Lynne

Well, upon investigation I think I found out why creditors, banks and other companies you do business wi...

Why a negative product has to stick to your credit file for 7 years did you ever wonder? This issue has been produced for many years, and no one could give other to an answer than what is said in the Fair Credit Rating Act (FCRA). I usually wondered what the clear answer was myself, but was never satisfied just knowing that someone just decided to use the magic no 7.

Well, upon investigation I think I learned why lenders, banks and other companies you do business with keep a product an your credit report for 7 years. Obtained from the bible: my theological studies

[ The Entire Year for Canceling Debts ] At the conclusion of every seven years you must cancel debts.

Deuteronomy 15:1

(This law was placed into effect to help the indegent) This is how it is to be done: Every creditor shall cancel the loan he's built to his fellow Israelite. Payment shall not be required by him from his fellow Israelite or brother, because the time for canceling debts has been announced.

Deuteronomy 15:2

In the year of our forefathers, company principles were centered on biblical principles. The lobbies of all government buildings and industrial building have either a symbol of biblical quotes throughout the buildings.

The Bible specifically states that individuals are expected to pay their debts. Religion has played an essential part in the real history of america. Many of the original immigrants that found its way to America came searching for spiritual liberty and several of the immigrants today arrive at America for the very same reason.

The Declaration of Independence states that particular unalienable human rights result from God. The First Amendment protects the liberty of religious expression for every single American and established the separation of church and state. Since the beginning of America, religious institutions have now been at the front of numerous political movements. Religious groups fashioned and sustained activities to promote women's rights, the abolition of slavery, prison change, protections for individuals, alcohol prohibition, civil rights, and international peace. But today we see many individuals fighting contrary to the views and regulations set up by this great nation that was founded by our forefathers.

So the next time a collector tells you that a late payment has to stick to your credit file for 7 years, you'll know how they arrived at that number.