Does It Really Disappear After 7 Years!?
I unfortunatly have bad credit, nothing on it is more than $2,000, Ive been told that by not paying or inquiring that it will just go away after 7 years, I dont quite believe it but I did notice on my credit report that items would be removed on a certain date, is this true? I regret that I was very foolish and disregarded my credit, and am now trying to repair it, I would like to get involved with REI but have bad credit getting in my way,
Thank you
Susan in MI 
Just repay what you owe. That would be the best thing.
Ron, that reminds me of a scripture in the Bible: a destitute person asks a Pharisee for help and the Pharisee, rather than actually helping, says "Go your way, be warmed and filled."
I agree with Ron,
Pay your debts, or arrange a payment plan that will allow you to pay them. I went through a divorce and had serious debts and two kids living with me. I contacted all my creditors and told them what was happening and that I would pay them on the "following schedule" a certain amount per month. They all accepted. I know have a credit score of 779-799.
Also, don't believe the 7 year rule, I am looking at mine and it goes back 14 on what is reported to TRW.
[addsig]
YokieDokie,
This is help. I can't imagine a good scriptural passage that says, "Ignore your debt, you'll get away with it."
How does one develop trust, and a sound character without owning up to one's responsibility. If one is planning on REI, my belief is that one ought work on character as much as a credit report. If not, you'll be worse off for it. I am not trying to be mean, but helpful.
Ron
if you get in the habit of waiting till items charge off your gonna be waiting around for things to come your way. just start making payments n be done with it.
susangrms,
If you are trying to repair your credit, why even consider walking away from the debt. Face it head on and try to work with your creditors. I have been in the "collection" industry for many years and can tell you from experience that most people that walk away from their responsibility from paying a debt today will do it again tomorrow. You will only be in a worse situation 7 years from now. With some hard work you can clear your credit up in much less time than you think.
Repoman
[ Edited by RepoMan on Date 08/15/2003 ]
When a debt is still in collection, the 7 year rule does not apply, because it is still a current debt. The 7 year rule applies if you pay it off, and then request the 3 credit bureaus to remove the information. If it is not an active collection/ account, by law they HAVE to remove it.
What the other posts have said is correct. Pay your bill and get on with your life...
If you make a payment, it starts the time over again (bringing the account to the attention of the company). I agree that you need to pay your bills, but if you can't and want to improve your credit too...don't make a payment, pay each off or dispute the report and try to get it off your credit report...
Just my .02
Dustin
It will not disappear unless you pay it off. You just got to pay it. Then the bad credit will disappear from your credit report 7 years from the date you pay that off.
I forget to tell you another thing. You can always settle to pay with the amont less that you owe. A lot of creditors will settle with 60 to 70%.
If your personality dictates that you walk away from your obligations and short change your creditors, people who loaned you money in good faith, then you probably should not enter REI.
Unless, of course, you like PRISON!
Buck up and face your responsibilities. When you grow up, come back.
This may sound harsh and I may very well be judging you prematurely, but I used to be the same kind of person that didn't want to pay his bills and I wish that someone would have kicked my butt and told me how it was. I had to learn the hard way.
The bible says (I'm paraphrasing) that if a man owes a debt and comes to the alter of God, he should go and pay that debt and then come back to the alter.
I truly hope this helps.
My prayers for you.
Ronnie
Thank you all for the advise, I have been dealing with all the creditors that I owe, and so far so good, turns out I had alot of duplicate items that were removed, and I was able to offer payoff amounts some as little as 50% and got them. Typically how long does it take to update my file, or is there even a time frame?
Thanks again
Susan
Your creditors will tell you that they will update your credit reports when you pay off your debts. Do not believe them. You have to have them fax and mail you a letter stating that the particular debts were paid off. The letter has to have a signature on the bottom. Then you can fax the letter to Equifax, TransUnion, and Experian. I am talking to you based on my experiences with my credit and my customers (I am in mortgage business) I still have the letters that I got from my creditors four years ago. I intend to keep them until the accounts disppear from my credit reports.
Hey, Susan;
GOOD FOR YOU!
CONGRATULATIONS!
I am very excited for you. You know, a person who can face their problems, who can take action instead of inaction is a person who has a real future. You are to be commended. Good luck.
Praise God that you got the advice you needed.
If there's anything I can do for you, let me know.
Ronnie
p.s. During the hard times, it always helped me to remember, 'What doesn't kill you makes you stronger.'
Forget those things that are behind you and look forward towards the mark now. Whats important now is what you do in the next few months and years. Slacking on payments or what have you. Its time for that do die.
I completely understand I'm going through the same thing too. It sound as if you may know the Lord.
By being faithful to God in tithe, offerings and paying your bills when you are supposed to. Through your obedience and faith God will open the flood gates of heaven for you.
Seek first the Kindom of God and his righteousness and all these other things will be added. Committ your ways to the Lord and He will give you the desires of your heart. Go head and praise Him.
you can also negotiate with collection agencies that upon payment they will remove the account from your credit report as it never existed. They will usually do it if its a collection agency. Credit card companies/ banks, for the most part wont.