A bankruptcy stays on your credit report for 10 years. Other negative information stays for 5 to 7 years depending on the type of item it is. I don't know which Bible they are reading.
The problem is that there are many sources that check credit reports. Banks, insurance companies, mortgage companies, finance companies, employers, etc. determine their rates and even IF they will open an account for you based on a person's credit report. There are many companies that check credit as a pre-condition to hiring someone. It would be far better to get it cleaned up now than to wait 10 years and endure the problems that are certain to affect their lives.
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