What kind of debt can be erased off your credit history?
January 20th, 2009 by friends
I have a loan that, unfortunately cannot pay so I've decided to wait this out. But I want to know if I can wait this debt out for the 7 years. I just am not sure cause it has interest and I dont want to go waiting hoping it goes away when its actually growing. Will this debt be erased or not?
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.fateback.com
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It really depends on what kind of loan it is. All debt is debt. To have it "go away" you would have to declare bankruptcy. The only type of loan that will not disappear no matter what you do (including bankruptcy) are student loans. If that is the case, you are stuck. The only thing you could hope to do in that situation is get a private loan or pay off the loan with credit cards to clear the debt from the loan and then declare bankruptcy.
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all personal and private debt can be erased,except taxes,child support,student loans, or anything to do with any government
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years of experience
Derogatory items age off your credit report 7-1/2 years from the date of first deficiency. Nothing restarts this clock. But just because the debt has aged off your credit report does not mean you no longer owe the debt.
The Statute of Limitations (SOL), the timeframe to bring lawsuit, varies from state to state and type of debt. Check her for your state: http://www.bcsalliance.com/sta....._debt.html. Typically the SOL starts from the last activity or last payment. Payment restarts the SOL.
And even if the debt is beyond the reporting period and SOL, collection agencies can still try to collect the debt. They just can't report the debt to the credit bureaus and would lose in court if you used the SOL as an affirmative defense. The debt never really gets erased.
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Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.fateback.com
References :