Why do unpaid loans take seven years to expire from your credit report? Good question. Industry experts don’t know how the period came to be embedded in the Fair Credit Reporting Act. Even one of the authors of the 1970 law isn’t sure.
Medical debts are wounding consumers with unfair black marks on their credit reports, consumer advocates told Congress this week. Complex medical bills, aggressive debt collectors and error-prone credit reports are a toxic combination for consumers’ financial well-being, critics say.