Dispute it with the reporting agencies. They are Equifax; Transunion and Experian.
Most will eventually list the account as a charge off. Which means they remove the account from their books and take a loss in a tax write off. This does not release the debtor from the obligation of repayment. The account is usually sold to a third party collector. If that agency cannot reach a equitable agreement with the debtor, they may file a suit. Even if you do not hear from the creditor or collection agency for an extended length of time, you are not free of the debt. The SOL in most states is six years, (depending on the type of debt that is delinquent). Eventually it will become a charge off which is much worse for you! It will become a charge off and will be impossible to get it removed from your credit report. Remember, just because it is a charge off, it DOES NOT mean that you do not have to pay it and it looks a lot worse on your credit report!
Valid contributions are not deleted when someone closes their account. However, any previously linked information is removed so that the contributions become anonymous. If there are specific contributions that you would like to have removed due to certain issues, you can send this information to support with your close request. They will look into the situation, and consider your request.
When you become past due on a credit card or default on a loan, the creditor reports the information to one of three credit agencies (Equifax, Experian or Transunion). When you charge-off a checking account, your bank may report the information to a different agency; this agency is called ChexSystems. Most banks participate in ChexSystems service, by running consumer reports to qualify applicants, as well as reported delinquent accounts. If you owe another bank money and want to open a new bank account, you'll have to be resourceful.Instructions1 Order your ChexSystems consumer report. You are entitled to a free copy annually; visit the ChexSystems website to make your request.2 Receive your free report by mail in seven to 10 business days. Examine the report to determine if the delinquent account is listed; if it's not, you have nothing to worry about; you can open a bank account anywhere.3 Pay off the delinquent account, if possible. It won't remove the delinquent account from ChexSystems, however, it will change the status to paid, which may help you open a new bank account.4 Visit the bank where you want to open an account. Meet with a personal banker to discuss your options. Explain your situation and furnish proof the old account is paid, if possible.5 Apply online for a bank account. Most banks allow you pre-qualify for checking accounts on their website. This will avoid any potential face-to-face embarrassment.6 Consider a credit union, rather than a bank. While most banks use ChexSystems, many credit unions do not. A credit union checking account may offer the same conveniences as a bank checking account.
When the lender decides to classify it that way. Some will automatically charge it off when it is 90 days delinquent, others will never. Charging off a debt is just an accounting entry that keeps the bank from overstating their income and assets. It does not mean the debt is no longer owed or that they will stop trying to collect it.
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