If a charged off account was paid in full....?

Question

How long will it remain on your credit report? Is it from the original date, or does the 7 years start over from the date you paid the account in full?

Answer 1

When the reporting SOL begins depends on what kind of debt it was.

If you are talking about credit cards, the reporting SOL starts from the first time you be 30 days late and never brought the account current leading to the charge off.

Which means you could be 30 days late on March 26, 2002 and not make a payment until May 1, 2002, but the payment you made did not bring the account current - your reporting SOL would begin March 26, 2002.

Reporting SOL's "cannot" be re-aged. It does not matter if the account bounces from one collection agency to another or if you pay or not

Before paying a collection agency, always send them a debt validation letter first. Make sure the amount they are requesting is the true amount, that they have a legal right to collect on the debt, that the collecting SOL has not passed, that they are licensed and/or bonded to collect in your state if your state requires it, etc., etc.

Then after they respond with proper validation, send them a pay for delete letter. Demand deletion from your reports (if they are reporting) upon payment and that they will take a portion of the debt as payment in full.

Send everything certified mail return receipt.

You might click on my profile and do some reading in the links provided - in the FDCPA, FCRA, to your states collecting SOL, etc.
There is also a link to the FTC that fully explains when/how a reporting SOL starts.

Learn your rights and learn how to use them

Answer 2

Charge offs go onto your credit report when the company turns it in for collection. Even if the account is paid off or paid in full, the account still stays on your credit bureau information. It just shows a 0 balance. Time limits as to how long it stays on your credit bureau report varies from state to state and from each of the 3 main credit bureaus which are Equifax, Experian and TransUnion. This time varies from 7 to 10 years. Mainly it is 7 years. So the answer to your question would be 7 years from the time the account is reported to the credit bureau as delinquent.

Answer 3

The Fair Credit Reporting Act establishes a method by which the length of time derogatory information, such as charge offs, can show on your credit report. The beginning is the month/year you last paid the account on-time immediately prior to its' default. So, whether you pay it, dispute it, or talk to the creditor about it, the "date of last payment" never changes. The account will be shielded from view 7 years after this DOLP.
Don't forget to check your credit report regularly. Get reports from all the three major credit bureaus Experian, Equifax and Transunion. You can get their contact information at http://www.credit-land.com/articles/articles_page_68600_1881780_41.php