Old car charge off

The SOL goes by the original creditor, from the date of when you made the last payment. Just because someone else buys it does not change the SOL. The only thing that adjusts the SOL is if you make a payment on it, then the SOL clock starts ticking all over again.

If you would like to get a few of those old loan holders listings off your CR send DV letters to them and since they dont own the dent and probably dont have the proof anymore they will probably delete their listings.

Hi Tammy
Since it has been charged off in 2003, it will stay in your credit report for seven years from the date of your first missed payment that led your account to charge off, no matter how many times and to whom the debt has been sold. So I think that you can expect the listing to be removed from your credit report in 2010.

I don't know, I would think that it would be worth a shot to get it removed anyway, if it don't work then you have nothing to lose anyway, it will just remain there until the seven years is up, so either way it is worth the try anyway.

This is true.

Seven years seems like a long time to wait, mine are all paid except for one that is playing hard ball and has filed a summons on me. I still have to wait the seven years to get it off my credit report, I think they should cut the time in half or something if you have paid the account off, it gives you no incentive to pay it off, if you are still being punished years after the pay off.

I totally agree. My record is about clear...someday...I have learned a valuable lesson even though I didn't ask for all this. No more cc debt for me.

Hi goodnatured
The thing is that before you paid off the debt in full, you should have made your creditor agree for a pay for deletion agreement and get it in writing. This is because once you pay off the debt, the creditor has no incentive to delete the listing from your credit report. Even if they promise orally, it makes no sense, because after you pay off the debt, if they do not delete the listing, you have no proof to ask them for deletion. However since you have already made the payment, there is no other option but to wait for seven years to get it deleted from the credit report. All you can do is to request your creditor to delete the listing.

You hear alot of them not deleting a debt after the promise to. They make it seem like it is such a hard thing to do but I bet it would only take a phone call or internet connection to delete it.

I was not aware at the time and it is too late now, probably no sense in even trying to get them to delete it. They did update them all paid in full so that was a relief, I don't know how much good it will do.

That really stinks but at least they are paid. It probaly iks a relief just not having to worry.

Hi goodnatured
As far as I know, even if it is mentioned as "paid in full" in your credit report, it will not improve your credit score. But "paid as agreed" status is good for your credit report. The best thing is to make your creditor agree for pay for deletion. This way, the listing gets removed from your credit report and your credit score improves.

Never pay an old Debt, it will start the seven year reporting all over again!!!

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if it is paid off why would you worry about the sol?

You wouldnt

I wouldn't think so.