Is it true that after 7 years your negative credit is erased?

Does it just go away automatically, or do you have to call the credit bureaus to have them erased? Is everything clean slate?Is it true that after 7 years your negative credit is erased?
No.. Your credit is never ';erased '; Now, things can start to drop off the report after so many years, typically around 7 years, but sometimes it may take 10 years to actually drop of the report. Bankruptcies remain on your report for a full 10 years. Also, if a company sells your debt to another company (collection), it can show up another 7-10 years for the new company.


Your credit score is based on your past credit history. So even if those bad things drop off after years 7-10, your score will still show that there was once some negative activity on there. As you establish new credit lines and keep them current the score will gradually increase.





Hope that helps.Is it true that after 7 years your negative credit is erased?
The answer to your question is not as easy or as complex as some people make it out to be. The State where you you live, the policies and practices of original creditors and your own behavior make this answer vary.





In my opinion the 7 years is from the date of last activity on the account not necessarily your last payment. This can be affected by many things: Did the creditor sell the outstanding balance to a third party. Is there a judgment?





Also what are the actual practices of the credit bureaus? I am not an attorney but I believe that bankruptcies can actually stay on your credit report longer than 7 years from the file date.





In any event you need a qualified person to answer your question. I hope the following web sites are helpful.
Unpaid bills NEVER fall off your record. When you have a bill sent to collections, paid bills fall off your record after certain periods of time. Bankrupts will fall off after seven to ten years depending upon how many you have files and what state you are living in. Paid bills usually fall off your record around three years. Late payments on revolving credit lines which are kept open will always show up on your credit report. If you circumstances which stopped you from being timely with credit card payments, I suggest you pay them off and close them. After three years they will no longer show on your credit. Conversely though, any timely payments will no longer show either. You would have to decide which is the best scenario, and a lay person would have difficulty knowing how many late payments verses how many timely payments should affect your decision of keeping or closing the account. I suggest you consult with a credit professional. Not a credit counseling cooperation but an actual credit professional.





Mortgages never fall off credit, unless you had so many late payments or foreclosure and you request it be taken off after so many years. again, I suggest you educate yourself separate from Yahoo! Answers and/or consult a professional.





Good luck with your credit.





p.s. Don't be taken in by those sites listed above. If it sounds too good to be true it is. Listen to your gut and don't get taken by these internet scams. Look up a professional in the phone book and if they tell you they have a website all well and good, but just check with the better business buraeu before giving anybody money.
Bad credit never goes away. Ever.
Man! So many crappy answers! After posting dozens of messages here you would think they had read just ONE of them!





Yes, your credit will get erased. By law (see the links below for the Fair Credit Reporting Act), credit reporting agencies can only report items for 7 years, beginning on the date of the delinquency. After that it must be removed.





They will do this automatically. If you were to look at your credit report, it even states very clearly that it's scheduled to be removed at a certain date.





Now, the bad news (sort of). Just because it's removed from your credit report doesn't mean the debt itself goes away.





Every state has a Statute of Limitation law (see the link below). After that time, you longer have a legal obligation to pay the debt. That means that the creditor can not sue you in court. The can, however, continue to try and collect it, but they just can't sue you. The only way left to them is to harrass you into paying.





Read the links below, it explains it all.





If any of you collection agents reading this plan to dispute this, please supply a source for your information and quit Emailing me! I'm sorry if I'm spilling all of your secrets here!
Not everything can be erased. Some things like car repossessions or bankruptcy can be eligible for removal after a certain number of years. But, you need to write the credit reporting companies (all of them) and instruct them to remove the negative info. The websites for each of these credit reporting agencies can give you more info. about time frames for trying to remove negative or incorrect credit info., forms requesting removal, etc.
Bad credit does go away after a set amount of time.


Every state has their own time frame of statutes of limitations.





Do a search online and you can find a bunch of free information that will help.





Most is 7 years, some items are 10 years and all time frames are renewable if you admit to the debt or make an offer to repay or settle.





If it doesn't just dissappear from your credit, you can send the credit bureaus a request to remove it after the statute of limitations expire.





If the bill collectors call, deny everything and make no addmittance to the fact that you owe the money.





It will be a rough 7 years, but time heals all wounds.





IRS is a different story all together.
Your credit never gets erased.


Unless you do a bankruptcy.


Which you can only do one time in your life.


But then you have a bankruptcy mark on your credit for about 7 years, which makes it hard to finnance anything. (Car, Motorcycle ect...ect...) After it may be considered a ';clean slate';.
i think thats just with bankruptcies
Late payments stop negatively affecting your credit after 2 years. I'm not sure about bankruptcies or foreclosures.
it takes seven years for a negative thing, say like a 90 day late note on your credit report, to drop off. My husband has a stupid 90 day late on a card he got when he was younger that will finally come off next year. But, yea. it takes a long time.....
If you file bankruptcy, everything is cleared in 7 years.
Wow, why do people answer questions when they have no idea. Anyway, the last answerer, and a couple of the others toward the end are basically right. Just wanted to confirm that for you in the midst of all the wrong answers out there first.
Never a 'clean slate'. After a certain amount of time (10 years?)some may drop off, though. Good luck with that. Keep your credit good. It is hard to fix once it is ruined. Best time to start is now, and it's never too late.
Your negative credit is erased with bankrupty, as a reminder you should check your credit report with the credit bureaus every year for accurate information, making sure there are no mistakes, there are three major credit reporting bureaus to check with, sometimes it takes time to correct a error on your credit report. I would suggest consumer credit counseling, which can point you in the right diredtion. Having a foreclosure on your credit report is the most negative credit, one should do all you can to avoid a foreclosure.