Top Answer
User Avatar
Wiki User
Answered 2012-02-03 16:01:31

No it is NOT! You have to get your credit report to see when the creditor last updated their report to the credit reporting agency. If the creditor chooses to report this bad debt every month than your bad debt will only be erased from the last update. For example: You have a bad debt from a Sears credit card from Jan of 2010. Each month Sears has reported your bad debt to Trans Union or one of the other agencies. The new date is from the last time they updated your credit report NOT from Jan of 2010. They can update it every month for the next 20 years and it will stay as a bad debt and ruin your credit report score. Legal to do it too.

User Avatar

Your Answer

Related Questions

No, you will not. All debts are automatically erased in the database system after 7 years.

A Chapter 7 BK can eliminate credit card debt.

NO. If you have bad credit, it will only be erased if you make it better. Paying bills on time, paying more than is due on payments and staying within your spending budget is a way to build your bad credit into good credit.

7 to 11 years depending on debt to earning ratio

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.

Paying off bad debt can actually lower your score in the short term. However, after a period of about 7-10 years bad debt that has been paid off will be removed from the calculation factors. If you never pay it off, it can always be their to haunt you.

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.

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.

You get 7 years of bad luck.

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.

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 before they take debt off of your report is 7 or 10 years.

Wait the 7 years. This is why. When you pay on an old debt like that the file starts all over again and even though you paid it its still a bad debt it will not help your credit any.

Tradelines: 7 years Bankruptcies: 10 years

It is believed that breaking a mirror will bring you 7 years of bad luck.

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.

Typically, after 7 years, the debt becomes time barred. It would come off of your credit report. If you have had any contact with the creditor or collector within that past seven years, you could have re-affirmed your debt. This means the debt could start all over from that date, if you made any statements to the effect of being responsible for the debt in question. If it's been over 7 years, they can still attempt to collect from you, however you couldn't be sued.

7 years in the UK and you are no longer required to pay it

Depends on the law where you live- different in different places.

Only if it is a judgement. If they never sued you, then after 7 years, it will come off of your credit report, and you are no longer liable for the debt.

A debt collector can come after you until the debt is satisfied. However, most will to persist beyond 3 years and few will persist after 7.

It will take 7 years before the statue of limitations will be inactive on a debt in Tennessee.

It will expire in 7 years if there is no 20 year clause.

Copyright ยฉ 2021 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.