That my Chargeoff car(repo) was opened on 7-2001. The last activity was 3-2002. The last payment was 9-2002. When will it fall off of my credit bureau reports? Also, it was sold to someone else. When will it drop off?
2007-08-20 08:06:32 · 5 answers · asked by hasdad62 6 in Business & Finance ➔ Credit
Negatvies take 7 years and 180 days to fall off your report. If the date of last activity (DOLA) is 3/02 , count from that date.
They will still come after you for payment of the balance.
2007-08-20 08:18:13 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Auto finance is what I do for a living and the first poster is correct.
Pay no attention to the second poster. He is simply wrong. After the statute of limitations runs out there is nothing any lender can do to you legally. They can still try and collect, but they can not take you to court.
2007-08-20 15:27:01 · answer #2 · answered by ? 7 · 0⤊ 0⤋
7 years but in the meantime start building some positive credit.
2007-08-20 16:26:14 · answer #3 · answered by Dewey K 2 · 0⤊ 0⤋
2009. Except for tax liens and going bankrupt, everything bad lasts exactly 7 years. Good stuff, tax liens, and going bankrupt can last longer.
2007-08-20 15:47:02 · answer #4 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Since it was sold to some other company maybe never, they are allowed to keep reporting and keep trying to recover teh money they gave you until after your death, where they can get it from your estate.
2007-08-20 15:20:27 · answer #5 · answered by Landlord 7 · 0⤊ 1⤋