Thank goodness I found this site! I almost made some critical errors in "repairing my credit". I'm going to do a couple of more weeks of studying before disputing anything in my report. My Question: I read in a thread that it was a bad idea to contact an original creditor in an attempt to re-pay an account that has been charged off. I have the money to pay the debt in full. What is the best way to pay it? It's my last charge off that has not been paid. My last payment was made on it ALMOST 7 years ago.
Also...if it makes any difference...my fiance (she has excellent credit) and I are going attempt to get a mortgage on a condo at the end of the year. I also read somewhere that old charge offs had to be paid before applying for a mortgage?
If the last payment was more than 7 years ago, the information should be off of your CR by now or very soon. Most likely the SOL for collecting this debt has also passed, but you must make sure of that by checking your state law. That being said, while you may feel a MORAL obligation to pay this debt, LEGALLY you do not have to
