Credit report question?

Question

I did 3 settlements in dec of 2004 for some credit cards. There all 3 still showing on my credit report as settlement paid in full charge off. They have a note saying they wont be removed until 2015.Why so long if i paid them off in 2004. I thought it was 7 years

Answer 1

It can be 7-10 years.  Not everything falls off in exactly 7 years, which people do not realize.  If everything was not finalized until 2005, then the 2015 is correct.   Also, did you pay them off TOTALLY by December 31st 2004, or did you enter into the agreement and take time to pay them off?  That will make a huge difference as well.

Answer 2

I'm not sure whats wrong but this is not correct.

Per the Fair Credit Reporting Act derogatory accounts can only show for 7-years from the date of first delinquency which works out to 7-years and 180-days. Nothing resets this time line period.

Also just so you will know the S.O.L. has nothing to do with the time accounts can be reported no matter what anyone says.

Look at your report and find the date the accounts went bad and 7.5 years after that they must be removed, if not dispute them and they will have to remove them.

Answer 3

all credit good or bad even closed accounts report for 10 years the only exception is public record of a chapter 13 is removed after 7

Answer 4

You should have sent them a "Pay Delete" letter. Where you tell the creditors that you will pay the bill that you owe if they aggree to take the debt off your credit report. Most creditors agree to do this, but make sure they sign it and return it to you.

Answer 5

Sorry to contradict the prior poster but it is typically 7 years - you can wait until you get close to the 7 years and dispute as obsolete.

Answer 6

That doesn't sound right at all...they've tacked on an addtional 4 years. I would definetly contact the credit bureau and ask them to validate the statute of limitations ASAP.