Charge offs

[Anonymous]

Ok thanks!!!

[Anonymous]

Just remember, credit repair is a very very long marathon.  Even when your reports are totally clean (which can take many months and even many years), you'll have a thin file which can take years to age to the point of getting very high FICO scores.

In my opinion, there are 3 steps to credit repair and none of them can be ignored:

1. Work on removing/deleting/disputing/goodwilling/aging negative accounts
2. Start on opening NEW positive accounts with banks with good reputations
3. Start a savings account so you are never ever in a position to be late on a payment again, ever
4. Optional step 4: Always pay multiples of the minimum payment on any balances and preferably never run a balance again if you can avoid it

[RobertEG]

SOLs on debt are governed by the type of debt and the type of commitment made by the consumer, such as whether a written contract.

The fact that a charge-off was taken and/or reported does not per se govern the SOL on civil action.

Most state SOL statutes set the begin date for the SOL period as being the "date of cause of action," which means the date that the consumer became delinquent and was thus subject to the initiation of civil action.  That is normally the same as the definition of the DOFD for calculation of credit report exclusion of a collectin or charge-off.

However, some states use other dates for running of their SOL periods, such as date of any last payment.

You must consult your state SOL statute for specifics.