It is 7 years after when you first became 30 days late and never brought the account current that precedes the charge off.
If you look at your Trans Union credit report, it should show a date that it should be removed. If you look at your Equifax report, it will show the DOLA (date of last activity) - ONLY look at the original creditors tradeline for that info, do not use the info from a collection agency's tradeline.
If it has been on your reports for longer than 7 years, send a dispute to the 3 credit bureaus and tell them it is obsolete and to delete it.
You made a statement about "7 years after paying it off". If you had paid it off after it was repo'd, you probably re-set the reporting period. You would have to find the date that you had paid it off and it would be 7 years after that date. If that is the case and you still have some time before it hits the 7 year mark, you should look to see if it is reporting incorrectly. If it is, send disputes pointing out a couple of the incorrect remarks and request it is either corrected or deleted.
I would suggest going to the site that I've listed and do some reading in the newbie forum and then in the credit forum.
Another poster made a comment about the status date.
Status dates mean nothing as far as the reporting period. It has nothing to do with the DOFD or the DOLA. It is the last time something was reported on that account. (Which could hurt a persons scores on EX since they do not report the DOFD or DOLA.)
A person can have a tradeline that is 6 years old, and the status could easily be updated to today if something happens on the account. Even a dispute to the credit bureau could update the status date.
2006-07-13 19:24:06
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answer #1
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answered by echo 7
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It should stay on your credit for 7 years after the last date its status was reported to the credit bureau. It may have been repoed 8 years ago but for 2 years after that they finance company was trying to collect and was reporting it during that time. I am in financing and I see this quite often. If it has been that long and you have paid your other bills OK since then, you should be all right. Check your credit report for free at annualcreditreport.com. Its free to see your report here once a year, but it does not show you your credit score. If you want to see your score, you will have to pay for it. Check it at equifax.com, transunion.com, or experian.com.
2006-07-13 16:35:57
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answer #2
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answered by tomdchi 2
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You are right, there are so many rumors out there about credit that who knows which is right?!! I'm not too clear about the time-line of derogatory information on credit reports, but it's somewhere between 7 and 10 years. What I do know is that after such time, it is your legal right to request these "expired" items be taken off, some will "fall off" automatically, some won't, in that case, you have to call each reporting agency directly and see about getting these removed (TransUnion, Equifax, and Experian). They will in turn request verification from the lender and clear it accordingly.
Good Luck!
2006-07-13 15:39:23
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answer #3
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answered by JoelMBA 3
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If you still have a balance on it that you owe they will keep it on your credit report. I would try to work out some sort of payment plan to get it paid off. Once it shows paid it will help your credit score.
2006-07-13 15:35:18
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answer #4
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answered by Gracie 3
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like the others suggested, they could in ordinary words rfile it for the unique time and can't reage it to rfile for an prolonged era. Like OC1999 suggested, if both the unique creditor and the collector are reporting it, the unique creditor "might want to" rfile it with a nil stability. As for the accumulating SOL, the repo voided the unique settlement. The deficiency stability does no longer fall lower than written SOL statutes yet extremely lower than the UCC (Article 2) with a 4 three hundred and sixty 5 days accumulating SOL. so a procedures as suing, they could continually "attempt" to sue regardless of in case you're previous the accumulating SOL. it must be as a lot as you to apply an affirmative protection of SOL in the adventure that they do ensue to sue. it ought to correctly be on your perfect interests in case you suggested them that the accumulating SOL has surpassed and that that is time barred. in the adventure that they are sensible they would not sue no matter if that is shown to them, in writing, that the alleged debt is time barred. in the adventure that they are dumb adequate to report, you've the protection of SOL plus you ought to report a counter declare on them for filing on a time barred debt. The letter a previous poster printed is a request for validation. in case you purely favor validation you ought to judge sending it. in case you want to inform them the account is no longer legally collectible you ought to click on my profile and click on the awesome link I easily have listed. that is to a loose credit talk board. Do a glance for contained in the credit talk board for "repo" and do slightly reading. you'll locate the link to the repo letter, yet in case you do not you ought to placed up a question contained in the credit talk board and ask for the link to the letter to dispute the repo deficiency. The letter is likewise loose to apply and it has the UCC statutes and case regulation protected.
2016-11-06 08:42:15
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answer #5
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answered by ? 4
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contact the three credit bureaus and tell them to update your credit history. it should have been removed after 7 years.
2006-07-13 15:38:38
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answer #6
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answered by de bossy one 6
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i think if u owe the money then u must pay the amount due then it is 7 yrs after that. I might be wrong but i think that is the way it works.
2006-07-13 15:35:27
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answer #7
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answered by jibbers4204 6
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It's debatable there are actually multiple possible answers to this question
2016-09-21 01:20:27
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answer #8
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answered by Anonymous
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I'm interested in this as well
2016-07-27 04:22:16
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answer #9
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answered by ? 3
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Informative topic, just what I was searching for.
2016-08-23 01:52:12
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answer #10
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answered by albertina 4
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