Can a charge off be taken off your credit report if it is more than 7 years old?

Question

there is creditcard account that is really old and has been a charge off since 2001! how can i get this off?

Answer 1

Derogatory items fall off your credit report 7-1/2 years from the date of first deficiency.   This is per the FCRA and nothing restarts this clock.

If the item is more than 7 years old, dispute it with the credit bureau as being beyond the reporting period.

Answer 2

you have to dispute it and tell them date of first delinquency is 7+ years old and it will be removed. Such entries don't fall off automatically, you have to dispute them to have them removed. Note that date of first delinquency or date charged off is clearly marked on your credit report. That is when the clock starts. Usually it takes 180 days of non payment for the credit card company to mark it as charge off/ delinquent.

Answer 3

To be perfectly clear, creditors are NOT allowed to re-age your debt to make them collectible.

The date of 1st delinquency is the measurement date for the 7 year clock to start ticking.  

If the creditor re-ages the debt, send them a letter notifying them that they are in violation of the Fair Credit Reporting Act.  Tell them that they are to remove the re-aged item immediately or you will be forced to report their illegal activity to the Federal Trade Commission for further review and investigation.

Answer 4

typically between 5 and 7 years negatives fall off of your report

Answer 5

what NA and Da Man said they are both right.

Answer 6

Any negative or derogatory entry will be removed in accordance with the following:

As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

3. Example after Dec 29, 1997:

A payment was due on January 10, 2000 but, you failed to make that payment and never made another payment. The Creditor waits until August 2000 to take action (charge off, send to collections, sell/transfer debt, etc.) on the debt.

The 180 day count began on January 2000, (your last missed payment month) and runs until July 2000 at which time the seven (7) year reporting period begins and runs until July 2007.

This entry on your report shows the date it is due to be removed.  So take a close look at your report, it may be due to drop off soon.

Check to make sure some collection agency or the original creditor did not re-date the debt to keep it on your report.  This is illegal under the following 15USC1681s-2]  Ã‚§ 623

If it has indeed passed the reporting period and is still showing, then file a dispute with the CRA to have it removed.  Just like any other organization, there are s***w ups now and then.

Hope this answers your question

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.

Answer 7

Sgt Big Red, BDancer, and DMan are correct, dispute it off, it will not just fall off, and if they don't take it off, report them to the FCRA, that will put some fire up under them.

Answer 8

Yes you can remove it off your credit report, but that won't solve the problem still. When you dispute that account, they will send it to the creditor and to make sure if that account is valid. They can take it off your credit report but most likely they have a full right to add it back onto your credit report with a updated date and balance you owe.

If you paid this account in full then dispute as paid in full 7 years ago and they will mostly remove it off the credit report after the credit bureaus validate your request with your creditor that has that charge account paid in full long time ago.

Remember that when you dispute something, they will not remove it off your credit report until they notify the creditor that if its valid or not.

When they do remove it off the credit report, they will try to add it back on to your credit report. So I suggest that if they go this route, they have laws they must to follow. If the debt is over a certain amount of years. I think its 2 years or 5 years, they can not go after you anymore with that debt. So if they do try to add this back onto your credit report, most likely you will have to go to court so the creditor does not add this back to your credit report and not force you to pay it back.