Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Editor’s note: This is a transcript of the audio file.
What do debt and milk have in common? An expiration date. I’m Kristin Arnold with your Bankrate.com Personal Finance Minute.
All states have time limits on debt; however, some consumer mistakes can restart the clock. If you don’t want to feel the bite of zombie debt, there are tips you need to heed.
There are two debt clocks. The first clock is a statute of limitations on collections. Typically, it’s three to six years.
The second clock is the length of time a debt can stay on your credit report, and as a result, affects your credit score. This clock runs for seven years.
Seven years after the original default date all mentions of a debt — no matter who has bought the debt or when — have to come off your credit report. However, all consumers need to do to reset the debt is to acknowledge the debt is yours.
If you’re unsure if the debt is actually yours – you have the right to ask questions and the right to have debt collectors stop contacting you – whether the debt is yours or not. Put the no-contact request in writing.
If you offer to pay a “little something” on the debt….be wary that a partial payment can put you back on the hook. To learn more, visit Bankrate.com. I’m Kristin Arnold.
Share