7.5 rule
Date: Fri, 06/03/2011 - 18:04
Thank you
Hi! Welcome to the forums! Yes, it is true that negative items
Hi!
Welcome to the forums!
Yes, it is true that negative items remain on credit report for 7 years. But there are come items which remain on the credit reports for more than 7 years. For example, charge-off remains on credit report for 7 years 180 days from the date of first default on the account.
followup question
Okay, when the original charge-off is removed from credit report should not the collection agency reporting the same charge-off be removed, also?
I had a double whammy with both the original creditor and the collection agency (hired 2 years after the fact) both on my credit report. The original creditor is gone but 2 of the 3 CRA's will not remove the collection agency, even after disputing the item twice.
Will a lawyer help? Do I have a legal leg to stand on?
Thank You
If you've paid off the charge off, then account status is ought
If you've paid off the charge off, then account status is ought to be updated as "Paid Charge off". If you have gone for PFD agreement, then the item ought to be removed from your report. Otherwise, the updated account status will be there on your credit report for 7 years. However, if you want, you can contact an attorney regarding this matter.