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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.

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โˆ™ 2012-02-03 16:01:31
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Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance

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Q: Is a bad debt erased after 7 years?
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Related questions

Will you be arrested at the airport if you try to enter the US twelve years after you left with unpaid debt?

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


Can credit card debt be erased in Tennessee bankruptcy?

A Chapter 7 BK can eliminate credit card debt.


Is bad credit erased in 7 years?

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.


How long is bad credit on credit report?

7 to 11 years depending on debt to earning ratio


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.


Does paying off bad debt help your credit?

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.


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.


In debt again how many years do you have to wait?

7


What happens if you break a promise?

You get 7 years of bad luck.


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.


What is the statute of limitations in connecticut for credit card debt?

7 years


What if credit card debt is more than 7 years?

it expires..


How long does a debt stay on your record?

How long before they take debt off of your report is 7 or 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.


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.


How long can a debt be listed on your credit report?

Tradelines: 7 years Bankruptcies: 10 years


Is it better to pay a five year old collection or just wait seven 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.


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 must a debt be in default to be legally charged off?

7 YEARS


How many years of bad luck with breaking mirrors?

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


How long does credit card debt stay on your credit report?

7 Years from the DLA.


Is there a statute of limitations on unsecured debt that is unpaid?

Check your Credit report it is 7 years


How long before a debt is cancelled?

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