I met last night with a newly married couple. They were really neat and quite entertaining. I thought the gentleman said it best when he said, "Your credit report is like your permanent record". I'd never heard it referred to that way, but I think he put it best! I have had the following happen to clients:

• They had collections that were almost seven years old. Rather than fall off, the creditor sold the debt to a new collection company, and the seven years started all over again!
• A client had a judgment that was almost ten years old. She thought it would "fall" off her credit report. Because she was of means and able to pay, she got re-sued, and the debt started all over again- she agreed to a Consent Judgment in order to get reasonable terms.

The moral of the story- don't assume a bad debt will ever go away unless you truly pay it off or settle it!