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Charge off from 2011 remains on CR

Iryseup
Established Member

Charge off from 2011 remains on CR

How long do charge offs remain on a credit report?

Message 1 of 7
6 REPLIES 6
gdale6
Moderator

Re: Charge off from 2011 remains on CR

7.5 yrs max from the DoFD, anything from 2011 is too old to continue reporting unless its a SL guaranteed by the govt, then the higher education act dictates the time periods.

Message 2 of 7
Iryseup
Established Member

Re: Charge off from 2011 remains on CR

No, this is a charge off from a credit union. I am still relatively new at this but that credit unions CA subpoena'd information from me earlier this year. Could that have reset the SoL?

Message 3 of 7
RobertEG
Legendary Contributor

Re: Charge off from 2011 remains on CR

No, a subpoena would not have reset the credit report exclusion period.

 

Federal law, as clearly set forth under FCRA 605(c), mandates that the CRAs must exclude any charge-off no later than 7 years plus 180 days from the date of first delinquency.

That firm exclusion period applies regardless of the status of the debt or of any civil matters.

 

The date of first delinquency (DOFD) sets the begin date of running of the exclusion period, and the CRAs rely upon the date reported to them by the creditor to determine the  begin date, and thus calculate the exclusion date, of the charge-off.

 

The DOFD is required to be separately and explicitly reported to the CRA by the creditor within 90 days after having first reported a charge-off.  FCRA 623(a)(5).

Thus, if you still have a charge-off showing in your credit report beyond the exclusion period, the likely reason is that the creditor has reported a DOFD that it is still less than 7 years plus 180 days ago.

DOFD must precede the date that the account was charged-off, so you appear to have a late, and inaccurate, DOFD reported to the CRA.

 

You must first determine the DOFD of record in your credit file, and if inaccurate, dispute the accuracy with the  CRA and get it corrected.

If the DOFD is not showing in your commercial credit report, which is common, then check annualcreditreport.com, which should show it......

Message 4 of 7
Lowrider17
New Member

Re: Charge off from 2011 remains on CR

My question, I have a charge off that was deleted from two of the credit agencies,  but it is still listed on one. Can I assume it will fall off soon, or can it stay on for the full 7 year duration ? Any help would be appreciated. It is keeping my score from being exceptional on the one.

Message 5 of 7
gdale6
Moderator

Re: Charge off from 2011 remains on CR


@Lowrider17 wrote:

My question, I have a charge off that was deleted from two of the credit agencies,  but it is still listed on one. Can I assume it will fall off soon, or can it stay on for the full 7 year duration ? Any help would be appreciated. It is keeping my score from being exceptional on the one.


It can remain for the entire duration or there could just be a delay in their deletion.

Message 6 of 7
Lowrider17
New Member

Re: Charge off from 2011 remains on CR

Thank you

Message 7 of 7
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