Does your credit score really improve after 7 years?

I have been told by many people that if you have something bad on your credit that after 7 years it disappears. Is this true? If so what exactly do they mean by that? Do you still owe the money and it just doesn't show up on your credit report as a bad mark or does it mean that everyone erases your debts after... show more I have been told by many people that if you have something bad on your credit that after 7 years it disappears. Is this true? If so what exactly do they mean by that? Do you still owe the money and it just doesn't show up on your credit report as a bad mark or does it mean that everyone erases your debts after 7 years? I have always been confused by this theory and would just like a little clarification.
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