bad credit stays on ur credit for seven(7) years, what happens after??

After seven- seven 1/2 years,they all get dropped of your reports per federal law.

I recently got a copy of my credit report. I have several things that were 7 years old in 2008 and the first month of 2009. Instead of dropping off, the credit went back in and reported during that last month. Now it remains on my credit report. How do you fight that? It has not been reported for almost 7 years and then would have dropped off in October. Suddenly, they reported again in October 2008. So, now am I stuck for another 7 years??

I hope you did not communicate with any of th creditors prior to this happening, if you did they can sell your account again and start the process over so dont talk to them and they will fall off. it usually takes 1-5 mos after the drop-off date to come off. check the company names holding the accounts to see if they are different. I had a defaulted car loan that after 3 yrs I gavein to a collection call for $100 a month, and I stopped paying after 4 payments because the thought of paying for a vehicle I no longer had(ploice tow), I stopped. Well, 3 mos later my credit report showed a different company holding my account and the drop-off date was started over. It took from 9+ yrs not 7 for this to come off, even after I paid in full as a requirement to qualify for my mortgage. If these situations don't apply then I would talk to a speciallizing lawyer.

It is from an old T-Mobile account. It is from 2002. It is due to drop off later this year. I had not heard anything about it for quite awhile. Suddenly, I get this notice from a collection agency for this bill that is almost 7 years old?? I have not called them to discuss it.

Let me expand on this question. Bad accounts fall off 7-7.5 years from date of first major delinquency. Disputing,verifying,or paying does not reset this reporting period. Barring a rule 5000 reage nothing resets the reporting period. A rule 5000 reage is done by a original creditor with a work out plan between consumer & them to catch up account. Please do realize that paying on a old debt may reset statute of limitations for civil action.This is controlled by your state laws. Positive accounts are flagged for removal after ten years but some stay and a old account that is positive actually helps you out a lot with average age of your reported accounts. All I speak of is covered in The Fair Credit Reporting Act.

I had a job and lost it 5 years ago. I owed roughly 15,000.
I have not paid since 2005. I went back to work making 3300.00 to sometimes 5500.00 a month for the past nine mo nths. I need to get my credit situation handled what happens after 7 years or more. What happens if I just make no more than 3500.00 a month can I do a clean BK???
What do I do? I have talked to them but I can never get them to settle. PLease Help.

1 - after 7 1/2 years, the item will be dropped from your credit report...if it still remains, dispute it with the reporting agency...they will remove it.

2 - altho technically you still owe the debt, the statute of limitations will bar the creditor/collector from being able to collect or sue you. check your states SOL for the time period.

3 - who are you trying to settle with? the oc or a ca? perhaps if you let us know who u r dealing with, we can assist you better.

4 - for $15,000, BK would not be my first option. Since u r already 1/2 way to the 7 year point where it will drop off, if you file for BK, it will remain for up to 10 years from NOW!!