Credit Scores, do things really fall off of your credit score after 7 years?

Question

Is it true that things really fall off of your credit report after 7 years? I don't know where I heard it but I was told that after 7 years the debt no longer effects your credit score, although it may remain as a debt with the company.

anyone know if this has any truth to it.

Answer 1

Yes...that's true for everything except bankruptcies. Liens and judgments may stay for up to ten years....

Everything else like credit card debt or defaulted utility bills can only stay for seven years, beginning the initial date of default.

Answer 2

Most NEGATIVE items fall off your credit report after seven years (in most states).  A bankruptcy will remain on your report for 10.  Your credit history can go back much further, but they are not allowed to report negative items longer than this.

HTH!

Answer 3

Per the Fair Credit Reporting Act derogatory accounts show for 7-years from the date of first delinquency  which works out to 7-years and 180-days nothing resets this time line.

Chapter 7 bankruptcy's show for 10-years and chapter 13 for 7-years.

Unpiad tax liens show for 15-years.

Judgments show for 7-years or until the statute of limitations runs out whichever is longer.

Answer 4

It is definately true 7 years to clear off. It takes ten years for a bancruptcy to get removed. You can get all three credit reports for free each year to see how your doing. Go to annualcreditreport.com  

Answer 5

Yes, this is true.  Only a bankruptcy will stay on for 10 years.

It all drops off your reports.