rebuild your credit. Further, you can negotiate how the company reports the debt to the credit bureau in your settlement offer. You can have them just report a zero balance and not report that it was even settled. I have done this for many clients.