"My credit record is terrible. I have been advised that if I just wait long enough and don't run up any more debts in the meantime, my terrible record will cure itself. Is this true?" It is only partly true. You have to assist father time or he can't help you. It is true that the force of negative information on your credit score declines as it ages, but this won't do you any good unless you now generate positive information. Old bad stuff plus recent good stuff generates a rising credit score. Old bad stuff followed by no credit activity results in a continued low score. This is a feature of all credit scoring systems. The Federal Fair Credit Reporting Act also puts father time on your side by setting limits on how long negative information can appear in consumer credit records. Once a piece of information has been on a consumer's record for the prescribed period, it is supposed to drop off. Once off, it will no longer affect your credit score. The prescribed periods are as follow...
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