supposedly there is a law that if unpaid unsecured debt is charged off it is to come off your credit report.
2006-06-29 06:49:36 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Wrong. It stays on your credit report for 7 years after the last payment you made. Be warned that, just because it was charged off, it doesn't disappear. They, or a collection agency, can still sue you for that debt. They have several years in which to sue you. The exact number of years depends upon your state. I'm not sure what it is for SC.
2006-06-30 05:04:55 · answer #1 · answered by Mama Pastafarian 7 · 1⤊ 0⤋
nope, sorry. Understand, that Federal laws are the minimum and states are only allowed to "expand' on a law, not reduce it. Federal law dictates how long a derogatory can stay on your credit, and a charge-off simply means that the original creditor is not collecting the debt, that someone else usually will, like a collection agency, and/or an attorney to file suit against you. Charge-offs will remain on your credit for a minimum of 7 yrs and in some states 10, others forever. Again, "expand" not reduce...
2006-06-29 06:57:54 · answer #2 · answered by jv1104 3 · 0⤊ 0⤋
In S.C. the statute of limitations is 3 years. That is how long a creditor has to collect the debt. # years from the date of last charge or last payment. The debt will stay on you credit report for up to 7 years.
2006-06-30 06:06:55 · answer #3 · answered by icsowesmemoney 3 · 0⤊ 0⤋
SC does not have the authority to require this change. You should expect the account to remain a full 7 years from the date of last activity listed on your credit report.
2006-06-29 09:25:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the extremely checklist of the mastercard debt could roll off in 7 years, in the event that they end attempting to assemble it immediately. even though, as quickly as they deliver the debt to a collections employer, then that's 7 years from the time the collections employer gets the debt, and this could proceed. additionally, the debt could roll off of your credit document yet your credit would be so low which you isn't waiting to get first rate credit. think of of it this form, that undesirable debt would be on your credit document for the subsequent countless years, yet your credit won't immediately circulate up as quickly as this is off your credit document. this is going to proceed to be low from that.
2016-10-31 22:28:45 · answer #5 · answered by ? 4 · 0⤊ 0⤋
you can check the web for a correct and for sure answer .i don't know about SC but in Tx it stays on for 7-10 years!
2006-06-29 06:56:26 · answer #6 · answered by lindaann_56 3 · 0⤊ 0⤋