Charge off on account from original creditor, how long does it stay

[VBWyman]

I have a charge off on my account from March 2002. They recently started calling my home, can they do this? It's been more than seven years. This is a section from an email from MyFico I received dated today June 5th, "subject:

Ask myFICO: Collections - Do they ever go away?

Since your collections are 2 and 3 years old, your FICO score will consider them for several more years - typically, collections remain on your credit report for 7 years. The best things you can do in the mean time are to continually pay all your bills on time and be responsible for your credit. Take a look at this free booklet to help you understand how collections are calculated into your FICO score and what else your score considers. I hope this answers your question and good luck getting and staying FICO healthy!"

From reading this, it sounds like they should not be calling me or contacting me via mail either. Please let me know if leagally they should not be trying to collect after 7 years.

Thank you.

[Anonymous]

Maybe I'm missing something but March 2002 is only 5 years.  They can stay on your report for 7 years, but can only be collected up till the SOL in your state.  Did you research what your SOL is?  

[VBWyman]

You are correct, it is only 5 years, I didn't know how to correct the post after I sent it. What is the SOL??

[Tuscani]

Statue of Limitiations. Which state are you in?

Also read this:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

[VBWyman]

I am in Virginia

[Tuscani]

VIRGINIA

INTEREST RATE

Legal: 8%

Judgment: 9% or contract rate whichever is higher

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3 Last charge or payment

Sales of goods 4 years

Written Contract: 5

Domestic Judgment: 20

Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

Lesser of $250 or three times check amount

GENERAL GARNISHMENT EXEMPTIONS

See federal law

COLLECTION AGENCY BOND & LICENSE

Bond:$5000 License: Depends on Locality Fee: No

[VBWyman]

I lived in Massachusetts when the account was originally opened and in Virginia when the account was charged off. So which state do I go by?

[Tuscani]

I am no lawyer.. but I would think VA.

[VBWyman]

So, if I understand what you are saying, with an open account (credit card) the limitation is 3 years from basically the last activity (charge/purchase or payment). So they should have stopped trying to contact me as of March of 2005?

[VBWyman]

Actually the last activity per my credit report is June 1996 and the date reported (CC Co. reported to Credit Agency) was March 2002.

I know you said you were no laywer but, which date would I go by? Do you know?

Thanks.