7 year rule : Does bad credit really go away after seven years?



Do you Remember 2011?

In 2011, now 7 years ago, a bunch of crazy things happened. Osama Bin Laden was killed, Prince William married Catherine Middleton, Steve Jobs Died, and Obama released his birth certificate! If you also stopped paying some or all of your debts in 2011, then 2018 is YOUR year. We are talking about foreclosures, short sales, credit card debts, auto loans medical bills, etc, all that will reach it’s statute of limitations for credit reporting under the Fair Credit Reporting act in 2018.

But what exactly is the statue of limitations, and can it be reset? What if the debt collector sells it off to another debt collector? What if you dispute it, can that reset it? The questions and scenearios are limitless and we go deep into the topic of the seven year statute to explain all the nuances of the most misunderstood credit reporting myth!

The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. – take a listen to the minds of two passionate long time credit repair experts.

Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.

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Contact: TheExtraCreditShow@gmail.com

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15 Responses

  1. alonzo caudill says:

    Does unpaid credit card debt really fall off after 7yrs?

  2. Aldo N says:

    Very informative video. By the way that was the year I stopped paying so 2018 everything droped from report, but something interesting happen yesterday, I got a 1099C from IRS of a debt I had with bank of america and they are stating it is for 2019 , can they file a 1099? There is not a statute of limitation for filing that? Thanks

  3. Delovely 1 says:

    I know you all say the statute of limitation is 7 years from last payment made….everything ive read says its the date of the 1st delinquency. Why are your answers different?

  4. Petro Cruz says:

    very informative. thanks guys!

  5. Tracking The Market says:

    If you didnt give up on this show, you would have been at 100k by now..

  6. Ahmed Mallak says:

    Hi i just came up with tht video after 2 yrs i hope u can advise me still.. i have closed 2 credit cards out of 3 after getting deal with those banks but still shows the 3 faild remains the same .. they said will not be removed since it was. Paid as deal and i have to wait 5 yrs .. is there anything i can do to remove this 2 credits to make my scoor better

  7. Felicia Stewart says:

    How soon can you apply for credit again after you paid off a closed account?

  8. J Wells says:

    I am looking for clarification in one area of the 7 year rule. I have a loan that was opened May 2012 (8 yrs, 1mos old) The first late payment was Oct 2013. I then made the account current in July 2014 I had another late payment and once again made it current. The last payment on the account was Aug 2017 and it was closed the same time and paid in full. It is my understanding that Oct 2020 the late payment will fall off or does the entire account drop off my credit report or does it fall off my credit report in Aug 2024?

  9. angrydolphins71 says:

    These guys are wrong. Student loans will not appear on a credit report after 7 years, however, the debt will remain. So, even though the debt will no longer appear on your credit report, you still owe the debt to the Government.

  10. Mining Chamber says:

    I had a 420 with Transunion, 411 with Experian and a 405 FICO score. I also had a repossession, charge offs and negative closed credit card accounts. I was trying to get a new 2018 Chevrolet Cruz Premier Hatchback in Cajun Red at my local Chevrolet dealership but I had a bad credit and needed an urgent help repairing it. My friend who previously was in my situation gave me a contact (4FICOREPAIR@GMAIL.COM, +1 424 328 4306) of 4FICOREPAIR the credit specialist who helped him fix his. I quickly emailed and texted him asking him the process to get started after explaining my situation to him. We got started immediately and after 5 business days he deleted the repossession, charge offs and raised my scores to 788. I have purchased the 2018 Chevrolet and I’m also qualified for everything. You can feel free to contact him for credit repair help because he’s the best of his kind.

  11. FlowerLA says:

    Very informative.. Thank you

  12. James Kindle says:

    I got I got phone Bells how long does it take to get off your credit

  13. MR. PURGANAN says:

    So what if you’ve never made a payment to the creditors begin with?

  14. Andrea G says:

    Thank you guys

  15. Muriel Williams says:

    If I neded your service how do we contact you?

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