Will the negative stuff on your credit report eventually go away?

I heard it takes 7-10 years even if you don%26#039;t pay it. I was gonna start paying them off but I heard that it still stays on your report even if you pay it. So what%26#039;s the point?

Will the negative stuff on your credit report eventually go away?

i thinks so after 7 years dont worry it will be fine

Will the negative stuff on your credit report eventually go away?

Simple late payments usually fall off your report after 3 years. Charge offs (including repossessions and foreclosures), judgments, and bankruptcies stay on for 7-10 years.

Will the negative stuff on your credit report eventually go away?

It looks much, much better on your report if it is being paid off. Then, when it is paid off, it will eventually come off of your report. But consider this: you don%26#039;t pay your credit card - THEN it gets reported as %26#039;sent to collection%26#039; under TRADES - THEN it gets reported with a new SOL as a collection account, thereby dinging your credit another 30 points - THEN, if the fist collection agency doesn%26#039;t get their money they will send it back - THEN it gets sold again and guess what? The same account ends up on your report a third time and more points are deducted from your score. Pretty soon, no one will lend you money.

The above scenario is not supposed to happen, but it does - time and time again. Pay your bills - on time - pay them off and everyone in the world will want to lend you money at the best possible rate. This gives you BUYING POWER. This gives you the opportunity to take out a loan to open a business, buy the kids a car - whatever. Try that without credit or with poor credit. You will find it%26#039;s a tough road to travel.

Good luck to you!

Oh, to answer your question:

Judgements - 8 yrs - or 10 yrs w/ option to renew another 10

Bankrupcy - 10 years

Tax Lien - Forever

Student Loan - Forever

Collection - good luck - they are like a bad dream - they keep coming back

All others - 7 years

Will the negative stuff on your credit report eventually go away?

Remember a CREDIT REPORT keeps a historical record or your payment history so you want to maintain a good credit history with the three major credit bureaus. Employers also have acces to this information. Show financial responsibility and use credit wisely. The negative stuff stays there 7-10 years generally. Get a FREE copy of your Credit Reports annually from the Credit Bureaus to review your records and check for errors. You can also get some FREE advice from your local BANKER or Credit Union Rep. GOOD LUCK:-)

Will the negative stuff on your credit report eventually go away?

The difference is it will show paid versus unpaid collection account. Once you pay the collectoin account off it will improve your credit score and increase your ability to obtain loans. Most banks will not finance you if you have a unpaid collection account. Also, some collection account can be removed if you contact them and ask.

Will the negative stuff on your credit report eventually go away?

It stays on your credit report 7 years. If you file chapter 13 bankruptcy, 7 years also. If you file chapter 7 bankruptcy, it stays on your report for 10 years.

If you don%26#039;t file bankruptcy, creditors can keep calling and sending mail forever unless you inform them in writing. If they didn%26#039;t do anything legally (in court) during this 7 year period, then they can%26#039;t do anything to you legally, just keep calling all hours.

Will the negative stuff on your credit report eventually go away?

Gawd. Where do these people get their info? It sure ain%26#039;t from first hand experience.

A Paid charge off does not improve your score one bit..in fact...it hurts it. And let%26#039;s not forget the little fact you are re-starting not only the seven year clock on the report.

Come on, people.

I also find it hard to believe overdue library fees will end up on your credit report.

From personal experience..the seven year rule does not apply to Capital One nor to Figi%26#039;s...my two frequent FCRA violator club founders. If you have an old line from Crap One..be prepared to litigate. I am.