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 Lords 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...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
