Is it true that bad credit report remarks never fall off your credit report and that it is a myth?

If that is true that means saying the report will fall off 7yrs after is false. Why is the Fair Credit Act have that disclosure about the 7yr policy, doesn't make any sense. I thought regardless if anything is paid off or not everything by law will be removed from your credit report upon completion of the 7yr mark. Anyone know anything?




Is it true that bad credit report remarks never fall off your credit report and that it is a myth?
that totally depends on the reason for the bad mark. A bankruptcy will take 7 years to be discharged. A 30,60,90 day late payment may last up to 4 years. If a jusgement has takenplace (store takes you to court, repo on car) can run a lengthy time as well. You best bet- if you admit to paying a bill late and are marked for it- once the matter is brought current-contact the "lender" and ask for a letter stateing the matter is resolved and all accounts are current, paid off, etc. Have with you in the time of application for mortage,college loan, car loan etc. Do not volunteer the ifno of late/bad marking- but have the letter with you- and if/when it is brought to your attention- you will then have the letter to show proof of update.





Also you can find some advice here...





http://creditreport.fateback.com





Good luck.



Reply:bad credit that has resolved= you paid it off, should fall off after 7 years. negative marks on your credit due to not paying a bill you received 8 years ago may still be on there. however, due to the statute of limitations which varies by state, you are no longer responsible for the debt. because companies of course want to collect on whatever they can, it is sometimes your own responsibility to contact the collection agencies and have debt that has passed the state of limitations removed.