Charge Off's/Settled for less than full amount

[Fallonrmq]

I was wondering how long Charge offs and settled for less than full amount stay on your credit report. I heard it stays on your credit report for 7 years. Any truth to this?? Thanks for the help.

[Irvin]

yeah i heard its 7 years also...i got 7 of such things on my report until 2012..  : (

[Applebee]

it depends on ur state.  Do a search since it's a standard question for SOL

[Tuscani]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=2689

[Boswd]

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Applebee wrote:

it depends on ur state.  Do a search since it's a standard question for SOL

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You have this confused with SOL on when they can legally sue you.  That depends on your state.  How long it stays on your credit report is 7.5 years. 

Also remember just because it's off of your credit report doesn't mean the debt goes away with it.  They can still try to collect and if it falls within your state's Statute of Limitations they can still sue.

Each state is different in terms of how many years a debt will remain within the Statute of limitations.

[Tuscani]

SOLs:

http://www.whychat.5u.com/States/states.html

[kham]

So, for South Carolina:

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3

Written Contract: 3

Domestic Judgment: 10

Foreign Judgment: 10

Am i reading this right that they only have 3 years after chargeoff to sue you?

[dazednconfused]

Yep, 3 years in your state. 

[mrosania]

Fromwhich date is that calculated. The date you made the last payment or date it was charged off?

[dazednconfused]

I believe that it's 180 days from the date of delinquency which caused the account to be charged off in the first place.  So if you made your last payment, for example, on 1/1/00, and then you never made another payment, the clock would start from 1/1/00.  So 180 days from 1/1/00 would be 6/1/00 and I think that is when the clock would start for the SOL to sue. Now I could be wrong, and I am sure that someone will chime in and let us know, but if I'm not right, I think I'm pretty close...