Credit question. 10 points for best answer?

My friend had a 10k debt about 9 years ago and never paid off. How can she get it off her record? Will it clear after 10 years? Because until today she receives letters from banks asking for the money. Thank you for your answer!

Derogatory items stay on the credit file for 7-1/2 years from the date of first deficiency. This is governed by the FTC and nothing can re-start this clock.

If it has been more than 7-12 years since she last paid, should dispute the item with the credit bureaus as being beyond the reporting period.

Depending on the type of loan and what state, the Statute of Limitations (SOL), the timeframe to bring lawsuit, may have also passed. Check your state: http://www.fair-debt-collection.com/SOL-...

If it's beyond the SOL as well, your friend could just send the collector a cease and desist all contact letter. They have to stop contacting. But will probably just sell the debt to another zombie debt collection.

She has to pay it or talk with the bank and negotiate it down.
Then, she has to learn to be more responsible.

The Statue of Limitations for negative notes on your credit report is 7 years, so by law nothing older than that can be listed by a credit bureau.

There is also a statute of limitations, which varies by state, as to how long an agency can legally collect a balance, no more than 7 years.

There is no statute for how long they can TRY to collect with phone calls, letters, etc., but they cannot do anything else.

Have your friend send a written letter to them asking them to cease and desist any further communication and they cannot, by law, write or call again regarding the balance.

i think if she pays all that money they will take it off her record if she pays a little bit more but they may want a warrant for her arrest for what she has done