Credit card debt, how long does it stay on your credit report?

Question

Will it ever go away if it isn't pay off?

Answer 1

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

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Answer 2

Go for credit card consolidation

There are many debt consolidation compnies offering such service. You can apply online also.

http://creditcardconsolidationloans.blog...

Answer 3

The 7.5 year reporting period starts on the date your account went delinquent and was never brought current again.  It doesn't matter how many times it's sold.

You owe the debt until it's paid,  but they can only keep it on your credit reports for 7.5 years.

Answer 4

You can use credit repair agency to fix your credit - for example this one - http://creditreport.imess.net - They can clean lots of such bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.

Answer 5

Derogatory items age off your credit file 7-1/2 years from the date of first deficiency.  This is per the FCRA and nothing restarts that 7 year clock.

Answer 6

Accurate negative information generally can be reported for seven years, but there are exceptions:

Bankruptcy information can be reported for 10 years;

Information reported because of an application for a job with a salary of more than $20,000 has no time limitation;

Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation;

Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; and

Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions.

Tax liens stay on 7 years from the date PAID.

Some other rules to keep in mind:

The Statute of Limitations has nothing to do with the length of time something can stay on your credit report, they are two TOTALLY separate things. Again, there is absolutely NO relationship.

The length of time a negative mark can stay on your credit report starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account. Some collection agencies update their reporting status on you to keep the account active with the bureaus to extend the time the account appears on your report. Very crafty and underhanded of them, because most often the account is updated and the period of time the account is active appears to be extended. This is illegal! Challenge this! If you do, bureaus will correctly remove it 7 years from origination. Period. In other words, paying a collection will not keep it on your credit report for a longer period of time.

Answer 7

Actually, a lot of credit card companies sometimes selling the debt to collection companies after a certain amount of time has passed and collecting the debt seem uncertain. They usually sell the debt for pennies on the dollar to offset the tremendous interest that has  accrued. However, the debt still stays on your credit report unless you get with a legitimate debt relief company that can offer you a chance to pay about 50% of the debt back which many can do and still see a profit. Investigate the company before you sign the contract.....