The entry on awill 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.
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
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.
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.
Yes. [ADDED-see below] The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http:/www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html Just because the SOL has expired on a debt does not mean you do not owe the debt. Very few states extinguish the debt on expiration of SOL. When the SOL expires it just means that they can not sue you and win if you show up in court and use expired SOL as a defense. They can continue to attempt to collect on a debt forever. Items fall off your credit report 7 - 7.5 years from the DOFD, which is set by the OC and is federally mandated. This date can not change. SOL is state mandated and varies from state to state.
Creditors can try to collect forever. The SOL for filing suit is different for different kinds of debt in different states. Once this SOL is past, you can not successfully sue you for the debt. If you are sued after this SOL is up, you have to tell the judge that the debt is past the SOL. That along with a copy of a credit report showing the DOLA is more than the SOL. Most debt will then fall off your CR's after 7 years. The OC has 7 years from the charge off date to claim the loss on tax returns. Most credit card issuers will claim this the next year after to get the loss off their books. This is called 'writing off the debt'. At this point the debt is erased from the OC's general ledger. Once this happens, the debt no longer exists. A debt collector can still try to collect on it, but, you no longer have an obligation to pay. This is a good defense for Debt buyers.
IMO-most unpaid debts fall off the credit report after seven years FROM THE LAST PAYMENT!!! Ex-If you have not paid down a debt after six yrs then pay 1/3 of the debt yesterday, the 7 yrs begins again as of yesterday. IMO- I believe the 7 yrs may also begin again if the debt is sold to a collection agency because now you owe a different company therefore-new debt. It is illegal for a collection agency to change the date on a debt. It is not a new debt. Agencies that do that violate the fair debt collection practices act.
My ex-husband was ordered to pay the credit card debts when we divorced. He never paid them and I have never been able to pay them. He died in 2004 and because he had not AGREED to pay these debts, his estate could not be held accountable for them (even though there was a court order). I gave up a huge portion of our joint property so that he would take on the debt and I am still angry that neither the court OR my own attorneys protected me properly.
Credit cards are good and bad. People need them to make reservations, the business needs to have a way to charge you for their expense if you fall through on the reservation or they would lose money. Hotels use your credit card, although you can pay in cash or check (if they accept it) because they must also have a way to charge you if there is damage. Regular stores don't have a problem with cash when purchasing goods. Services are a bit different, but I have never run into one that didn't take my cash. Credit cards are bad for the reason of debt. People get into it too easily without thinking of consequences. For that, I applaud anyone who has no credit card debt. You will want a credit card on hand for businesses who descriminate - then just pay off the balance. Your credit score goes up if you have credit accounts - whether you use them or not. Perhaps a more detailed question would be helpful in getting a more detailed answer.
Yes. If they "sponsored" the credit card, they are guaranteeing the debt. After you are no longer an employee they have no way to know that you would pay off the debt. If the card was used for company expenses, you should get reimbursed for those expenses. If they were personal expenses why should the company be responsible for them? Thank you Redbeard for this answer. Can I assume by your answer that this would not fall under the Fair Labor Credit Act requirements of percentage of disposable earnings and that it would be okay if this reduced their pay to below the minimum hourly wage for hours worked? Can you site any regs or laws you would use to prove the answer? Anything would help.
in Pa. the statue of limitation fora credit card is Four years for the original creditor to sue you in court. Second,from the very first miss payment .counts as in default.if you miss a monthly payment on Dec.1,2004.and they send it to a collection agency.it goes by your first missed payment.Collection agency all try to up age the account-like this.you miss on Dec 1,2004.collectors receive it on June,15,2005.they will try (UP-AGEING)saying they have till December 15,2012 to keep it on credit report.in truth it is in collection till June 1,2011.
It could be used for identiy theft for one. Or to apply for another credit card, then run up charages in that person's name. A lot of damage can be done when personal infomation, such as card numbers, SS #, etc. fall into the "wrong hands." And as statistics prove, it camn and does wreak havoc with a consumer's life as well as credit.
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