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7 year rule.. what happens?

Established Contributor

7 year rule.. what happens?

There are a couple of items due to fall off my husbands CR next 3-4 months, how does that work? What happens? It just disappears? WIll it cause an increase in score? Can it ever be put back on there? I'm just mind blown sort of that you can owe money but if you wait 7 years, you won't owe it anymore? Sorry for all the questions, but I know nothing about this 7 or 7 year and 180 day rule. 

Message 1 of 5
4 REPLIES
Senior Contributor

Re: 7 year rule.. what happens?

Once it falls off after the CRTP= Credit Reporting Time period it can not be put back on his Credit report. The debt will always be out there and can still tried to be collected on. They just can't relisted after that time period. As far as a score increase depends on what else is on his CR. Also what is util % is at. Hopes this helps...

Message 2 of 5
Frequent Contributor

Re: 7 year rule.. what happens?

Yeah. Seven years is a long time.

Message 3 of 5
Established Contributor

Re: 7 year rule.. what happens?

Right now he has-

National Credit Systems- $2,400 due to fall off May 2013
Afni- verizon home phone $251 due to fall off march or april 2013
Credit Protection Association- bright house cable bill $251 (still within SOL till August 2013)
Midland Funding $843 verizon wireless bill- says no status on CR no info is given, no dates, nothing, but it's from 2007
Drive time reposession $7,400 from 2008

Had a first premier CO from July 2012 for $322 settled for $225 yesterday

We have an auto loan owe around $11,000 paid on time we've had it since January 19, 2012. 

I'm not too fimiliar with util, it only has to do with credit cards right? And only spending 10% of the limit and paying in full every month? So I guess we don't have any util cause we don't have a cc anymore. Hope this may help someone to answer my questions knowing what his CR looks like Smiley Happy

Message 4 of 5
Epic Contributor

Re: 7 year rule.. what happens?


cwwatts1202 wrote:

There are a couple of items due to fall off my husbands CR next 3-4 months, how does that work? What happens? It just disappears? WIll it cause an increase in score? Can it ever be put back on there? I'm just mind blown sort of that you can owe money but if you wait 7 years, you won't owe it anymore? Sorry for all the questions, but I know nothing about this 7 or 7 year and 180 day rule. 


Once the time period has expired for the account to be included on your credit report, it cannot be put back on.  It is 7 years plus 180 days from the DoFD.

 

No, you will ALWAYS owe the money, it just won't be on your CR.  Creditors have a life time to attempt to collect.

Message 5 of 5