How long does a collection stay on a persons credit report?
Question by Alli: How long does a collection stay on a persons credit report?
My fiance and I got in a little disagreement a little while ago about how long collections stay on a credit report.
He says that after 7 years they will be removed from a persons credit report – whether they are paid or not.
I disagree with that. Why would collection agencies just “give up” trying to collect money from a person and take it off a persons credit report. It doesn’t make sense to me. If collection agencies just stopped trying to collect from a person after 7 years wouldn’t a lot of people not pay their bills because it will just go away after 7 years?
Can someone clarify this for me? Thanks!
Just because it is not on your credit report does not mean the debit has gone away. It means for most practical debits, they have been charged off as bad debits and taken off the lenders taxes; but that does not mean they won’t still collect.
Some collections stay a lot longer. IRS liens, state tax and owner’s association dues can stay or be renewed in some states for up to 20 or 30 years.
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