how long can a charge off remain on a credit report?
446449
Ok.  When a credit card or whatever charges off your account, it is usually sold to a collection agency.  You will now have 2 reports for the same thing on your credit.  This is ok.  If you have 3, you should contact the credit agency.\n\nYou have 7 years FROM THE LAST PAYMENT MADE before it falls off of your credit.  If it's been a year since your last payment, you have 6 years left, even if it was just charged off this month.  If you have no intention on paying, do not contact the collection agency, it could restart your 7 years.
731806
The statute of limitations for a charged off credit card depends on the state in which you originated the debt.\n\nPlease refer to the hyperlink attached below to find out the appropriate statute of limitations for your specific situation.\n\nGood luck and 10 pts please.
991465
As a former financial counselor seeing the number 7 makes me cringe. I am not sure where people get their information, but the "7 year" rule is something from the past. Realistically nowadays, depending on the type of debt, negative credit history can remain on your credit report up to 10 years, sometimes even longer than that. Collection agencies make it a regular routine to sell older accounts from one to another, each time reporting it as a new uncollected debt on your report. As far as bad debts, the statutes of limitations, which varies by state, is 7-10 years after your first delinquency. That is, this is the amount of time that can pass before the lender is no longer able to take any legal actions to satisfy the debt. If I were you, I would make an honest attempt to pay off some of these debts in order to improve your credit rating. It's always better to take action than to sit back and wait for things to happen. Bad credit isn't fixed overnight. It takes time and energy on your part to correct the situation that you put yourself in. Be patient and make an effort, and you will see your credit rating improving over time.
115373
Under federal law, most negative information on your credit report must be removed after 7 years.  This law is the Fair Credit Reporting Act and is not a matter of state law.  Some items such as bankruptcy may be on your record for up to 10 years.
984132
It will stay on your record or credit report until you pay it off. It can then stay on there for up to 1 year I believe afterwards. Depends on when they last reported it.\n\nIt depends on what agency reports it.
838038
If you are referring to a write-off of a credit account, that means the borrower stopped paying on the loan for at least 6 months, the lender sees they won't get paid so they take if off the active collection accounts roll, & call it a written-off account.  Typically the delinquent account is reported on one's credit report and can stay for 7 to 10 years.
179729
Some Info:\n\nWhen an account is placed with a collection agency, they report it to you credit (yes, I know, you know that) but when you pay that account it doesn't come off you credit report. It simply gets marked as paid. it also shows how long it took for you to pay the account. \n\nOther factors also include the number of accounts, the frequency bad debts are reported to credit (i.e. how often you have a debt go to a collection agency)\n\nThese all factor in to how much your credit rating will decrease overall. A collection account on you record isn't good. But  haveing only one that is paid quickly will look much better than several or one unpaid. Most often times if someone looks at your report and you have 1 collection on there that was paid within 45 days of reporting, They will let it slide and it won't affect things very much They figure it was a miss communication. One account pd isnt that bad and so long its pd quickly and there is only one you will see very little change in you credit score longterm.
1154101
When a creditor 'writes off' or 'charges-off' a debt it is a big negative on your credit. A 'charge-off' is an accounting function where the creditor moves the non-percorming (not paying) account off of their books and they get a tax break for the bad debt. \n\nThe negative of the charge-off will sit on your credit reports for 7-1/2 years from the date of first delinquency that immediately precedes placement for collection and/or charge-off. \n\nYour scores are going to take a serious nose-dive.\n\n**edit*** \nNO DEBT can stay on your credit reports for 10 years !! That is just WRONG information.
500898
There is a statue of limitations on a debt. After the statue has expired, (usually 2 or 3 years after the last activity) they can not sue you to collect the debt. \n\nCredit reporting agencies can not report on accounts older than 7 years (10 if bankruptcy).\n\nThese times are based on the last activity on the account. For example, if you made the last payment on a credit card on Feb. 15, 1999 the bad debt must be removed from your credit file in Feb of 2006. If you make a payment now, the clock starts again. \n\nMost debt collection companies try to get you to make a payment, sometimes offering to "settle" for 1/2 or less, in order to restart the statue where you can be sued, and it will remain on your credit reports.\n\nWhile you may have a moral responsibility for the debt, there is no legal one!
289067
Items placed on your credit report will remain for 7 years, from the time they are reported to the agency.  After that they must be removed.\n\nADDITIONAL COMMENTS\n          DUCK joieanew!!!!\n\nKnowledge of the law is our only weapon!   \n     I AM ARMED!!!!\n\nI totally disagree with your statement below.  If I am incorrect, please do me a favor and point out where in the law you are referring to.\n\nFirst, the Statute of Limitations has nothing to do with the reporting length on your credit report.  It applies to the legal obligation you have to collect a debt.  Once the SOL has run out, you can not sue, nor does the debtor have a legal obligation to pay.  \n\nYou do, however still have the right to collect the debt, and to report the debt with the collection agencies.  \n\nBelow is the requirements from the Fair Credit Reporting Act.\n\n=====================\n\n§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]\n\n(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:\n\n    (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)\n     \n(c) Running of reporting period.\n\n    (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.\n\n================\nNow, as I read this, I see no clause that restarts the clock if you make a payment on your debt after it has gone to collections.  \n\nYour reply would be appreciated.\n\nAm I wrong?  What am I missing?
1126338
Actually, it depends on your state. If you do a search for "statute of limitations by state", it will let you know what the limits are in your state. Many states have limits of only 4 or 5 years.\n\nRegardless, it will drop off of your credit report after 7 years from the date of last activity.\n\nKeep in mind that any legal information may need to be confirmed by a qualified attorney, of which I am not. Hope this helps.
594441
Companys charge off debt in two instances-\n\n-The account is hopeless, they will just let it sit on your credit report. If the card is canceled, the will also charge off the account to prevent further paper bills from being sent to your house.\n\n-The account has been sent to a collection agency, it is a violation of the FDCPA for a collection agency and the client to be sending you bills at the same time, the charge off is to prevent this. \n\nLeins are attached to an asset (your property) after an entry of default judgment has been entered. You will have been served with a summons and comlaint, then givin up to 45 days (in some states) to file an answer. If you have fialed to file an answer, default judment will be taken upon you and they will attach the lein to the property. That lien will stay in place until the debt is paid. They will continue to renew the judment in order to keep it in place. If you havent been served you need to call the company and find out where the judgment was entered so you can get a copy, if a lein has been entered without a judgment they are in gross violation and you need to contact an lawyer.\n\nSOL- Statute of limitation, is extended after a judgment is filled and can be renewd every term to keep it current. The debt is owing until paid but after the SOL( between 5 & 9 years for most states) is passed limited legal action is permeitted. If a payment is made to an account past the sol it automatically stars over. This is because the "Debtor" is acknowledging that the debt is valid. Also becasue the pmt must be reported to the c/r agency.
68575
Until you take care of it...or I did hear that after 7 years it gets taken off but I wouldn't trust that.  The best way to find out would be to call a credit counseling business and ask them.
214814
No, no most of the answers are wrong, your negative credit reports will never clear themselves, check with your state, usually the statute of limitations on debt is seven years, seven years from the date of the negative report, you can pettition the bureaus to remove any that are over the statute of limitations. No one will remove them for you, you have to do the foot work.
129335
It's sort of a catch-22.  Most things remain on your credit report for 7 years (such as a late payment).  If it goes to collections (let's say after 3 years) then the 7-years starts over again with that item on your credit report.  However, let's say you realize it after another 2 years, want to stop it from being a negative on your credit report, so you repay it - the collections agency will mark it on your credit report as paid, and it resets for another 7 years!  So, while it helps you to repay it, it hurts you at the same time (if you don't repay it, it will always negatively affect your credit score, even if it doesn't appear on there, and the credit agency can always exercise a lien on any money you make down the road).
1021632
I'm confused by your question.  But if you read the link below it will answer it.\n\nYou are referring to two differant things.\n\nCredit reporting periods are 7 years, beginning on the day of the delinquency.  Many people who answer this are saying it starts on the last transaction date, charge off date, reporting date, whatever.....they are wrong.  Read the Fair Credit Reporting Act.\n\nThe statute of limitations depends on the state you live in, as each state is a little differant.  (see the link below).\n\nThe SOL begins on the last transaction date.  You need to be very careful with dealing with collectors, because even offering to pay anything could cause the "clock" to start over again.  \n\nIf you are still confused contact me.
198526
A charge off is an amount that is owed to a company, that is not paid. The company charges it off and it reflects on your credit report.