credit report charge off
credit report charge off
Credit Report Charge off what should i do?
I just got my credit report and i am trying to get a home loan. They notice i have a repossed car and i owe 8,000. I went home and notice it says “Charge off 10-2002″ I was wondering should i call and negotiate with them or should i just wait a couple more months till it is removed since it is going to be seven years from then.
I just got to wait till april 2010 and it will it come off completely and i wont have to pay nothing!!
If the debt was never sold off to a 3rd party debt collector and you show no judgments for the debt then DO NOT contact them and offer anything as you will reset your states statute of limitations on seeking legal action in court. If you reset it, then they will seek a judgment and garnish your wages (if your state permits) or seize accounts, then this will remain on your report for many more years.
This may explain why they have not been able to seek a civil suit to collect, the debt is time barred.
If you can, wait the mandatory waiting period as defined by the FCRA for Charge-Offs – Seven years. EXAMPLE: The time runs from the date of the delinquency, plus 180 days. If a payment was due on an account on January 1, 2000, but the debtor defaulted, and never caught up to become current again, and the account is eventually declared a charge-off by the creditor, then the seven year reporting time limit starts running on July 1, 2000, with the item scheduled to expire from credit reports on July 1, 2007.
Hope this helps answer your question.
NOTE: This communication is not intended as and should not be interpreted as legal advice but is intended solely as a general discussion of legal principles or definitions of the FDCPA and FCRA. Always consult an attorney if needed.
