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Most are, but (from what I understand) there are ways items can stay on for longer. For example, if your account is sold or resold to a collection agency, I bel
by callmeed 13y ago
Most are, but (from what I understand) there are ways items can stay on for longer. For example, if your account is sold or resold to a collection agency, I believe the clock resets under the new creditor.
- ams6110 13y agoThis is what bankruptcy is for. If you really get underwater you file bankruptcy, your debts are discharged by the court, you pay cash for seven years, and start over. Just informally leaving unpaid debts outstanding is not a good idea.
- pc86 13y agoThis is not accurate. The clock only "resets" if you take action on it. It can be resold every 6 months and unless you contact a creditor about the debt, nothing changes. For small debts in the 4-6 year range it's usually fine to let them just fall off your report (although there's certainly a moral ambiguity there). Larger debts will almost always be litigated well before the 7-year mark, and entering into litigation does reset that clock.