2006-11-12 19:15:51 · 3 answers · asked by yerafdog 1 in Business & Finance ➔ Credit
It means that someone gave her a bad credit report and said she never paid or disputed it.
It can stay on forever as long as they keep it active. otherwise it should only stay for 7 years from the last update.
so if they update at 6yrs then it stayes for another 7years plus the 1 left. I've had one keep refiling on me for almost 18 years now, and I keep disputing it .
2006-11-12 19:24:34 · answer #1 · answered by Robert F 7 · 1⤊ 2⤋
Charge offs are considered a loss to the creditor. The creditor gave up collecting and sold the debt to a 3rd party.
Charge offs and collections only have a 7 years reporting period.
The Fair Credit Reporting Act states that the reporting period starts when accounts are placed for collection (internal or to a 3rd party),charged off to profit and loss, after 180 days from the commencement of the delinquency.
10 years seems to be way beyond the reporting period. Your wife needs to dispute it with the credit bureaus and have it taken off.
2006-11-13 05:33:02 · answer #2 · answered by Celeste 6 · 0⤊ 0⤋
No. It means the creditor has reported her debt as a loss and actually as income to your wife.....
2006-11-13 03:21:42 · answer #3 · answered by Paula M 5 · 0⤊ 0⤋