Credit Reports

If you pay a charged-off account does it stay on your credit report for another seven years?


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2005-12-01 19:52:53
2005-12-01 19:52:53

It will probably still show up as a late pay, but that is far better than a write-off. Before you pay it off tell them that you got into a little of a financial bind and couldn't make payments but now that you can you would like them to remove any indication that you paid late in exchange for payment in full. Try it, it might work. The Fair Credit Reporting Act establishes a method by which the length of time derogatory information, such as charge offs, can show on your credit report. The beginning is the month/year you last paid the account on-time immediately prior to its' default. Nothing can LEGALLY re-set this date. So, whether you pay it, dispute it, or talk to the creditor about it, the "date of last payment" never changes. The account will be shielded from view 7 years after this DOLP. State law establishes a different time period during which a consumer can be sued to recover bad debts. This time period, called the Statute of Limitations, varies from state to state and by the type of debt. There are certain actions (under various state laws), like making payment arrangements, which can reset this date.


Related Questions

Is it for the same account or do you have another account with them?

No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.

A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.

This depends only if the creditor originally reported your account to your credit report.

If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.

Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.

Yes unfortunately they can. Companies today want the charged off account money and will sell it to another agency in order to get this. It will show up on your credit report under another you have 2 listings on your credit report for the original account.

Call the Credit report agency that pulled your credit from the Bureau's and ask them to look at the back of the credit report where it says inquiries.

Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.

Yes, anytime you open a new credit account, even if it is a joint account, it is reported on your credit report either when it is opened or when it is unpaid.

The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.

items will remain on your credit report 7 years from the date of last activity. What that means is if the account was already 6 years on your report but it was sold to another company it could remain on your report for another 7 years based on activity

usually this is because the original lender sold the account to a new lender which takes on the loan/debt, but the paper trail is still left on a persons credit report. If a company goes out of business they also liquidate their assets/accounts to another creditor. It also can be because the person did not pay on the account and it was sold to another creditor or a collection company. The most rare case would be that there is a mistake on a persons credit file and should contact the credit report company.

You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.

One can get their credit report by contacting their bank or provider. Other options would be to check one's credit account online, by mail or by phone.

Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.

One can request a free credit report from Equifax by going to their website and selecting free credit report. A dedicated agent will help you set up your account.

No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports. Hope this helps ST

It happens and can be disputed. Call you credit card company or credit agencies.

Seven years begining six months after payment the account ended. Not when it was bought by a third party collector.

The only way to have an account removed from your credit report is: 1. To prove the account was a result of fraud. Or 2. To let the account run the course which is 7 yrs. from the date it was PAID.

Yes, they can. But, usually it can be removed by the credit bureau once its proven to be a duplicate entry of the same debt.

I think that your credit report would be updated to show that the account was "included in a Ch 7 bankruptcy." You should be able to get a free credit report from if you want to check your credit report to be sure the account's status is listed correctly.

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