Charge off from 1995, shouldn't that drop off my credit report by now?

Question

I was 18, dumb and had a CC, enough said. I don't have enough to pay a settlement amount let alone payments. Please don't tell me what I already know about my choices. Just would like the answer, thanks

I have not made ANY payments since 1996...so that's 10yrs. I bought a car in 2005 and it was still on my credit.

so basically i have to pay the debt it to get it off or at least show as paid...correct? otherwise it will stay there until eternity if I do not make a payment...correct?

i got my report from the 3 major agencies and it is in fact off my credit! yay! now my goal is to start on the others as soon as i get to a breaking point...which is hopefully soon!

thanks for the answers!

Answer 1

Yes, it should have. The law is 7 years from the date of last delinquency or activity. Check your credit report for the date it was reported on. Sounds like the CC company is probably redating the debt to keep it on your file, which is sleazy and probably illegal. If it shows the date as more than 7 years old, it's possible it slipped thru the cracks and is on there for no reason, but I kinda doubt it. I would dispute it at TransUnion or Experian online as "too old, should be removed"- there's a selection box for the reason. it should go right away within a week's time and you'll receive a statement in the mail saying so. If they are redating it, it gets nastier, and you might want to do what I am going to- get hold of Lexington Law Firm. Some people knock them, but they have the legal expertise to straighten things out. Their actually pretty cheap, and there's plenty of info on their site, like reports on how many things they've taken care of for clients. Above all, BE CAREFUL about settlements- but it sounds like you know that! ;)

Answer 2

If you pay the debt off, then it will show as paid on your credit. If you still have a balance with them, you are making your credit score worse by not paying. If you owe them, you will have to pay them or go into bankruptcy. Either way, it will affect your credit for a very long time. If you can possibly begin to pay them off in any way, please do. This will only remain on your credit for about 7 years. If you have to go into bankruptcy, then it will be on your credit for 10 years. If you do not owe them anything and fall under a bankruptcy or anything of that nature, then you need to discuss that with your lawyers and have it taken off of your credit. If you can talk to the company and set up a pay-off plan, with anything that you can afford, it might be worth it.

Answer 3

it stays on for 7 years from last activity - it should be off if the information you have given is true.
go to www.annualcreditrport.com and pull all three bureaus
dispute it
the collection companies are not required to remove it after the seven years and it would remain on your bureau for seven years from last reported date unless you dispute it and have it removed.
NOTE: if you make a payment on it - you just restarted the 7 years

Answer 4

cost offs are stated for 7 years. The date would rely. it particularly is often the 1st date of delinquency on the unique account. the only suggestion i'm going to provide for removing Charged Off debts is to plea with the employer who's reporting this would charge. the employer reporting is the only source who can get rid of this out of your credit report. in case you have paid off this account, attempt to speak to the utmost guy or woman on the employer and hound them to get rid of this. enable them to understand you try to purchase a house and it particularly is the only account that's holdin you in the back of. If this account exhibits as a cost off yet nonetheless exhibits a final stability, see in case you could negotiate with the employer. while you're making a cost see in the event that they are keen to get rid of the account. be careful with cost off debts by using fact they often deliver approximately series companies, meaning you might have 2 destructive debts on your credit comments. If the employer has an identical opinion to get rid of or delete the account out of your credit report. Have them deliver you a letter confirming this. you could deliver copies of this letter directly to Experian, TransUnion, and Equifax. they'd desire to be waiting to get rid of the account purely from the letter. stable success.

Answer 5

contact your local consumer credit councelling service.
also, write to the three big credit reporting agencies and ask them about how to get it off your report. challenge it. if the lender cannot prove you haven't made a payment on it since 1995, then maybe you can get it off.

they have to NOT report it, that's how it get's off... i found out the hard way.

good luck.

Answer 6

DO NOT pay the debt. Depending upon your state, the statute's of limitations most likely will take into affect. Go to http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml to look up your state. Legally, you do not have to pay and they must remove it from your credit report.

Answer 7

It will stay on your credit until you either pay it off, or file a bankruptcy and include it. However with the new laws that have passed filing bankruptcy will be very hard, my suggestion is make payments even if it is $25 a month--you've been lucky so far as that the Credit Card company hasn't taken you to court (or have they)--because they can garnish your wages, and your income tax refunds until they receive the balance owed.

Answer 8

No, you do not have to pay it. Get a copy of your report, then write and advise them the information is OBSOLETE. It is a 7 year deadline, not 10.

Answer 9

NO, charge offs never drop off. You have to settle the account with the creditor or collection agency before they will drop off the credit report.

Sorry.

Answer 10

you have 7 yrs till it doesn't show up on your credit report. so, you have untill the end of 2007, depending on the month you opened up th'e account. now, if you don't call them or write, it will
dissappear after the 7 yrs.