I'm pretty sure it's 7 years. After that they're suspose to remove the information. They don't really care though. You need to call and have it removed. Sometimes you need to really hassel them.

If you have old debt, some buyers of that old debt are fraudlently trying to make it look like new debt by filing it with credit agencies--fight it. It's all about statue of limitations.

Oh, I've noticed some of you are very protective of our credit system. I've always felt most credit cards are very unfair. No real control over your rate of interest has alwalys bothered me.

While, I'm on a rant. The Credit Agencies need some competition? It would be a great start up? A credit agency that actually looks at an individuals ability to pay back a loan.

It shouldn't be a crime to pay off your bills without using a credit card. Oh yes, they claim to look at utility bills, etc, but in order to get the really good credit terms they want to see you used high interest credit cards through out your life.

I'll never forget the look on my fathers face when he was refused a credit card, because he never saw the need to use credit until he was in his 60's. This was after paying off a morgage.

> A credit agency that actually looks at an individuals ability to pay back a loan.

The problem with that is that just because someone is able to pay back a loan doesn't mean they will.

I had a roommate in college that financially was able to pay off a credit card, but was just so irresponsible that he ignored it.

Most are, but (from what I understand) there are ways items can stay on for longer. For example, if your account is sold or resold to a collection agency, I believe the clock resets under the new creditor.

This is not accurate. The clock only "resets" if you take action on it. It can be resold every 6 months and unless you contact a creditor about the debt, nothing changes.

For small debts in the 4-6 year range it's usually fine to let them just fall off your report (although there's certainly a moral ambiguity there). Larger debts will almost always be litigated well before the 7-year mark, and entering into litigation does reset that clock.

This is what bankruptcy is for. If you really get underwater you file bankruptcy, your debts are discharged by the court, you pay cash for seven years, and start over. Just informally leaving unpaid debts outstanding is not a good idea.