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Is it true collection debts erase from your credit report after 7 years?

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2010-10-13 11:49:44
2010-10-13 11:49:44

Yes, however, bankruptcy can remain on the report longer.

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There is no legal way to erase credit card debt without filing for bankruptcy. If this was possible, then the inventor would be extremely rich, and no-one would have any debts.


It doesn't erase anything on your own credit report....just adds to it, why would it change someone elses? It adds that you are a bankrupt as well as having missed payments and had a repossession. A credit report simply reports what happened in the past....what ever you do now does not change it...you live with the history you created.


If the credit pulls were not authorized, write a letter to each of the bureaus that are reporting the inquiries, and let them know that they were not authorized. Legally, they should remove this information from your credit report if it is inaccurately reporting. If you did authorize the credit pulls, then this information will likely stay on your credit report for 1-3 years.


It can not be erased. If it has been paid, it will come off your credit in 7 - 10 years. If you still owe money on it and they report monthly that you owe an amount, it can stay indefinitely. If you owe money, but they are not reporting it monthly to the credit agencies, it i will come off in the 7 - 10 years.


A charge-off is a tax technicality that gives the creditor a tax deduction and you a taxable cash event. It does not "erase" the debt. You still owe it. It will stay on your credit report for 7 years. If it stays on after that period, file a complaint to the credit reporting agency that is keeping it on.


No. Bankruptcy doesn't erase anything from your credit. In fact, it adds a very, very, bad thing to it.


Medicaid eligibility does not erase any debts.


I myself had bad credit for many years.I pulled report.I payed one by one off.I advised them once I payed off the bill to erase it from my credit report. It takes some serious time to get a great score. Casey Mahoney brad P


Generally speaking, in the US, bankruptcy stays on a persons credit records for up to seven to ten years. It may depend on what particular bankruptcy was filed for. It's a good idea to check with a credit bureau to get the complete picture. Also, another reason to check with credit bureaus is that they may have forgotten to erase a bankruptcy that they have overlooked.


You can't "erase" something off of your credit report. The best solution to not go into foreclosure. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!


A judgment will stay on your credit report for at least seven years. Only time will remove this. Just adding to the answer given. There is one way to have a judgement removed from your credit report. Although this is not a guarantee, you do have a right to contact the creditor to work out a deal to have the judgement removed. When you do this offering to pay the debt in full or make installments can be helpful. Only agree to do this when the creditor has made an agreement to erase the judgment off of your record. This must be in writing. If this does not work the use of a qualified attorney can help to make this happen. Creditors have the power to have judgements removed. Some will be happy to work with you and some will refuse even when offering to pay the balance.


Take a magnet, swipe it on the magnetic strip on the card.


No Way, if you had 1 or even more DWI's and they were more than X years ago, they are probaly expunged by now. PA automatically expunges the first DWI after 10 years. Get a copy of your credit report and see for yourself. If any crimes show up, you can always have a lawyer expunge (erase) them. If this helped you, Please 'Recommend' Kevlarster


Stanley R. Stern has written: 'How to erase bad credit' -- subject(s): Consumer credit, Forms, Forms (Law)


Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.


Hi,yes every single debt will be erase,the only debts you can't erase with bankruptcy are past due taxes,everything else is wipe out,thats why is called "fresh start" .


Unfortunately, there is no such thing as loan forgiveness when it comes to payday loans. The only way to erase these debts is to declare bankruptcy.


Bad credit can be erased through the removal of past due bills. Paying bills and invoices that are past due is of a high priority as they are highly damaging to a persons credit. Having a large gap between balances on a credit card, and the credit limit is helpful to a credit score.


The Mitzvah of Shmita (the sabbatical year) happens every seven years, when the Lord commands all observers to not work the land and to erase any outstanding debts.


Backspace or Del will erase text. Backspace will erase in < direction. Del or Delete will erase in > direction.


i need to pay for an item and it tells me my credit card is already assigned so i need to erase my account and redo


In our go, go, go, got-to-have-it-now world, credit is king. Tell many Americans to live within their means, and they will tell you that’s what credit is for. For better or worse, we are judged by our credit score. It could stem from the current economic condition we find ourselves in, but also from mortgages to personal loans. No matter the reason, we are being marketed to know our credit score. We are told to get a free report and see what the credit bureaus see. It is a good rule of thumb to know where your credit sits, since so much in life is tied to it. But what if you see something you wish you hadn’t on that report? What if it comes back as a bad credit report? First, realize it is not the end of the world, and the situation can be remedied. Do know that it will take a lot of time and a fair amount of work on your part, but also know that many bad credit reports are simply based on bad information. Here are a few steps you can take to get your credit back on track, if you find that information is faulty. Step 1: Outline your grievance. Write to the credit reporting company about the information you found to be inaccurate or incomplete. Send a copy of your report and clearly mark the items you are disputing. In your letter, explain your dispute and list any support documentation you have. Step 2: They must respond. The credit reporting company has 30 days to investigate and respond to the dispute. More than likely, this will include involving the information provider that supplied the incorrect information. Step 3: Change is good. If it determined after the investigation and confirmation that there is a change or deletion in the information, it will be reflected in a fresh report and a new, free report will be sent to you, and anyone who received your credit report over the past six months. All three credit reporting companies are informed, and you are provided with the location and phone numbers of the information provider who caused the mess in the first place. With patience and a little due diligence, you can fix most bad credit report problems. Always remember to keep your documentation and check your score sooner rather than later. A problem is always easier to handle earlier rather than letting the problem fester.


you can not erase you memerioes


Yes, erase is a verb. To erase is to delete or get rid of something, which is an action. Actions are verbs, therefore, erase is a verb.


debase rhymes with erase



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