Credit Report Question

[npatrick81]

I recently got my credit report and I'm unsure of what to do about something.  I have some damaging accounts on there that are "estimated to be removed by 01/2008"  does that mean it's going to come off my credit report?  And I don't have to do anything?  I watched Suze Orman one night and I heard her tell someone after 7 years charge offs are removed from your report.  Is that true? Should I just let the accounts fall off?  Because if I pay them, they will stay on my report another 7 years, right?  If I just let them fall off without doing anything then they are gone for good.  Is this totally wrong or what?

[Anonymous]

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npatrick81 wrote:

I recently got my credit report and I'm unsure of what to do about something.  I have some damaging accounts on there that are "estimated to be removed by 01/2008"  does that mean it's going to come off my credit report?  And I don't have to do anything?  I watched Suze Orman one night and I heard her tell someone after 7 years charge offs are removed from your report.  Is that true? Should I just let the accounts fall off?  Because if I pay them, they will stay on my report another 7 years, right?  If I just let them fall off without doing anything then they are gone for good.  Is this totally wrong or what?

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I was of the understanding that judgements stay on 7 years from the date of filing (paid or unpaid) and tax liens remain 10 years from date of pay.  I could be wrong, however.  BUT, be advised that some mortgage companies will require that you pay unsatisfied judgements.  There is also the possibility that once a  judgement is in place, they can garnish your wages.  That's not a good thing.