When does old, bad credit drop off??????

[Anonymous]

I was told by a loan officer that old credit will stay on your report until it is completly paid, and that the 7-10 years for drop off does not happen anymore.  Not sure if there is any truth to this because when I explained to her that I checked annualcreditreport.com and that they actually tell you when the old stuff will fall off it left a blank look on her face.  Is there any truth to this, has a law been passed that keeps old bad credit on reports that are unpaid?

[MarineVietVet]

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@Anonymous wrote:

I was told by a loan officer that old credit will stay on your report until it is completly paid, and that the 7-10 years for drop off does not happen anymore.  Not sure if there is any truth to this because when I explained to her that I checked annualcreditreport.com and that they actually tell you when the old stuff will fall off it left a blank look on her face.  Is there any truth to this, has a law been passed that keeps old bad credit on reports that are unpaid?

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I would quickly as possible run away from this LO. Rarely is such ignorance and incompetence shown.

The CRTP (Credit Reporting Time Period) is set by federal law and has not been changed.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[laz98]

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@MarineVietVet wrote:

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@Anonymous wrote:

I was told by a loan officer that old credit will stay on your report until it is completly paid, and that the 7-10 years for drop off does not happen anymore.  Not sure if there is any truth to this because when I explained to her that I checked annualcreditreport.com and that they actually tell you when the old stuff will fall off it left a blank look on her face.  Is there any truth to this, has a law been passed that keeps old bad credit on reports that are unpaid?

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I would quickly as possible run away from this LO. Rarely is such ignorance and incompetence shown.

The CRTP (Credit Reporting Time Period) is set by federal law and has not been changed.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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ROFLMAO!!!  That is so true!  OP, run away, run away!!!

[scrubs]

lo does not know what is talking about. bad and charge off debt can stay on your cr up to 7 to 7.5 yrs from the date dofd and they can sue you in court, up tp sol and each state is different so check on your state.

still unpaid debt is forever and is sold to different companies for pennies on the dollars and is mult billion dollars industry. and theses companies will try to get you too pay they will lied any which way they can. debt that is pass the sol or 7 year mark is call zombie debt.

[RobertEG]

Point Mr. LO to FCRA 605(a). 

Monthly delinquecies reported by an OC drop, under FCRA 605(a)(5),  after 7 years from their date of reporting.  Status of the debt, paid or unpaid, is meaningless as to its CR drop off date.

Posting of either a charge off by the OC or a CA by a debt collector both drop, under FCRA 605(c), after 180-days plus 7 years from the DOFD on the OC account,

Again, status of the debt is irrelevant to their CR drop off dates.

The only reporting that is pegged to date of payment of a debt are tax liens.  FCRA 605(a)(3).