Credit Report
Date: Wed, 05/11/2005 - 19:32
Credit Report
Hello, I've read that once an account on your credit report reaches 7 years then it can be dropped from your credit report. Is this true?
RE:
Hi Guest,
Welcome aboard.
Quote:
once an account on your credit report reaches 7 years then it can be dropped from your credit report. |
Yes, this is absolutely true. When you are unable to pay your debt amount to your creditors, your account is sent over to the collection agencies. The credit rating of this account is shown as 'unpaid' and has a negative effect on your credit report. But after a period of 7 years the account becomes null and can be dropped from your credit report.
However, keep in mind that this is no healthy solution to get rid of your debts. Try to pay your bill in affordable monthly installments to clear your debts within a reasonable period of time. This gives you a secure financial future and marks you as a responsible citizen, which I'm sure you are.:D
Cheers,
Jason
Hi Guest, Although the account can be dropped from the credit
Hi Guest,
Although the account can be dropped from the credit report after a certain period of time, but there will be a lot of harassment during that period. So, there is no reason of avoiding it when it requires attention.
Thanks
Roxette
Also... Just because it is not on your report does not "mean"
Also...
Just because it is not on your report does not "mean" you do not owe it.
and as said above, it will make your credit more expensive via higher interest fees, less Companies wanting to extend you credit, and the annoying calls from CA's looking to collect on it..
Jerry
