 |
Why Late Payments Haunt You For 7 Years |
|
|
Submitted by Jennifer Bander
| RSS Feed
| Add Comment
| Bookmark Me!
Did you ever wonder why a negative item has to stay on your credit report for 7 years? This question has been circulated for many years, and no one was able to give an answer other than what is stated in the Fair Credit Reporting Act (FCRA). I always wondered what the answer was myself, but was never satisfied just knowing that someone just decided to use the magic number 7.
Well, upon research I think I found out why creditors, banks and other companies you do business with keep an item an your credit report for 7 years. Taken from the bible:
[ The Year for Canceling Debts ] At the end of every seven years you must cancel debts.
Deuteronomy 15:1
(This law was put into effect to help the poor) This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the Lord’s time for canceling debts has been proclaimed.
Deuteronomy 15:2
In the year of our forefathers, company principles were based on biblical principles. The lobbies of all government buildings and commercial building have either a biblical symbol of biblical quotes throughout the buildings.
The Bible specifically states that people are expected to pay their debts. Religion has played an important role in the history of the United States. Many of the original immigrants that arrived in America came searching for religious freedom and many of the immigrants today come to America for the very same reason.
The Declaration of Independence states that certain unalienable human rights originate from God. The First Amendment protects the freedom of religious expression for every American and established the separation of church and state. Since the founding of America, religious institutions have been at the forefront of many political movements. Religious groups fashioned and sustained movements to promote women's rights, the abolition of slavery, prison reform, protections for workers, alcohol prohibition, civil rights, and international peace. However today we see many people fighting against the views and laws put in place by our forefathers that founded this great nation.
So the next time a creditor tells you that a late payment has to remain on your credit report for 7 years, you will know how they arrived at that number.
|
|
|
|
|
LinkedIn Recommendation:
 Sean Nelson - We improve your conversions by at least 20% or you pay nothing for our work. - Teo is on the cutting edge of the social media scene. I've had the opportunity to share the stage with him at a forum on Social Media and to also follow his progress with the Net Teams site. Not many people get the whole picture when it comes to social media. He does and he's helping rewrite how social media interacts with chambers of commerce. - May 15, 2008, Sean was with another company when working with Teo at Net-Teams, Inc. |
|
Featured [Church] Articles:
|
|
