Is it true that bad credit goes away in 7 years?

I want to know if this is true and also if that does apply to school loans.

thank you.

Is it true that bad credit goes away in 7 years?

OMG! So many terrible answers!

Derogatory accounts must be removed from your credit report after 7 yrs. The 7 yrs. starts when a debt becomes delinquent, never brought current, which leads to charge-off or collection activity.

The 7 yr. reporting period cannot be restarted by making a payment or by reselling the debt to another collection agency.

Bankruptcy%26#039;s obsolescence period can vary from 7 to 10 yrs. depending on which chapter you file.

Now, just because it%26#039;s not on your reports, that doesn%26#039;t mean you still don%26#039;t owe it. It%26#039;s just can%26#039;t be reported anymore. Each state has its own statute of limitations on how long a creditor can seek legal remedy for unpaid debts.

Creditors can still pursue any unpaid debts regardless if the statute of limitations has run, they just can%26#039;t sue you for it. But that doesn%26#039;t mean that can%26#039;t try. However, if they do, you%26#039;ll have a solid defense.

Is it true that bad credit goes away in 7 years?

If you claim bankrupcy

Is it true that bad credit goes away in 7 years?

some items are taken off your report after TEN years

Is it true that bad credit goes away in 7 years?

people say they do but no they dont...you always get caught out.

Is it true that bad credit goes away in 7 years?

It just leves out, just like the judicial system. All disappears in 7 years.

Is it true that bad credit goes away in 7 years?

School loans never go away...trust me on that one.

Is it true that bad credit goes away in 7 years?

Yes it is true after 7 years.. School loans HAVE TO BE PAID BACK. They will garner your wages. You cannot get away from this type of loan unfortunately.

Is it true that bad credit goes away in 7 years?

No. Certain things will drop off but school loans won%26#039;t

Is it true that bad credit goes away in 7 years?

Some of the financial Institutions are doing this liquidation of loan amount every seven years once, if nothing is repaid for a longer duration. I don not know about your school loan details and the bank details. Yours,

vrvrao

Is it true that bad credit goes away in 7 years?

Sometimes, it depends on if the creditor renews it, which can happen. If the creditor %26quot;writes it off%26quot; (usually done with small amounts) it will. School loans, probably not.

Is it true that bad credit goes away in 7 years?

bad credit doesnt %26quot;go away%26quot; in 7 years. things that are unpaid will drop off after 7 years, but if you continue non-payments and such, it will just stay bad. if you completely clean it up, and pay everything on time, all the old stuff will come off after 7 years. you can also actually request that a company remove things that you have paid off, but im not sure how successful you will be. good luck! as far as i know, school loans will haunt you for the rest of your life.

Is it true that bad credit goes away in 7 years?

At the age of 51 I have now nearly $50,000.00 in student loans because of default...it started out at $15,000.00. NO--IT NEVER GOES AWAY. Filing Bankruptcy doesn%26#039;t even take care of student loans.

Is it true that bad credit goes away in 7 years?

No, its not...

Some item will fall off after 7 years but some items take closer to 10 years.

And the laws are constantly changing....

So keep up on it..

Is it true that bad credit goes away in 7 years?

No, that is just a myth.

Bad credit can stay with you for a long time.

Here%26#039;s a little trick: check your credit report and make sure everything on it is accurate. You can send a letter to request proof of old debts, and they have something like 30 days to respond providing proof. If they fail to do this, you can get that item removed from your credit report.

Is it true that bad credit goes away in 7 years?

not unless u pay it off in the 7 years will it go away

Is it true that bad credit goes away in 7 years?

Uh, %26quot;if you claim bankruptcy%26quot;?? Okay. If you claim bankruptcy not all of the debt has to go away...unless you claim chapter 7 which wipes out everything, but then everytime you apply for something and it asks, %26quot;have you ever filed bankruptcy%26quot;...you%26#039;re in trouble. Believe it or not, it%26#039;s not a good thing to do.

Some bad credit can go away in 7 years. Depends on what it is.

Is it true that bad credit goes away in 7 years?

Not at all. Bad credit is fixed by being finance wise. Nothing bad ever comes off your credit report, creditors who look at your credit report decide if something is too old to worry about. If you have bad credit get your score up. I have declared bankruptcy in September and bought a new car in October because my score was good. If you had bad credit and fix it a creditor will see that in your score. Any other answer is bunk.

Luck!

P.S.-If you have bad credit you can look around for free assistance getting your score back up. Do not pay a service (add a bill to bad credit is DUMB). Learn what a credit report is, what a credit score is, how to use them, and how creditors use them. Almost all the answers above are based on myth.

Is it true that bad credit goes away in 7 years?

Credit reports are more detailed and longer-lasting than before. If you want something expunged, you have to ask the to do it (Experian, et al)

Is it true that bad credit goes away in 7 years?

No darlin - I%26#039;m afraid not. It will haunt you for the rest of your life - believe it or not !!!

Is it true that bad credit goes away in 7 years?

I dont think so, and DEFINENTLY not with school loans. The school%26#039;s will track you down. Sometimes they take all money from your bank account.

Good Luck* =]

Is it true that bad credit goes away in 7 years?

It%26#039;s kind of like your driving record, bad things roll off after seven years. So, it takes seven years for you to repair bad credit but it doesn%26#039;t just go away. You have to work at it by making payments on time and not opening too many accounts. So, even though it%26#039;s hard to do, you can fix your credit but bad credit doesn%26#039;t just %26quot;go away%26quot; after seven years. You can also call credit agencies and they will sometimes take bad things off your credit report early but not always. Student loans are just like any other loan. After you finish school and start paying them they will negatively effect your credit if not paid. Also, do whatever you have to in order to avoid filing for bankruptcy. That%26#039;s the WORST thing you can do for your credit.

Is it true that bad credit goes away in 7 years?

if you dont get anymore bad credit and have everything payed up i think it does come off in 7 years but here is the Corporate headquarters for experian credit

CA 714-830-7000 or IL 847-517-5600

Is it true that bad credit goes away in 7 years?

Some does some doesn%26#039;t it depends on the creditor, some will cut their losses and some will roll it over and continue to put it on your credit again when the 7 years are almost up they will re-write it again to keep it on your report. Not only can they garnish your wages but they can also now-a-days take money from your income tax return. I am sorry to say because we all have times that are hard to get by and make ends meet. The V.A. did that to my husband last year on his co-pays when he became ill and had to be in and out of the hospital alot. With 3 children we were having a hard times making ends meet, they took it from our income tax return.Good luck, best wishes.

Is it true that bad credit goes away in 7 years?

well, not exactly. Negative information can stay on your credit report for 7 years. That is not 7 years since you charged something, but 7 years since the last activity on the account. But that does not mean that if you have a blemish on your credit report that in 7 years your credit is perfect. Many things can negatively impact your credit rating. Just filling out an application at your favorite department store because they offer you an umbrella or T-shirt or water bottle can negatively impact your credit rating.

Some items, such as child support, taxes, and student loans do not have a 7 or 10 year statute of limitations.

Also, I believe, that even things that have a 7 year limitation are not necessarily gone after 7 years. Say you have an outstanding credit card bill and have not made a payment. If that credit card company decides to investigate the debt after 6 1/2 years, it stays on your report for another 7 years.

ETA:

If you are currently worried about student loans, do not just ignore them. It will not go away, and you will default which is worse. Contact your student loan people and request a deferment or a forbearance. If you do not qualify for either of them you can usually consolidate the loan and then reapply for the deferment or forbearance. This is not hard, and it is much gentler on your credit than a defaulted student loan.

Good luck to you.

Is it true that bad credit goes away in 7 years?

In a sense you are right but, you still owe the debt. Legally thet aren%26#039;t able to report it to the credit bureau. But, they could still bring suit against you eventhough it is pssed the statue of limitations. ust show up in court and tell the judge that it is passed the statue of limitations and it should be thrown out. If you don%26#039;t show up you will lose by default.

Is it true that bad credit goes away in 7 years?

this is a yes and no answer. as i have been through this myself. it is true that if you have a loan and after you have had no contact with that creditor after 7 years they cannot continue to try to collect. but there are alot of no answers. if you havent made any payments for a few years and you decide to make one or they call you and you admit that it is you they are talking to it starts the 7 years all over. they record those phone calls. and what they typically do is turn youre loan over to another collection agency just before the 7 years is up. so that gives them 7 more years. filing bankruptcy now is way more difficult than it was years ago. i have been avoiding creditors for many years now with them not finding me. the best way is to file applications for credit through them again. never do it from youre computer. get a form. use youre real name and social security number. but use a fake address and telephone number. something from a state you have never lived but know a friend who lives in that state. fill out the form and put it in an envelope. put it in another envelope and mail it to a friend in another state, have them mail it from there. the creditors will think you moved and not contact you at youre current location. dont use youre friends real address or phone # just use anything from the phone book. and never ever admit that it is you if a creditor calls you. that gives them 7 more years. keep them confused and they will give up.

Is it true that bad credit goes away in 7 years?

I was beginning to wonder if you were going to get a correct answer out of all of these posts - Celeste pulled through with flying colors. Her answer is right on the nose along with the sources to back it up.

To add, negative student loans will fall off your credit reports at the 7 year mark.

If they are government backed they will be legally collectible until paid.

Is it true that bad credit goes away in 7 years?

PAID CREDIT COMES OFF SEVEN YEARS AFTER

LAST PAYMENT.

Is it true that bad credit goes away in 7 years?

No and no!

Eat more peanut butter!