I have a credit debt from 1998 for $10,000 dollars. How long will it remain on my credit report?

Question

How can I get it off?

Answer 1

From what I know, both bdancer and Patty are right,  The account stays on file for 7 yrs from the last transaction. So, if next month you pay $1000 towards that debt it will stay on file 7 years after next month.

Answer 2

I have always been told that if you haven't paid, not one penny, of this bill for 7 years--you don't owe a cent.  Don't let anyone bully you for it. They will always make you think that you will still have to pay.  Make one payment and you will owe.

Answer 3

Derogatory items age off your credit file 7-1/2 years from date of first deficiency.  This is per the FCRA and nothing restarts the clock.  Dispute the item with the credit bureaus as being beyond the 7 year reporting period.

If this is an account in good standing, they stay 10 years but you wouldn't want good credit removed at all.

Answer 4

As everybody else has stated, it would be listed for a total time period of 7 1/2 years as per the following:

TITLE 15--COMMERCE AND TRADE



                 CHAPTER 41--CONSUMER CREDIT PROTECTION



                SUBCHAPTER III--CREDIT REPORTING AGENCIES



Sec. 1681c. Requirements relating to information contained in

        consumer reports

(c) Running of reporting period

                           (1) In general

The 7-year period referred to in paragraphs (4) and (6) of

subsection (a) of this section shall begin, with respect to any

delinquent account that is placed for collection (internally or by

referral to a third party, whichever is earlier), charged to profit

and loss, or subjected to any similar action, upon the expiration of

the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity,

charge to profit and loss, or similar action.

NOW if this debt went to court and the creditor won a judgment against you, then the reporting period is different.  It would remain on your report for 10 years or longer depending upon your states SOL on judgments.  It reads as follows:

  (2) Civil suits, civil judgments, and records of arrest that, from

date of entry, antedate the report by more than seven years or until the

governing statute of limitations has expired, whichever is the longer

period.

So without knowing what type of debt it is, it is rather hard to say for sure, this is why I have covered all the bases (I think)

Hope this answer is of help to you

LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

Answer 5

If this account defaulted and was charged-off in 1998...it for sure should be off all credit reports right now as seven years is the max. allowable time. If this is the case and it's still showing up on your credit report:

Send the credit bureaus a letter via Certified Mail + Return Receipt stating:

Per the Fair Credit Reporting Act, I am requesting validation that this item is being reporting within the 7-year time frame as allowed under the Fair Credit Reporting Act