I've got a cap 1 account that's been charged off. The last payment was made 6 years ago, and I was thinking of letting this slide out of my credit report since it is past the statue of limitation. Cap1, however, sold the debt, and a collection agency recently charged it off. My question is, do I have to wait another 7 years for the collection agency's charged off to drop out of my credit report?
At least, that's what the law says. They may try to reage it, at which time you will have to dispute and possibly sue them. But for now, see if the date it's supposed to fall off is the same as the original tradeline. It should be.
Thanks for all of your response. What exactly do you mean by "reage". Also, both cap1 and the collection agency are showing a balance. Does this mean I owe both of the companies now? Thanks again!
No, the Cap One should show zero balance and sold or transferred. By reaged, it means that they change the dates to make it look like it's a new debt. That is illegal--the reporting period starts with the payment that cause the account to go delinquent and it was never again brought current.
Collection agencies *shouldn't* be reporting an account as charged off. It should show as a collection with a balance (if unpaid). What report are you looking at?
