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What else can I help you with?
Are you obligated if a credit card company sells your debt?
Yes, you are still obligated to pay off your debt even if a credit card company sells it to a third party.
What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?
Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not true. Statute of Limitations laws for debts are enacted by states, some concerning open accounts (such as credit cards), can be as short as three years.
How long does cancellation of debt stay on credit report?
Most of the time cancellation of debt will remain on your credit report for seven years. If the cancellation of debt is associated with a bankruptcy, it may take 10 years.
Your mother-in-law was told that If she doesnt pay her creditors that debt would go away after seven years is that true?
Sorry but that is not true.. although the debt may disappear from her credit file after seven years(negative statements are usually removed by the 3 major agencies after seven years).. The original creditor or one of its agents(a collection agency or debt purchasing agent) has up to her states statute of limitations to bring action to collect the debt.. anywhere from 3- 15 years
Will your bad credit rating vanish after seven years if debt is not paid?
No. The credit rating shows if you're a credit risk. Not paying a debt for seven years is a credit risk, there's no reason to expect you could just wait it out and have a clean sheet.
Are you obligated if a credit card company sells your debt?
Yes, you are still obligated to pay off your debt even if a credit card company sells it to a third party.
What if you weren't aware of a debt and they contact you after 7 years?
You are no longer obligated to pay the debt - at this point the hospital has certainly written off the debt - If you had insurance and they failed to bill them - you are in this case not obligated as well - the provider has about 18 months to submit the bill to the correct insurance - if they fail to do so- You are not obligated to pay the bill
What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?
Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not true. Statute of Limitations laws for debts are enacted by states, some concerning open accounts (such as credit cards), can be as short as three years.
How long does a debt stay on your credit if the amount is not paid?
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.
What if you paid debt in full and it still there?
The debt will simply be marked as such if it was in default it will remain on the CR for the required seven years. An account that has not been defaulted on will remain indefinitely and show a zero balance when it is paid off.
Can a judgment be put on your credit if the debt was part of the bankruptcy?
Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.
Does a bad debt have to come off your credit report regardless of last activityafter seven years?
Debt that is charged off plus 180 days can be removed after seven years but a creditor may be able to collect on the debt up to 10 years [depending on state SOL]
How long do debt liens stay on your credit report?
Seven years
Does the seven years start only when you have paid the debt or when they have sold the car or when?
The seven year stipulation is usually calculated six months from the time of default on the debt.
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.
The most significant consequence of the seven years war was?
That it left Britain with an enormous debt.
How long does cancellation of debt stay on credit report?
Most of the time cancellation of debt will remain on your credit report for seven years. If the cancellation of debt is associated with a bankruptcy, it may take 10 years.
