During my divorce I had several accounts charged off. Between bouncing around different jobs and being unemployed, I had little ability to pay these items. Long story short, several years have passed. My question is...do charge offs stay on your credit report indefinately? Some columns say they stay on seven years from the date of default, other columns say it is seven years from the date you paid the debt off, and others say they will never come off whether you pay them or not. Can someone give me some input on this?? Thanks.
How does one get a charge off removed? I had an agreement with a Bank card, a 6 month repay program. On the 6 month on auto debit my deposit and their debit crossed. I did not pay attention, the next month I receive a call bringing this to my attention. I paid the entire amount off within 5 months (3,000) and then find out they charged it off and collected the amount in full. Im still angry, I do not understand how the law stands behind them, they got all of their money and still get to put a charge off on me.
They do not stay on indefinitely. If you don't pay them, they stay on from seven years plus 180 days from the first date of delinquency. If they are close to the 7 1/2 years, try disputing with the credit bureau(s) where the account(s) are listed. I had a charge off removed a few months before the scheduled date by disputing it with the bureaus. Depending on what your reports look like, don't be surprised if you have a drastic drop in score when these begin to fall off, primarly if there are no old positive tradelines.