Unfortunately, seven years is the time length for many kinds of negative items listed on your credit report to disappear. Late payments, charged off accounts, debt collection efforts, and Chapter 13 bankruptcy are all included in the seven years to drop off your report. Other more serious items like tax liens you have not paid, judgments, and Chapter 7 bankruptcy can stay on your report for longer than seven years.
The reason that seven years is significant is that the majority of negative reported items drop off your credit report at this point. This will not cancel the debts (if they are unpaid especially). You will still owe the debt even if it has been dropped from your credit report.
These debt collectors, lenders, and creditors may still pursue various legal means to collect these debts that are no longer listed. They can send letters, call you, or garnish wages with court permission. Some states allow creditors to sue to collect a debt for longer than seven years, according to the state’s statute of limitations.
You can engage a credit repair firm or debt lawyer to help challenge negative items on your personal credit report. If they are successful in getting these items overturned, then the negative items on your report will be dropped when the matter is resolved instead of over seven years.