Sunday, November 22nd, 2009

When does 7yr bad debt clock start ticking?

debt clock
Andre Y asked:


If you have a charged off account on your credit report, when does the 7 year clock start? Does the item go away after the 7 years for unpaid charge offs? Can it reappear?

This entry was posted on Sunday, November 22nd, 2009 at 12:00 am and is filed under debt clock. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “When does 7yr bad debt clock start ticking?”

peilthetraveler Says:
November 24th, 2009 at 2:18 pm

if its unpaid, it can go forever. If its a BK chargeoff, then it comes off exactly after 10 years.

SPIFIMAN1 Says:
November 26th, 2009 at 4:32 am

Per the Fair Credit Reporting Act derogatory accounts show for 7-years from the date of first delinquency period.

Which works out to 7-years and 180-days.

After this time has passed it is not legal for these accounts to show on your credit report.

cssinclair Says:
November 28th, 2009 at 10:49 pm

It can reappear but when the debts get sold to collectors they often give it a new loan number the put it back on your credit report thus looking like a new account. Lets say 10 years from now you go to get a mortgage and here is an old debt still haunting you they only way to get the loan is to pay off the old debt. I’ve done loans for ten years and see it all the time.

It best to just save some money and pay it off. Save any proof of payment

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