What does it mean
Date: Fri, 04/16/2010 - 21:07
I received my credit report and it shows numerous account more than 7 years old. Some messages i have on report are "account is charge off" but it still shown in the credit as a negative is a charge off account has an imp[act on my credit still how much over original debt a collection agency can ask you to pay
Debts stay on for about 7 and a half years. Those older then 7
Debts stay on for about 7 and a half years. Those older then 7 years you can try disputing as obsolete. charge off does affect your credit as it is a negative tradeline. It means the original creditor has given up and just wrote it off, but not that it is no longer collectible.
Collectors can only charge above the original debt if that debt's contract and/or agreement (signed by you) states that these charges can be made, otherwise they may not charge over what was initially owed.
