prior to my marrage my wife had an automobile repossessed the account was opened in jan 2000 how long do we have left on her credit report it says charge off i am waiting for it to drop off so i can buy a house hellllp
2006-10-14 18:49:05 · 10 answers · asked by Travis G 1 in Business & Finance ➔ Credit
30, 60, 90, lateness comes off after 2 years but deliquencies last for 7 years. Bankruptcy is about 10 years.
2006-10-14 18:55:42 · answer #1 · answered by Darthsoul 2 · 1⤊ 0⤋
You should get a credit report for your wife and there will be information there that will tell you. It is usually 7 years. Someone here said that if they sell the debt, it starts over again. I don't think in your case that can happen as they repossessed the car. Was there an amount, over and above the value of the car that they were seeking from her? They could only sell that amount of debt but if it is pretty small, I think chances are slim that they will do that. Just wait until the 7 years has passed and then get the credit report again and if it is still showing on there, contact the credit reporting company and notify them that the debt should now be removed from the record. They will have to remove it then. Make sure you do this BEFORE you try to buy a house.
2006-10-15 01:56:48 · answer #2 · answered by Daisy 6 · 0⤊ 0⤋
An item stays on your report for 7 years, unles it is bankrupcy. It is not from the time opened, but from the default. So if the car was not repoed unil January of say, 2002, it would fall of in january of 2009. Make sure you pull her reports at that time and dispute it if it did not automatically 'disapear".
Also, the person who said it 'refreshses' for another 7 years if they sell the debt is not correct. HOWEVER, it might not fall of automatically. So if they sell the debt 3 years after the original default, the collection account can only legally show for 4 years....so if there is a secnod account showing that is trying to collect on this same debt, keep a record of the original repo so you can dispute it at the same time as the original repo. (PUll your creidt now and print out all 3 reports if you do not have a paper trail from the original delinquency. THe reports wills how when the default happened-- if you wait until after it is deleted, it wont show at all, and if you dont have other proof, the collection can try and screw you over.)
2006-10-15 11:22:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
7 years is typical but depending on the company you had credit with or what type of credit extension you had, it could be on there as long as 10 years. Most banks/mortgage companies understand about repos and that life happens and may extend credit for a home to you but at a higher rate than you would have had if you didn't have the charge-off. Good luck.
2006-10-15 01:58:50 · answer #4 · answered by Jen 3 · 0⤊ 0⤋
Under the new bankruptcty act it takes seven years from the date of last activity for an item to be deleted from your credit report.
2006-10-15 01:56:53 · answer #5 · answered by fenocian 2 · 0⤊ 0⤋
7 years and if it goes a day over write a letter to dispute to have it removed from your credit report, only bankruptcy is supposed to last 10 years
2006-10-15 07:55:23 · answer #6 · answered by loudmouthdee 1 · 0⤊ 0⤋
If y ou have continued using credit in the past 6 years and always ave paid debt in full, your beacon score (what they use to determine your credit risk) should be above average and allow you to qualify to buy that house...
2006-10-15 01:56:15 · answer #7 · answered by ray b 3 · 0⤊ 0⤋
I believe it is 7 years but if they sell the debt it starts over again...that should be illegal.
2006-10-15 01:51:55 · answer #8 · answered by Jaded_ 2 · 0⤊ 0⤋
seven to ten years
2006-10-15 01:57:05 · answer #9 · answered by Jerry T 4 · 0⤊ 0⤋
7 stinking years... (sigh)
2006-10-15 01:56:07 · answer #10 · answered by dww32720 3 · 0⤊ 0⤋