bad credit erases in 7 years, but?
Three questions… One: Bad credit erases in 7 years, but that’s only if you completely pay off the debt correct?
Two: If I pay off a debt that has shown on my credit it will eventually show as paid on my credit report, but since that was originally bad credit it will not erase off of my report for 7 years?
Three: If I pay off my debts is there really a legal way to erase the bad credit like I see advertised "We Can Completely Erase Your Bad Credit…"??
1. The accounts will fall off your report 7 years after the date of last activity.
2. No matter the circumstance, the answer to #1 applies.
3. Legally, no. It just can’t be wiped off unless you or your representative can talk with the lender and have them drop the account. As far as someone just having an account erased for you without the say so of the lender, if it was a valid debt, no.
March, 27th 2010 at 12:37 am
1. The accounts will fall off your report 7 years after the date of last activity.
2. No matter the circumstance, the answer to #1 applies.
3. Legally, no. It just can’t be wiped off unless you or your representative can talk with the lender and have them drop the account. As far as someone just having an account erased for you without the say so of the lender, if it was a valid debt, no.
References :
March, 27th 2010 at 1:06 am
Debts will be deleted from your credit report after a period of 7 1/2 years. Whether paid or not.
If you pay off or make any type of payment on a debt, that will reset the time clock on the reporting period. It will restart and stay on report 7 1/2 years from the date you made the payment.
Beware of those offers from companies that say they can remove bad credit
Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of your score, sometimes by removing accurate information that will reappear later.
Hope this answers your question
References :