Is it true that bad credit report remarks never fall off your credit report and that it is a myth?

I posted a question earlier asking about the similar topic. I had someone write that if you never PAYOFF YOUR DEPT TO CREDITORS IT WILL NEVER FALL OFF YOUR CREDIT REPORT and they will keep reporting it as negative. If that is true that means saying the report will fall off 7yrs after is false. Why is the Fair Credit Act have that disclosure about the 7yr policy, doesn't make any sense. I thought regardless if anything is paid off or not everything by law will be removed from your credit report upon completion of the 7yr mark. Anyone know anything?

Responses:

Negative items on a credit report except bankruptcy are removed from your credit report after 7 years. A bankruptcy is listed on credit reports for 10 years. Some collection agencies have dirty tricks they use to try to keep old items listed as newer, but these tactics are illegal, and another reason why you should check your credit reports
Collections and judgements stay on 7 years and bankruptcy's stay on 10 years. This is the way it works regardless of rather the debt has been paid or not. Whoever told you otherwise is misinformed
that totally depends on the reason for the bad mark. A bankruptcy will take 7 years to be discharged. A 30, 60, 90 day late payment may last up to 4 years. If a jusgement has takenplace store takes you to court, repo on car can run a lengthy time as well. You best bet - if you admit to paying a bill late and are marked for it - once the matter is brought current - contact the "lender" and ask for a letter stateing the matter is resolved and all accounts are current, paid off, etc. Have with you in the time of application for mortage, college loan, car loan etc. Do not volunteer the ifno of late / bad marking - but have the letter with you - and if / when it is brought to your attention - you will then have the letter to show proof of update
Bad credit is one of the worst problems to have. however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : umgarticles. atspace.com / debt - consolidation.htm if it helps kindly remember me in your voting!. cheers!
If you have delinquencies, they will stay on for 7 yrs. Sometimes, they may stay on longer depending on circumstances that may cause an extension. It's hard to explain in a short paragraph however. My best advice is to pay off any debt that you owe asap, so that it will show debts as PAID, even though they caused a mark on your credit. A paid debt is better than an unpaid debt. There is a new loan concept, people to people lending. I am a group leader for prospective borrowers. You can learn more here: prosper.com / public / groups / group_home. aspx?group_short_name=ImProveYourself
I had a few debts in my past that I stopped making payments on. They fell off of my credit report after 7 years

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