Debts off your credit report after 7 years?

[Adrienne M]

Is it true that after 7 years your debts get wiped off your credit report? I've heard, but not sure if it was correctly, that if you've had a debt for 7 years, it automatically gets wiped off of your credit report, and your credit score returns to normal. Please let me know if that's true or false.

[Zero1]

Yes, but often you have to initiate the effort to clean up your credit report. No one else, unless you're paying them, is going to do that out of the goodness of their heart.

[sakicfriend]

I'm a CPA, and I've seen a couple things that bend the general rule.

Some places like the Federal Student Loan program, will re-classify an older school loan, ending in "A", and call it "B". Not only has the older debt been renewed another 7 years, it now includes interest and penalty.

I also had a client that had many smaller medical bills on her report. I urged her to pay them, some through a collection agency... Wouldn't you know it - another collection agency smelled blood in the water, and tried to collect money owed on a furniture loan - that was older than 7 years and not even on the Equifax report!

Long story short, pay what you can, esp. if a small amount merits its own row or listing. The only sure way to make stuff go away is by paying, not waiting for creditors to give up!