How long does UNCOLLECTABLE stay on your record?

Question

If I owed a collection agency money and never paid anything, I know that after the 7 yr Statue of Limitations they're supposed to take it off your record, but I also heard they can say it's Uncollectable. What happens if it's an Uncollectable loan, and how long does it stay on my credit report?

Answer 1

The statute of limitations is how long you have a legal obligation to repay the debt. The 7 year period is how long delinquent debts can be reported to the credit bureaus and is mandated by the Fair Credit Reporting Act. The 7 years begins at the date of first delinquency and cannot LEGALLY be reset.

Answer 2

It will stay on your credit report for 7 years.

Answer 3

The item unless disputed can stay on your record for 10 years, but most lending institutions will not discredit an application for anything over 7-years.

Does that help?