Negative items are supposed to be wiped off automatically from your credit report after a stipulated time-period. Usually, the negative information can stay on your reports for around 7 years. This rule is applicable for almost any kind of unpaid and delinquent accounts. Only bankruptcies can stay on your reports for a longer time, i.e. for around 10 years. However, individuals often find old debts showing up on their report even after the 7 years threshold is over. In that case, he or she will need to take up own initiative if he or she wants to cleanse off the timeworn financial mistakes from the credit report.
You can proceed in the following way to expunge the old debts and financial mistakes from your credit report:
The credit reporting time limit is defined by the Fair Credit Reporting Act and is often confused with the Statute of Limitations (SOL) on debt. The SOL points out the time limit until which the creditor can sue you for non-payment of debt. Negative information about a delinquent account can stay on your credit report even after the expiry of the SOL.