Wiki User
∙ 9y agoIf you legitimately owe the debt, you should pay it, regardless of the statute of limitations or any adverse affect of it being on your credit report. A debt is a debt, and you have a moral obligation to repay it if it is legitimate and you are able to do so.
Check and see what you statute of limitations are in your state--you might have 2 yrs or you might have 15 yrs, depending on the state and type of debt. If the statute of limitations has passed, you still owe the debt, but the creditor cannot take any course of action against you (credit reporting, litigation, garnishment, etc.). http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml#2
If you are still withing the SOL, it would be best to pay off the charge off as it could be turned into a judgment, that then will allow for a garnishment of your wages or a lien on property. Lots of things can happen and not all will be pretty. Best to pay and avoid the bad. Good Luck.
Only if the charge off would be removed within the next 2 years. If this is the case then it is best to wait and let it fall off on it's own.
A charge off will remain on a credit report for 7 years regardless if it is paid or not, if paid it should reflect the action in the entry.
The creditor can if they so choose file a lawsuit against the debtor in the circuit court in the county where the debtor resides.
If the creditor wins the suit (they always do) a judgment will be entered against the debtor.
The judgment can then be executed in accordance with the laws of the debtor's state of residence.
The preferred methods for enforcing a judgment are wage garnishment or bank account levy. Other alternatives, liquidation of non exempt property (bonds, stocks, etc.) seizure and sale of non exempt property (vehicle, boat, motorcycle, jewelry, etc.) or lien against real property.
Real property not protected by a homestead exemption can be subject to a forced sale.
Wiki User
∙ 9y agoI think that your credit report would be updated to show that the account was "included in a Ch 7 bankruptcy." You should be able to get a free credit report from www.annualcreditreport.com if you want to check your credit report to be sure the account's status is listed correctly.
A charge off is a term that refers to an amount of debt that is unlikely to be paid back. A charge off is then listed on a person's credit report and also on credit bureau reports. A charge off is a bad thing to have because it can make obtaining credit, either secured or unsecured, much more difficult.
Charge offs will stay on your credit report for 3 to 7 years
You should contact your card issuer to report the incident.
Charge-offs remain on your credit report for 7 years. If the account has been included in a bankruptcy, it should be marked as such...."included in bankruptcy". However, according to the Fair Credit Reporting Act, if you dispute the charge-off with the credit bureau and the creditor can not verify the account, it must be removed from your credit report immediately. Only the original creditor or the credit bureaus can remove a charge off, either through negotiations or through the dispute process.
You should call the credit card company.
I think that your credit report would be updated to show that the account was "included in a Ch 7 bankruptcy." You should be able to get a free credit report from www.annualcreditreport.com if you want to check your credit report to be sure the account's status is listed correctly.
Sumbit a dispute based on inaccurate information and let the credit report agency find them for you.
A charge off is a term that refers to an amount of debt that is unlikely to be paid back. A charge off is then listed on a person's credit report and also on credit bureau reports. A charge off is a bad thing to have because it can make obtaining credit, either secured or unsecured, much more difficult.
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
Get a copy of all three credit reports. The addresses and/or phone numbers of all your creditors should be listed on the report. You should also include the addresses listed on your statements so that in case your credit report has an error your creditor will still get notice of your bankruptcy.
Charge offs will stay on your credit report for 3 to 7 years
You should contact your card issuer to report the incident.
Charge-offs remain on your credit report for 7 years. If the account has been included in a bankruptcy, it should be marked as such...."included in bankruptcy". However, according to the Fair Credit Reporting Act, if you dispute the charge-off with the credit bureau and the creditor can not verify the account, it must be removed from your credit report immediately. Only the original creditor or the credit bureaus can remove a charge off, either through negotiations or through the dispute process.
You should dispute and have this consolidated with the correct information. Not all creditors or people looking at the credit report would notice this was the same account.
7-10 yrs
Your creditor should do it. If not, go to the credit reporting agencies and try a dispute. www.annualcreditreport.com This is free. No subscription tricks.