Jump to content

Bad credit... waiting 7 years.


dragun415
 Share

Recommended Posts

Hello everyone...

I have been reading alot on these boards and the community is so helpful.

I have about 30k in debt from credit cards reported on my credit report. I stopped using most if not all of my credit cards since end of 2001 and are reported as such on my CR's Date of Last activity. This means by end of 2008 most should wipe off my credit report automatically.

I spent the last 6 years not paying and living only on cash. prior to that. I was constantly paying monthly payments on my cards and got no where.

Since these collections will get erased next year, am I home free? The statutes of limitations have past (5 years for missouri).

Is there anything I should do? or should I just wait... I don't get collection calls. just some random letters every other month or so... so I am harrassed.

Any advice or comments would be very appreciated.

Thank you.

Link to comment
Share on other sites

Of course, there's what Dire said.

You also will want to be careful of collectors coming back around after those drop off or after you apply for new credit. Keep a few records around for a couple years so you can prove in a hurry that those items are SOL (you'd be surprised how fast items can go to small claims, and if you work long hours you'll have fun tracking down all that in time).

Link to comment
Share on other sites

AhnTara:

Your information from the FCRA was correct except there are exceptions to the rule. For example, "unpaid" tax liens do stay on your credit report for 15 years to never because the FCRA frowns harshly when Uncle Sam gets stiffed. If you check the FCRA you quoted under tax liens (judgments) it specifically states "paid". :roll:

Link to comment
Share on other sites

Actually, unpaid tax liens can remain indefinitely. FYI for those who have tax liens.....when you pay it, make sure that there is a release filed.

I paid a st tax lien and they never filed the release. I got on the state and they filed the release 8 years after I had actually paid it. I demanded deletion from the CRAs. The response I got was that they remove it 7 yrs after date of release. It took a threat of lawsuit and a quote from the FCRA (paid tax liens are deleted 7 yrs from date of PAYMENT). It took months to handle this issue.....

Trying to save fellow members from having to deal with it!!! :)++

Link to comment
Share on other sites

"...accounts...gone to judgement...will stay on your credit report for 15 years..."

Judgments may appear on your CR for 7 years from date of filing, whether paid or unpaid. This information can be found in 1681c, Section 605(a)(2) of the FCRA.

Judgements actually can stay for 7 years or until they expire, whichever is longer. However the CRAs software really isn't up to the task of dealing with the states' varying laws on how long judgments are good for before they go dormant. So generally judgments drop off at 7 years.

Link to comment
Share on other sites

Judgements actually can stay for 7 years or until they expire, whichever is longer. However the CRAs software really isn't up to the task of dealing with the states' varying laws on how long judgments are good for before they go dormant. So generally judgments drop off at 7 years.

It's good to know, though, that the CRA software may in fact improve in this regard.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.