I have a Charge off in my CR (mortgage) that was repo. It has been more than 9yrs. Is it a good idea to pay off the dept or is there a way to remove the charge off out of my CR?
I have a Charge off in my CR (mortgage) that was repo. It has been more than 9yrs.
Do you mean that the debt was charged off 9 years ago? If it was, then the charge-off should have got removed by now. Negative items can stay on your credit report for 7 years.
It is better to pay off the debt. However, before you can do that you need to check out the Statute of Limitations (SOL) on this debt. The SOL starts from the date of last payment, and the SOL varies according to the state. If the SOL on this debt has expired, you can dispute this item off your credit report.
Charged off debts should come off after 7 years less the account was recently sold or there was activity on the account. A payment can be considered activity.
A certified credit counselor here wud be happy to review your credit report for free to provide an accurate, professional opinion based on your specific situation.
Yes, a charge-off can stay on the credit report for 7 years. However, the original poster has not specifically mentioned if the charge-off was 9 years ago.
charge off
Hi otlost,
Welcome to this community :)
I have a Charge off in my CR (mortgage) that was repo. It has been more than 9yrs.
Do you mean that the debt was charged off 9 years ago? If it was, then the charge-off should have got removed by now. Negative items can stay on your credit report for 7 years.
It is better to pay off the debt. However, before you can do that you need to check out the Statute of Limitations (SOL) on this debt. The SOL starts from the date of last payment, and the SOL varies according to the state. If the SOL on this debt has expired, you can dispute this item off your credit report.
Can I know what was this repossession about?
Thanks,
Aaron
charge off
it was for a mobile home that i co-signed for my brother.
charge off
Hi otlost,
OK. Then when was this account charged off? Can I know what's the matter with your brother? I think you should talk to him about this.
Thanks,
Aaron
Charged off debts should come off after 7 years less the account was recently sold or there was activity on the account. A payment can be considered activity.
A certified credit counselor here wud be happy to review your credit report for free to provide an accurate, professional opinion based on your specific situation.
charge off
Yes, a charge-off can stay on the credit report for 7 years. However, the original poster has not specifically mentioned if the charge-off was 9 years ago.