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How long do charge offs stay on a credit report and when does the timeframe begin? |
Answer
Up to seven years from the date it happened. However, most creditors will only deny you credit if it has happened in the last few years.
Answer
It is seven years, unless the account is sold to another collection agency, then your 7 years will start all over again, as long as the account is in active collections.
Answer
"It is seven years, unless the account is sold to another collection agency, then your 7 years will start all over again, as long as the account is in active collections." Whomever wrote this is totally wrong.
Just because a collection agency takes over an account doesn't mean that the clock starts over again. They might tell you that to get you to pay, but they are lying. A credit reporting agency can't report an adverse item more than 7 years from the original date of last activity. If they change that date that is what is known as re-aging, and that's against the law.
First answer by Kevin. Last edit by ID416492073. Question popularity: 254 [recommend question]
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