Does it roll off credit report?

Question

Hello all,

I have a bad credit chargeoff dating back to october 2002... looking at my credit report I see the furthest back any of these accounts go is august 2002. does this mean in a couple of months this chargeoff will roll off my credit report? and will that improve my credit?

Thanks,
Shhhh

Answer 1

Most negative accounts stay on the report for 7 years, and will affect the score until then. To improve your credit pay your bills, on time, every month. Time will fix it, but be patient, don't apply for new cards often, and keep your credit card balances under about 33% of the limit.

Answer 2

A charge off can remain on your credit for 7 years it will not automatically roll of it is something you should follow up on. It can be transferred to several different collection agency's during that time and they will try to re-age the account. However, The 7 year period begins when the account is placed for collection either internally or transferred to a 3rd party which ever is earlier.
You can read the Fair Credit Reporting Act at the following link.
http://www.ftc.gov/os/statutes/031224fcra.pdf

Answer 3

Very unlikely.

It is supposed to however there is a new breed of debt collectots called Junk Debt Buyers or Zombie Debt Collectors.


Here is fascinating article:http://www.expert-credit-advice.com/junk_debt.htm


Here is an article about statute of limitations listed by state: http://www.expert-credit-advice.com/statute_of_limitations.htm


Here is a free credit repair kit and debt settlement kit that you can download and use the free letters to take care of this issue better: http://www.expert-credit-advice.com/free_credit_repair.htm


I love that website.