Negative items like late payments and collections will stay on your credit report forever if you never pay them. True or false?

The Fair Credit Reporting Act sets a maximum reporting period for most negative items of seven years from the original date of delinquency. This countdown starts from when the account first became past due and is not reset by debt sales, collection calls, or payment activity. Chapter 7 bankruptcy is the major exception, which can remain for 10 years. The fact that an unpaid debt eventually ages off your credit report does not eliminate the debt itself — creditors and collectors may still attempt to collect until the applicable statute of limitations expires, which varies by state.