In theory, yes it should drop in 2008. You can get a free copy of your report from each bureau every year at www.annualcreditreport.com. BEWARE THE SMALL PRINT of the many other sites who offer a free copy of your credit report - it usually means you have to subscribe to a monthly service or pay for some other item.

Once you've got the reports, check them for the scheduled date for removal. Equifax doesn't give an actual date, but does show the date of first delinquency and you can figure from there. Experian's reports will actually say "this item is scheduled to appear on your report until Month/Year". TransUnion's will say "estimated date that this item will be removed".

Check frequently - dates can "accidently" be altered when changing hands between original and subsequent debtors.