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What happens with Delinquent Accounts on my credit report?

How to get default credit card debt off my credit report and raise my credit score after 7 years?

  • I have 5 default credit card accounts on my credit report for many years. I heard from some people told me that the credit automatically goes away after 7 years or more while some people said there is a process that I have to go through before the debt goes away. Either way my credit score goes down dramatically when default accounts get removed from my credit report. I want to know how does this process works and if it is true that it can happen and what happens to my credit scores afterwards. Please help. Thanks.

  • Answer:

    They are supposed to automatically drop off after 7 years. Your credit score should then go up to a better number. The debt drops off but I'm not sure if you could say it goes away in the sense that they might still try to collect the money. They sell these accounts to other companies even years lAter. But they will be off your report in seven years-- you don't have to do anything.

kandylan... at Yahoo! Answers Visit the source

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A debt is no longer enforceable, in the UK, 6 years after your last admission of liability. So if someone rings you up and says 'you know that 3000 pound you owe on xyz card' and you say 'yes, but you're not getting the money'. The 6 years start again because you admitted the debt. Some companies specialise in 'buying' the debt off the original lender and if you admit to them you owe it, your 6 years starts again. Even after the 6 years the debt doesn't go away. you still owe the money but as you cannot be forced by a court to pay it back they don't keep records much longer than that on your credit history. remember it is a credit history, so it is a statement of fact, there is actually no such thing as a credit 'score'. each lender uses lots of things, including your credit history, to decide whether they are going to lend you money. not having credit on your history can be as bad for you as poor history, because they have nothing to prove you are a good risk. So once they are cleared make sure you have something on there that you have kept up to date

alatoruk

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