Thread: charge off?

Can anyone tell me when cc charge off will be off a credit report. I have several charge off cc from 1999-2000 due to illness at that time. I live in texas. Also when it is time for them to come off the credit report is this something that will happen automatically, if not what are the steps to make sure they are off. In addition, i have recieve several settlement letters in the mail from some of the creditors. Some say they will take less amount or open up new credit cards if amount is paid in full,etc. I have never answer any of the letters. I am guess they are trying to collect due to the account being deleted soon?

7 years from date for first delinquency according to TX law is the max time they can report. Others may argue it is 7.5 years for FCRA, but all mine have always fallen off at 7 years. If it is not off automatically, you would dispute them as "obsolete". If you start paying, you get a whole new SOL for collection, which is 4 years. Payment would not restart the 7 year reporting clock, but they are allowed to report the new settlement as long as no derogatory information from the old account is reported with it.

I don't think that's right. If a reporting CA accepts a settlement, they cannot report it as a separate, newly reporting account. If the reporting clock runs out on a debt, that's it. Only a judgment, as far as I know, can be reported after SOL.

They cannot report anything negative about the old account. But, if you make an agreement to start making payments on a new account, that account can be reported, as long as no negative information from the old account is attached.

There is an FTC opinion letter and it is in the FTC Summary on FCRA.

1. Placement for Collection

The term "placed for collection" means internal collection activity by the creditor, as well as placement with an outside collector, whichever occurs first. Sending of the initial past due notices does not constitute placement for collection. Placement for collection occurs when dunning notices or other collection efforts are initiated. The reporting period is not extended by assignment to another entity for further collection, or by a partial or full payment of the account. However, where a borrower brings his delinquent account to date and returns to his regular payment schedule, and later defaults again, a consumer reporting agency may disregard any collection activity with respect to the first delinquency and measure the reporting period from the date the account was placed for collection as a result of the borrower's ultimate default. A consumer's repayment agreement with a collection agency can be treated as a new account that has its own seven year period.

http://www.fdic.gov/regulations/laws...6500-2750.html

An example would be Capital One who offers a new credit card to pay off old charge offs. They can report the new arrangement as a new account, paid, current, etc. But they cannot report anything on this new tradeline referring to the old charge off. The old charge off would fall off at 7 years max from first delinquency.

Many cards were charged off around 6/2000 does this mean they will be off 6/2007 or after. I am aware that if i agree to pay at this point, the clock starts over so i have never talk to them or agreed to anything.