topic Re: Is this true? in Rebuilding Your Credit

Is this true?

Anonymous — Wed, 26 Jan 2011 14:26:19 GMT

Talked with a CRA today about an account and how they are reporting it. It was charged off in 2005. Sold to a CA which I paid at the time. In talking to the lady she said it will fall off on the DOFD even though I recovered and got current at some point. The DOFD is May 27, 2004. If that is correct it should come off May or June of this year. She said because it was a negative account it does not matter if I got caught up and it would fall off on the DOFD. Is that correct or will just the late fall off? Thanks

Re: Is this true?

Anonymous — Wed, 26 Jan 2011 15:35:40 GMT

The negative info comes off based on the DoFD. If this is a closed account, which it sounds like it is, the account will turn positive and continue reporting until 10 years after it closed.

Re: Is this true?

Anonymous — Wed, 26 Jan 2011 16:35:41 GMT

It is closed and charged off. Does the whole tradeline become postive when it gets to the DOFD or will that late just drop?

Re: Is this true?

Anonymous — Wed, 26 Jan 2011 18:41:26 GMT

Once all derogatories drop off, the tradeline becomes positive. I'm assuming you're talking about OC reporting on a loan or credit card. I believe the chargeoff drops off at 7 years from DoFD as well.