credit ratings.. and reports..

Hi Sissygrl, I was in the credit industry in the UK so I can only speak for how it was there but a debt will be automatically wiped out after six years, but they do have those six years to set the debt collectors on you. One credit lender will advise any other credit lender who they jointly share information with of your dismal credit record. Never try to open too many credit sources at once as it will flag you up as suspicious. If you try and go for credit again only put on the card what you can pay off otherwise you just make yourself liable for interest, added charges for late payments etc. As standard once your debt is two months old every credit source has the right to list you as in default and this is shared information. I'm sure the principles must be standard everywhere. Hope that helped.

As far as I know - and this is from looking @ my credit report - all the negative stuff falls off about 7 years after you made your last payment to the company. So the actual visa account should drop off for you soon. however, if that account was sold and never paid on, once it was sold that collections account will also stay on your record for 7 years.

I had heard status limit of 7 years for them to be able to be "confiscated" from you, but they never have to be taken off unless you request them to be removed. And even then it it so the credit unions descression or soemthing like that. Maybe the 7 years is the key... I dont know. I have not had any like that before, but do have some large medical bills (my insurance didn't cover much and they told me that they would not allow this major southern california hospital to be signatory with them as the hospital price gouges patients and they won't put up with that. But the law says after 4 years if you have not been contected or served with judgement or anything, that altho it doesn't relinquish you from the responsibility.. if you are taken to court, you can use that as your "defense" and the judges often rule in your favor saying to the hospital (something like) "if you haven't bothered to contact them in 4 years, you must not have wnated your money to bad" and the judge often does rule in your favor.

yes, i had to clean up my credit back when i refinanced and at that time i just had to disolve a few things by offering them a payout of less and they all removed it from my credit report even tho i'd owed 5 hundred and some dollars to one place for 3 yrs. i even got them to settle for around 2 hundred. so, im pretty sure it will work for you.

Hey Sissy! I have sort of the same problem, except it's been way over 6 years and the interest has more than doubled the whole amount of the original debt! I am sure that my credit will be ruined forever! Even if I was able to pay part of the debt my credit rating would never go back to a good rating! I don't believe that some of these credit agencies are fair when it comes to working out terms of settlement! How do they expect you to pay a settlement if they have more than doubled the original debt? I have been disabled and explained that and by law they were not allowed to continue to add fees to the debt, but they did and now they still insist that I owe the amount that they have decided is owed to them. So at this rate nothing is ever going to be settled and my credit will always be a disaster!