@Anonymous wrote:I have a charge off with a credit union that is being updated every month as Failed To Pay. They've been doing this since 7/2012. If they keep updating the balance,will this fall off in 7 years? I'm just not sure how to handle it at this point. Any advise would be greatly appreciated.
The DoFD controls the time period it can be reported and its up to 7.5 yrs from this date. CRAs schedule these to drop at the 7 year mark to remain within the law so yes odds are it will drop at the 7 year mark. Updating it monthly keeps your Fico score depressed as it looks brand new to the algorithm. If its something that is yours you might consider settling the matter and if its outside SOL you may be able to settle it for less than full value.
