money? (Canada)? I have a credit card and I have not made payment on it since 2001, will the bad credit rating disappear even though I still owe the money?

Yes, it will still remain because those companies every month will continue reporting it to the credit agencies. It's only when the companies stop reporting it to credit agencies that from that month it will take 6 years for it to disappear from your credit report.

IN YOUR CASE, the moment you pay that credit card balance (better if paid in full) then the credit card companies will stop reporting you as deliquent. From that moment on---you have to wait 6-years to have it OFF your record. Hope this makes sense.

Well Equifax (a credit reporting agency) keeps late payments (if paid) for 6 years. Bankruptcy for 6-years.

Equifax is one of three major credit reporting agencies in the US as well.

http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques12

If you need more info please get back to me at nicktony12@yahoo.com

usually but not automatically. If the creditor
chooses to sue you in the last month of the
statute of limitations, it can start all over again.
if you make one payment, it starts over again.

otherwise, it is 5 yrs, i believe, not seven.
[at least it is 5 in the US, and 7 if one declares
BK]

[accounting]

Yes, 7 years and you're fresh. But who knows if they will not change this timeframe.