credit bureau questions, canada

by orbison11 1 Replies latest jw friends

  • orbison11

    greets all

    i heard that after 7 yrs, anything bad on credit report is removed, even if not filed for bankruptcy,,,

    any ever heard of this? if so, i might be in the red soon woohoo


  • Rod P
    Rod P

    Orbison 11,

    Yes, that is true. It's called the "Statute of Limitations".

    Creditors have up to seven years to sue a person. If they don't by then, they have no further legal recourse.Also, credit reporting agencies must remove anything reported to them by a Creditor that comprises information on you that is more than seven years old.

    Rod P.

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