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question about my credit report*

does anybody know how long it takes for your bad credit to go off your credit report. Im talking about phone bills, hospital bills, and loan bills. Stuff like that.

Answers:

1) 7 years and Bankruptcies 10 yrs generally. In some states, it might take less.

2) Per the fair Credit Reporting Act derogatory accounts show for 7-years from the date of first delinquency which works out to 7-years and 180-days, chapter 7 bankruptcy's show for 10-years and chapter 13 show for 7-years, unpaid tax liens 15-years and judgments 7-years or until the statute of limitations runs out whichever is longer.

3) The answers so far are correct. However, i believe the real question now is...7 years, 10 years, etc..from when? When does 7 years start, and when does 7 years end? Most consumers do not understand the statute, and typically 'reset' the statue of limitations. It is important to understand that the time clock begins on the date of last activity, which is frequently the date you last made a payment.

4) Well once again Spiffman is right (darn him. got here before me). Now as to the "staute of limitations" thing, there is no such thing. You can NOT reset the reporting time on a credit report, this is illegal under the following: 15USC1681s-2] § 623. Responsibilities of furnishers of information to consumer reporting agencies The reporting date starts at the date of the delinquent or last missed payment The SOL only pertains to individual states and how long a creditor has to seek civil action in court to collect. This SOL can be reset if the debtor acknowledges the debt or makes any payments. Hope this answers your question, although I am sure Spiffman did already.

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