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Charge off?How long stays on credit report?

Date: Tue, 08/11/2009 - 06:02

Submitted by oakrascal7
on Tue, 08/11/2009 - 06:02

Posts: 46 Credits: [Donate]

Total Replies: 3


I have settled on just about all my cc and 1 is charged off and 1 has not but probably will be soon. If a cc gets charged off I know you it stays on your credit report for about 7 years,what happens if you don't settle that debt in 7 yrs,will it still affect your credit report after that time has passed or do you have to settle that debt before it starts repairing itself.


Negative information normally drop off the report after 7.5 years, but many things can happen within this tenure of time, i.e. the lender would make efforts to collect the debt.

The creditor may even decides to sue you and get a judgement, which would again stay on your report for another seven years from its date of entry. And a judgement can cause more harm to your credit report than charged-off accounts.

Moreover, disappearance of negative entries from credit report don't make you free from those debts. The creditor may still sue you if the debt is withing the state SOL.


lrhall41

Submitted by SC on Tue, 08/11/2009 - 22:12

( Posts: 3937 | Credits: )


Plus, in this day and age of the Internet, it is nearly impossible to hide out for 7 years unless you go to an all cash existence, do not get State ID or Driver's License, do not let the Social Security Dept. know where you are living, and do not take a paycheck (work under the table). Since 1 of those (The SS DEPT.) is illegal and the rest rely on an astounding level of luck, this would be a big problem.

PLUS, the SOL for judgements can be as long as 20 years, depending on your state.


lrhall41

Submitted by Chrys Henderson on Fri, 08/14/2009 - 04:11

( Posts: 2538 | Credits: )