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I was young and stupid and racked up a $5000 credit card bill years ago. It has been charged off and I am wondering if I am able to have it removed from my credit report now. I opened the account in Georgia, lived in KY afterwards, and now live in Indiana. Which SOL do I go off of?? The original account open date is 7/1/2002 but my credit report doesn't show it being a key derogatory until July 2006. Does the 7 year rule apply to the opening date of 2002 or KD date of 2006? Just wondering what, if anything I should do about it. THANKS!
Hi Jaded,
Firstly, the year rule will apply to your account from the date when you first missed your payment, that is the first time you were delinquent. Normally, the rules of the state in which you live now are applied to your credit account. So, in that case Indiana SOL should be followed. The SOL for open-ended accounts in Indiana is 6 years. So then, I think you are far away from the SOL and it will be better for you to settle the debt. See if you can contact the creditor and the collection agency to which your debt has been sold off. Try and go for a settlement and send a pay for delete letter to the creditor or the CA to remove your debt against the payment you will make.