I have a old (6 years) creditor who used a "installment sales contract" when providing credit. The missed payments are doing significant damage to my credit. Due to the nature of the credit, will this fall off my report after the debt becomes 7 years old? Is there any truth to that? Or should I pursue a different route?
Under the Fair Credit Reporting Act, credit bureaus are not allowed to report activity that is more than 7 years old.
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Unfortunately you don't have a lot of options. You are correct that the late payments will fall off your credit report after 7 years.
I think the prior answers may ignore the fact that the negative information will fall off seven years after the LAST payment was due. Hope this perspective helps.
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