8 year old bad debt

[BarbaraH45]

Had a financial disaster 8 years ago and could not pay credit card debt. Sold our house to pay off what we could, but not all of the debt. When will this be eliminated from our credit report.? Also, if we received a court judgement by one collector within the 4 year limtations, how long will it remain on our credit report? My husband and I are senior citizens and don't have much time left to rebuild our credit.

Appreciate any advise.

Thanks, BarbaraH45

[BrokenCredit.com]

The Fair Credit Reporting Act generally limits the negative reporting to seven years.

Judgments may remain in the public records section of the report for the applicable state of limitations period. Specifically, FCRA 1681c(a)(2) requires the following information to be excluded from consumer reports:

[BarbaraH45]

Thank you for taking the time to reply. I will check further on this.

BarbaraH45

[Hosanna]

Bad debt is usually a product of the debtor going into bankruptcy or where the additional cost of pursuing the debt is more than the amount the creditor could collect. This debt, once considered to be bad, will be written off by the company as an expense.

[brian123]

I think the credit repair company may resolve your matter in which they will clear all your past history along with solid proof and confirm work.Try to avoid do this in future.

[danyelhector]

am really sorry what ever had cause to you,but my concern is go and visit a lawyer and have a word with him,he might give you some idea and solutions.

[topman26]

Very nice post. This will help possible client to get a quality person.