7 year negative credit drop off?

Question

If you have a repo or charge off on your credit record, will it drop off after 7 years?And what about a charge off that has been bought by a third party? Does it go away with the original?

Answer 1

A repo will remain on your report for 7 years from the date the vehicle was sold creating the deficiency.

A charge off from a credit card will remain on your report for 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.

A bank loan, utility bill, etc. will remain for 7 years from the last payment.
A doctor bill will remain for 7 years from the date of service.

A charge off or repo will not go away, as far as collecting on it, no matter who owns it. They can try to continue to collect forever, unless you are past the collecting SOL and you notify them of it. They cannot legally sue on a past SOL debt. (though that does not stop them)

Answer 2

Any item other than Student Loans, Child Support and Judgments will fall off your credit report 7 years from the last activity date - paid or not. Open revolving accounts will not fall off. If an account has gone to collections, it has been closed by the creditor (or in rare cases you). If you have a judgment, the statute of limitations is different. Whether it's a third party or not is irrelevant, it's 7 years from the last time you paid anyone, any amount on the account. If the statute of limitations is close, you would be making a mistake re-aging an account by paying anything on it. It also resets the clock on a creditor's ability to bring suit.

Answer 3

definite, the collections could have a detrimental impression on your credit no matter if you pay off the debt. Like in (American) football, if a crew receives a fifteen backyard penalty yet rankings a landing on the subsequent play, that 15 backyard penalty will nonetheless count number as detrimental yardage. the purely 2 issues that develop your credit status are a) paying your charges on time and a couple of) reducing your debt ratio. because you aren't from now on really in a position to do both, you should sit tight till your earnings improves with the intention to make a signficant impression. definite, collections do fall off of your record after 7 years, yet note that the sequence organization (or the unique credit if the debt has no longer been offered) can nonetheless come once you and attempt to collect the debt. You were in breach of the words of the cc and see you later as you nonetheless owe, they could nonetheless ask for funds. i'm sorry to take heed to that you're in the style of pickle at a smooth age! i have completely been there...it only takes time to rebuild your credit. solid success.

Answer 4

yes....but I do believe that bankrupcies fall off after 10 years....