Debt Consolidation Care Answers
Debt Consolidation Care Answers
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How long Charge offs stay in your report?  

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Can you tell me how long a charge off will normally appear on my credit history, is it 7 years from the charge off date or how does this appear?

thanks
 

asked Jan 17, 2006 12:44 PM

help03
Best Answer
5
best answer

Hi help03,

Charged-off accounts stay in your report for 7 years from the date it went default first. Once the seven year reporting period is over it is automatically off from your report.

Charged-off is one of the derogatory notes that down your score. So try to make it ‘paid charged-off' if you can. However, if you are very close to the ending of seven years reporting time, it will be better not to disturb the system, let it be removed naturally.

See this thread for more discussion on charged-off accounts:

http://www.debtconsolidationcare.com/forums/chargeoff-acc.html

answered Jan 17, 2006 01:34 PM

4 Answers

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Hi. according to my experience, it is seven years from the "date closed" date your report. I just received a 'transunion' report and they have it written out for you, the date when the charge off will be removed. It is seven years from the time the account was 'closed', which according to my report 'closed' and 'charge off' is the same date. hope this has helped. Shirley

answered Jan 17, 2006 12:51 PM

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Thats what I'm doing now, is paying on my charge offs, trying to get them paid off. Its coming along, slowly but surely. But as Bryan pointed out, its better to have a 'paid' charge off than just a 'charge off'. (unless you're close to the end of the seven years and its about to be taken off anyways). A 'paid' charge off is still bad but it at least shows that you were responsible and did the right thing in paying off your debt. Shirley

answered Jan 17, 2006 01:52 PM

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Unless you are dealing with HSBC, they are as crooked as can be. I finally got ahold of my counselor and he stated that HSBC stated in the phone conversation that they are not interested in doing debt consolidation with us anymore, (meaning myself and my husband). So I pulled the cards out and put the payments toward another card for quicker payoff.

answered Jan 17, 2006 01:55 PM

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While analyzing the charge off status, also consider the SOL factor. It might happen that the charged off debt is far from the 7 years reporting time but SOL of this account has already expired, any payment or a promissory note towards the account will renew the statutes and you will be brought back under legal actions.

answered Jan 17, 2006 03:32 PM

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