Chase credit card
Date: Tue, 03/22/2011 - 03:11
I owe $2500 on Chase credit card. Chase has charged off the card. It is supposed to drop from my credit report by 2012. As far as I know, Chase can't file lawsuit against me after 2012, right? If I can't be sued, then is there any necessity to make payments on the debt?
As per the FCRA, charge-offs need to be removed from the credit
As per the FCRA, charge-offs need to be removed from the credit report once they are more than 7 years old. I am assuming that this charged-off account will complete its 7 years in 2012. In such a situation, the negative item will drop from your credit report. If the account will cross the Statute Of Limitations period in your state, then your creditors will not be able to sue you.
One more thing, I would like to add is that, Chase can sell your account to a collection agency even after 2012. In such a situation, you'll still receive calls from the collection agencies. But you'll not be bound to pay it.
