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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.
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∙ 16y ago
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How long does credit card debt stay on your credit report?
7 Years from the DLA.
How long does a settled debt stay on credit report?
7 years from the DOFD
Will credit card debt go away after 7 years if unpaid?
No it will not go away in 7 years if it is unpaid. If debt is lft unpaid, the interest rates will continue to go higher and higher.
When a negative remark falls off the credit report after 7 years does it lower the credit score or swing it higher if the debt was never paid?
When the negative debt is completely erased from your credit history, your credit score will experience an upward swing. Also, the longer time goes by and you have clean clear credit (and the debt is still on your report), your credit score will improve.
How long does a business have before turning the debt over to a collections agency?
The sooner you turn an unpaid debt over to collections, the better the chance of recovery. I would not suggest any debt over 3 years old. If it is a credit reporting agency, the debt will remain on the debtors credit report 7 years from the dilinqent date.
What happens after 7 years of debt?
After 7 years of debt, the debt will be wiped off a persons credit report. There are some instances that certain types of credit will stay on the credit report for up to 10 years.
How long does a debt stay active?
Unpaid debt can remain on your credit report for 7 years. If you have a bankruptcy this can remain on your credit report for 10 years.
How long does credit card debt stay on your credit report?
7 Years from the DLA.
What is the statute of limitations in connecticut for credit card debt?
7 years
What are the consequences to one's credit if a vehicle is repossessed?
It adversly effects your credit for 7 years. Except for a Chapter 7 bankruptcy which remains on the report for 10 years, no bad debt can stay on your credit repair beyond 7 years from the date the debt was originated. The law is on your side that it must come off.
How long is bad credit on credit report?
7 to 11 years depending on debt to earning ratio
How long can a debt be listed on your credit report?
Tradelines: 7 years Bankruptcies: 10 years
How long is the statute of limitation on a credit card debt in MN?
7 years
If debt is no longer collectible will it show on your credit?
It gets removed after 7 years.
How long does a settled debt stay on credit report?
7 years from the DOFD
How long does a credit card company have to sue you for unpaid credit card debt?
as long as it remains a part of your credit report, 7 years.
Will credit card debt go away after 7 years if unpaid?
No it will not go away in 7 years if it is unpaid. If debt is lft unpaid, the interest rates will continue to go higher and higher.
