Old Notations on Accounts.

Another potential problem you may notice on your credit report is information that is old. There is a lot of information available about old debts, accounts, and inquiries that are on your credit report. What should be there and when should it just fade into the past?

While many people would say that you should pay all your debts, it is important to note the legalities of paying debt. If you have a debt that goes unpaid for seven years, and the lender has not made any communication with you over that seven year period, you legally are no longer responsible for the debt. In addition to this, debts can remain on your credit report for up to seven years. After that point, it should fall off your report forgotten, unless the debt is active, such as a credit card account you are still using.