GW a charge-off or let fall off?

[DaBears]

---

@jzsnow wrote:
This was posted yesterday :


@RobertEG wrote:
When the period from DOFD on the OC account has passed 7 yrs plus 180 days, the CO will be excluded from future credit reports.
That does not result in deletion of the account that reported the CO, only the exclusion of that one item of information.

The account would only be deleted if the creditor chose to do so.

The entire TL will only be excluded if the OC removes it. Otherwise only the derogatory annotation "Charge Off" will be removed.

---

They are only allowed to report within the CRTP thus once it passes it has to remove from your credit file from being viewed. If it goes unpaid it stays in your credit file until paid. bad debt never goes away. 

[jzsnow]

Well then I'll send goodwills for a year!

Do you happen to have contacts for chase, Bank of America, or HSBC?

[DaBears]

I do not. Sorry.  Good luck with your credit rebuilding journey!!!

[jzsnow]

I'm looking at an old credit report that has sears as a co. It now has it listed as a positive account with co gone. All that has happened was the 7 year mark.

[Shogun]

It can happen from time to time.  A CO will be deleted and the account will turn positive, but on most occassions, the entire TL will delete.  I would follow Dabears recommendation and GW for a deletion.  I personally prefer a clean account.

[jzsnow]

Okay. How bad will it hurt the score if I can get good wills for the 3 charge offs? Those 3 charge offs are the oldest accounts!

[Shogun]

Is that the last of your baddies?  Personally I would think you'd get a bump if it was.  A clean report always looks better to the UWs.

[jzsnow]

No, not the last.

3 charge offs from 07
2 collections of charge offs.
A lot of 90 lates from student loans that won't take a gw!

Both collection agencies are reporting monthly, so all the positives aren't helping me.