This isn't quite true. Although some negative items may fall off your credit report after seven years, this does not mean that your credit is automatically cleared. When it comes to Equifax, most negative information stays on your credit report for seven years.
However, bankruptcy can show up on your account for up to 10 years, depending on the bankruptcy type. This is why it's so important to ensure you get your finances in order, and if it's too challenging to do it yourself, credit boosting apps are always there to assist.