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If you don't touch an account for 7 years, it disappears from your credit report. That means NO ACTIVITY at all. No usage of the card, no payments, no nothing.
There are some debts that this does not apply to, like school loans, but I know it works on credit cards.
Now, here's the real world disclaimer. During those 7 years, your credit will TANK. You will have a hell of a time trying to finance a Happy Meal. If you have good credit, it will take another 5-7 years to get it back to where it was. But, if your credit is already trash, and you can't afford to pay every bill, it is an option that could get you back within your means.
Is it ethical? I figure the system itself isn't ethical, so stealing back from the ones who take advantage of others doesn't bother me one bit, but I totally understand if someone would disagree.
You sure about that? I have a friend who thought that too but found out 7 years later that only a bankruptcy will disappear after 7 years, not just idle delinquint accounts. He needed to actually file for bankrupcy to make it go away. This was in Usa, NY; maybe it's different other places.
As a second "data" point: I have some accounts on my credit report that have not been touched in a decade+ yet they are still there (they are not delinquent).
I don't know why those situations didn't work out, and without more details, I won't bother to guess, but yes, I am sure because there's a few utility bills and two credit cards with a couple thousand each from about 20 years ago that are no longer a problem for me.
That's awesome! Just wanted to get you to take a second look in case you were as diligent as my friend but it sounds like you're right, then!
Delinquent accounts without payment can be removed from your credit report by disputing with the credit bureau, with the exception of FEDERAL student loans. Filing for bankruptcy and having that on your record for seven more years seems like the worst possible way to deal with it.
Edit: in the USA
What are you disputing? You can dispute inaccurate or fraudulent marks on your credit.