when will my credit be cleared up?
Date: Wed, 09/02/2009 - 05:18
1) Does a charge-off show as a public record on your credit report?
2) Does settling before or after charge-off make a difference?
2) How long would a debt settlement that is not listed as a 'public record' be on your credit report? Are they all listed the same (R9)?
Thank you!!
Charge offs do not appear on the public record portion of your r
Charge offs do not appear on the public record portion of your report. If you were sued and a judgment awarded, the judgment may appear on the public record section.
Settling before charge off prevents an r-9. If settled before charge off, the account will typically be factored with an r-5. The result of settling before charge off is that your credit report and score, while clobbered, is not as clobbered, and will recover quicker than had accounts charged off.
As a general rule, a negative trade line, such as a charge off, will remain on the report for 7 years from charge off date, or 7.5 yr from date of first delinquency.
A charge off is typically reported as an r-9.
The factoring scale for payment behavior is an r scale 1 through 9.
Pays on time all the time is a 1. Charged off as bad debt is a 9. Then there is everything in between.
Mileage may vary
