Fall off date

[jeremyd82]

I am looking at the FICO report I just purchased how do I know when the seven year period has ended for a account and when it will be removed?

[guiness56]

Look for a DoFD.  Only EQ has that date.  TU and EX have fall off dates. 

What type of account, OC or CA?

[jeremyd82]

They are two paid charge offs one being BofA and Kay jewlers im looking at my annual report from last 2012 and do not so DoFD or any fall off dates

The BofA was opened in 2002 and I paid it Aug 2012

The KAY was opened in 2000 I dont know when it was paid but its showing a 0$ balance

[guiness56]

Well, darn.  Does either show a payment history?  You could see from that when you first became delinquent and never caught up.

Or you can call the CRA and ask them what the DoFD is.

[chasmith]

If you paid the chargeoff, you brought the account current and it's not guaranteed to fall off.  The entries for late payments, CO, etc. must fall off as they hit 7 to 7.5 years, eventually they will become clean lines.

[jeremyd82]

Wow it sure seems like the way the system works you should just not pay charge offs. You would think there would be some incentive in paying your past responsibilities. I some times wish I could call the CA's every 10 minutes of the day but im sure that would be harrasment on my part!

[chasmith]

Once you pay the CO, the date stops being updated and it starts to gradually reduce in score impact.  Otherwise your score probably won't improve until 7 to 7.5 years after the account was first delinquent.

[jeremyd82]

I just composed two GW letters so I guess I will send them out tomorrow these will be my first attempt a GW on any account.

[DaBears]

Charge offs are just a way for internal record keeping for the OC to use when they have to file taxes at the end of yr. It doesn't mean the debt goes away you are still liable for it, hence thats why they are sent to collections. Some cases the CA will issue a 1099-C for you to file at tax season and list it as income on your tax returns if they are unable to collect. If it's a paid charge off then you can try the GW route. 

[jeremyd82]

OK. I am clearly new at this. Im sure im not the only one who wishes they took better care of there credit in the beginning but as they say hindsight being 20/20 I feel like I have made progress I started at 485 FICO and now at 611 FICO I started in August 2012 this board has been a tremendous resource.