I have been making payments on a charged-off account. None of my payments have been reported to any of the credit bureaus. Will it still fall off when I reach the 7 year mark.
Even if you make payments on a charged off account, the negative mark will stay there in your report for seven years and six months from the date of your delinquency towards the account. If you pay off the charge off account, it will prevent you from getting sued by the creditor. This is because, charge off does not mean that you are no longer required to pay off the debt. After charging off an account, the creditor can even sue you to the court and bring judgment against you to recover the debt.
I agree Scott. However, if your account is still with the original creditor, and if you can negotiate with the creditor for pay for deletion agreement in writing, the charge off listing could have been removed from your report after you had paid off the debt. But since you had not made any PFD agreement with the OC, the credit report will show "paid charge off" only after you have made the full payment towards the debt, as agreed between you and the creditor. This "paid charge off" will fall off automatically from your report after seven years and six months from the date you made the last missed payment.
The poster stated that he is paying on a charged off account. I am taking it as they account is not yet paid off. Is there a way to get them to agree for a pay for delete since it is not fully paid off? I wouldn;t think it is too late yet. They may agree so that the person continues to make timely payments. Is this possible?
Yes, since he has not made the payment in full till now, he can request the creditor for pay for deletion agreement. However, it is difficult at this point of time to make the creditor agree to it. If they do not agree, he can request them to change the status of the listing to "paid in full" or "paid as agreed" instead of "settled for less".
Even if you make payments on a charged off account, the negative mark will stay there in your report for seven years and six months from the date of your delinquency towards the account. If you pay off the charge off account, it will prevent you from getting sued by the creditor. This is because, charge off does not mean that you are no longer required to pay off the debt. After charging off an account, the creditor can even sue you to the court and bring judgment against you to recover the debt.
I agree Scott. However, if your account is still with the original creditor, and if you can negotiate with the creditor for pay for deletion agreement in writing, the charge off listing could have been removed from your report after you had paid off the debt. But since you had not made any PFD agreement with the OC, the credit report will show "paid charge off" only after you have made the full payment towards the debt, as agreed between you and the creditor. This "paid charge off" will fall off automatically from your report after seven years and six months from the date you made the last missed payment.
The poster stated that he is paying on a charged off account. I am taking it as they account is not yet paid off. Is there a way to get them to agree for a pay for delete since it is not fully paid off? I wouldn;t think it is too late yet. They may agree so that the person continues to make timely payments. Is this possible?
Yes, since he has not made the payment in full till now, he can request the creditor for pay for deletion agreement. However, it is difficult at this point of time to make the creditor agree to it. If they do not agree, he can request them to change the status of the listing to "paid in full" or "paid as agreed" instead of "settled for less".