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Old debts Credit Cards, Rating, Repair

Discussion in 'Credit Cards, Credit Rating Repair' started by Cozmoe84, Dec 19, 2014.

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  1. Cozmoe84

    Cozmoe84 Law Topic Starter New Member

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    How long does credit card dept appear is there a time period where it drops off or can be removed I was a in a bad situation only used it for food went default on credit card haven't used one in 7 years
     
  2. ElleMD

    ElleMD Well-Known Member

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    If you never repay the debt it stays on your credit report until you do.
     
  3. army judge

    army judge Super Moderator

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    After the statute of limitations has passed and the creditor has written off the debt, your credit history slate is not wiped clean. Potential creditors, and anyone else who looks at your credit report, can see the debt and the fact that it was never paid. It takes seven years (five years for New York state residents) from on the original delinquency date on the account before the debt drops off your report.

    Even one old, unpaid and uncollectible debt can drag down a score, making it difficult for a person to get more credit at a decent interest rate, rent an apartment or sometimes even get a job. Potential creditors are understandably leery of lending money to someone who didn't pay back creditors in the past.

    What you can do now
    Don't try to hire someone to get a legitimate mark taken off your report. They can't do it -- at least not permanently. At best, they may be able to wrongly challenge accurate reports and have them temporarily removed from your report during an investigation.

    You can do something about the negative consequences of the mark, however. Write to the credit bureaus and attach a short 100-word statement to your credit report explaining what happened. For example, you may have lost your job or been in the hospital. If you keep a clean record for a few years after you had problems, creditors are more likely to look past prior problems, especially if you had a legitimate reason for them.

    Consider paying the debt if you can. That's still the best way to get rid of a debt and a debt collector. Old debts can still cause problems and stress, even when they are past the date of being collectible. Nothing's stopping creditors from attempting to contact you, as long as they stay within the rules. If you pay off the debt, it will be marked as paid on your credit report.

    If you don't pay off the debt, the best you can do is to keep your credit report clean from now on and wait for the seven years to pass. Keep a close eye on your credit from now on, and soon you can have a credit history to be proud of.



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