A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
Until you clear your debt and your good with the company. After that it will stay on there for about a year but will also have that you paid your money. If you havent paid your debt, then it will remain on your credit history.
As soon as the company reports to the credit bureaus, it will reflect the changes in the status of the amount paid and status of the balance of the debt. Unfortunately, once the debt (account) was created it will remain on your credit report for seven years from the last time it was active. Unless you dispute the debt and get it deleted from your credit profile.
As long as they are actively pursuing it, they can chase it until the debt is paid. There's no way to simply keep avoiding the debt, it won't just 'go away'.
Credit card consolidation or reduction occurs when someone consolidates the amount owed on their credit card to make one payment. This eliminates the amount of interest is paid and can reduce ones debt quicker.
You can write the three credit reporting agencies and report the debt as paid. Usually, the debt holder will write them for you, but you should check that this has been done.
Yes, as long as you are all paid up and your credit is good enough to qualify.
A consumer's responsibility for a debt is a separate issue than credit reporting. If you owed a debt 5 or 6 years ago, and never paid it, you still owe it. There is a statute of limitations for how long a debt can be collected, another for how long a consumer can be sued over a debt and another for how long a debt can show on your credit report.
Yes
Debit A/R and credit your allowance for uncollectibles account whatever the amount was to reinstate the amount previously written off. Then you'll debit cash and credit A/R to record cash collected from the customer.
Farmers were in debt because they were paid little amount of money.
Until the amount owed is paid in full or the judgment creditor agrees to a settlement of the debt.
It should drop off after 7 years, but you should write to the credit reporting angencies to report the payment and provide proof that the debt has been paid and this might expedite removal from your credit report.