charge off dates
Date: Tue, 05/26/2009 - 10:17
when an account goes delinquent, is there a timeline an original creditor has to charge off an account? I have an auto lease that was charged off 3 yrs after the last payment on the account. It was charged off at that time so it could be sold to cavalry(jdb). Why would they wait so long? Does it make any sense..
Mostly the creditors charge off a debt if it is past due for 90
Mostly the creditors charge off a debt if it is past due for 90 to 120 days. However, they can charge it off anytime they want and there is not time limit prescribed by the FCRA. I guess they can charge off a debt anytime within the SOL expiry, but the charge off will stay in your account for 7 years and 180 days from the date of your delinquency. You may visit "http://www.ftc.gov/os/statutes/fcra/johnson.shtm" for more details.
