If u pay a chargeoff that is 6 yrs old, due to come off in 1 yr. Will that reappear on your CR for anoth 7 yr?

Question

is this legal? just cuz u try to do the right thing it will start your reporting all over again for another 7 yrs just cuz u paid it? is this legal?

if u pay it in full will they still re-report it?

for another 7 yrs

Answer 1

First, the seven years is from the date of last activity on the account, not necessarily when the charge off took place. Here's my suggestion. I would contact the lending institution either by mail or email (not by phone) and negotiate with them about paying the charge off amount. You can even make an offer to pay a percentage of the charged off amount, say 50 - 75%. Then if they agree to this, negotiate how this will be reported to the credit reporting agencies. If they don't agree then offer to pay the full amount of the charge off to sweeten the pot from the credit reporting issue, but stand your ground about credit reporting. Make sure you get any agreements in writing signed by a corporate officer or corporate designee with the authority to make such decisions (V.P. or higher, usually), otherwise they are meaningless. In the long run, you are better with new activity on your credit report showing a charge off payment than with old activity showing the amount still outstanding. If you're dealing with a collection agency or collector, the best way to determine if they are being untruthful is if their mouth is moving. Good luck!

Answer 2

It can be reported for 7 years after the last activity. A payoff is activity. Dropping off your credit report has no effect on your legal obligation to pay. I don't know if there is a statute of limitations for collecting.

Answer 3

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Answer 4

YES!!!!!!!!!!!!!!!

every time you pay one penny the seven years starts agin

debt may be reported for 7 yrs from last activity on the account.

Answer 5

EVERYTHING relating to credit is reported - the good and the bad. Don't assume that making the "right" move will harm you. Yes, the history will be there, but it is "good" history. Of course, not as good as burying the whole incident, but do the right thing because it is right...not because of your credit score!

Answer 6

yes if its comming off in a year dont pay it if you dont want it to re appear on your credit report unless you pay it in full. they go by your ;ast payment

Answer 7

Leave it alone. Let it drop off.

Answer 8

YES