if you had a mark against you on your credit report but it is now (after over 7yrs) marked as a "charge off" next to it, what does this mean? can you have it removed? and can the collector still try to hound you for it?
2007-02-11 07:13:51 · 5 answers · asked by smoovstella319 2 in Business & Finance ➔ Credit
If the date of the charge off is over seven years old, then yes, make them get the account off of there. It is a simple letter to the three credit bureaus telling them that they have 30 days to remove the line item. In this case, since there is absolutely no issue with the information being on there illegaly, then they will remove it.
Now, as much as I respect the advice of Studly, he is only partly correct in his answer. The collector cannot collect if the debt has been written off on the company's taxes or if they have claimed a loss against their insurance. There is a statute of limitations law in most states and in this he is correct. But if the granting company has already claimed on taxes or against insurance, they no longer have a legal claim to the debt.
If you have any questions about your credit issues you may email me at nebula7693@yahoo.com
2007-02-11 09:34:29 · answer #1 · answered by nebula7693 4 · 0⤊ 0⤋
Thomas seems to have an issue problem....one is he doesn't know what he's talking about...or he's a collection agent.
According to the Fair Credit Reporting Act, debts must be deleted from your credit history after 7 years, beginning on the date of the delinquency. Follow the dispute procedure below, and if it's not removed you can sue them in small claims court (and easily win) for $1000.
Can the collection agent still try and collect? Yes.
But note that every state has a "statute of limitations" law, which says that after a certain amount of time the creditor must take legal action to recover a debt. After that time they forfeit that right. Most states is 4-6 years. So this debt is most likely past the SOL. Just tell the collection agent it's too late and quit bothering you. You can enforce that by sending them a Cease and Desist letter, and if they contact you again....yup! Another $1000 lawsuit.
2007-02-11 15:34:44 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You can have it removed by paying what you owe.
Charge-off means that the company took a tax deduction for a bad debt. They are not going to pay taxes on a profit that they did not get paid for.
The collector can still attempt to recover the money. If you pay up, the firm will have to show that as a profit for a bad debt that was collected.
One is a tax issue, the other is a collection issue.
2007-02-11 15:21:45 · answer #3 · answered by Thomas K 6 · 0⤊ 0⤋
As long as the charge-off itself is 7 years, yes, you can get it removed. Order all your reports online and dispute it with all 3 bureaus.
If you opened the account 7 years ago and they charged it off 4 years ago, its still valid.
2007-02-11 15:35:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
After 7 years it has to be removed by law! No the creditor can't hound you anymore.
2007-02-11 15:18:30 · answer #5 · answered by Boston Bluefish 6 · 0⤊ 0⤋