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Posted in Auto Loans
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Jake0112

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Old Credit Debt
I have a loan on my credit report from October of 2007 I thought debt could only stay on a credit report for 7 years? It says it was refinanced and open for collection?

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Federal loans of any type are exempt from the seven year rule. If it was not any type of federal loan and it is in negative standing, contact the credit bureaus and ask them to remove it as long as it has been seven years since the loan went into default. Transunion, Equifax and Experian all have websites with contact info.

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