If you have a charge off on your credit report, can it be sold and time start over?

Question

I have a charge off on my credit report, and it is about to be 7 years. The company recently sold this account. Does the 7 years start over?

Answer 1

Nope, it doesn't.  After 7 years, the 2nd company can't collect on it anymore.  Well, they can, it just wouldn't affect your credit score if you don't pay it.  If, after 7 years is up you still have it in your credit report, you can send the credit reporting agencies a letter to take it out.

Answer 2

Yes the collection agencies are so stank about this kind of thing....they'll just keep dragging it on even if they have to take $0.05 on the dollar...just pure evil. Dispute it when the inital 7 years is up so the credit bureau will delete it.

Answer 3

They can resell the accounts over and over until the statute of limitation, but they cannot re-age the account.  This is the reason that it is much easier to dispute and delete collection accounts off of your credit bureau reports.

Answer 4

Derogatory items age off your credit file 7-1/2 years from the date of first deficiency.  Nothing restarts that clock.

Chances are the debt is also beyond the Statute of Limitations (SOL), the timeframe to bring lawsuit.  Normally this starts from the date of last activity or last payment.    Check your state:  http://www.bcsalliance.com/statute_of_li...

If the debt is beyond the SOL as well, and the new collection agency contacts you, you can send them a certified, return receipt letter telling them to cease and desist all contact as the debt is beyond the SOL.  They have to stop and will probably just sell the debt to yet another collection agency.  Send another cease and desist if that collector calls you.

Answer 5

i think thats what they do because this just happened to my brother.

Answer 6

It does. This happened to me before and it was sold to one collector, then after like 6 months they sold it to someone else and they sent me a letter stating it would be on my credit for 7 yrs! I just disputed it with the credit bureau and they actually removed it! I didn't think they would be able to since it was a legitimate charge, but the second company couldnt prove the debt. Good luck!!