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When a charge off has been removed from your credit report because 7 years has passed is the creditor still able to sue for the balance due?
Wiki User
∙ 19y ago
It is possible, but unlikely. The statute of limitations for reporting derogatory information on the credit bureaus and for bringing a lawsuit are different and vary from state to state. Refer to this website for information and for links to data on your state's statutes regarding judgments. http://www.fair-debt-collection.com/statue-limitations-explained.html It all depends on the statute of limitations on the state laws of the state that you signed your contract with the credit card or loan with. But usually no, they may continue to harass you but you need to find out your laws and statute in that state.
Wiki User
∙ 19y ago
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When is a charge off removed?
A charge off will stay on your credit report for 7 years unless removed by the original creditor or the credit bureaus. You can dispute a charge off with the credit bureaus and they must verify it with the original creditor with in 30 days or it must be removed from your credit report.
What does a charge off with a zero balance mean?
A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
How do you remove charged off from your report?
Only the original creditor or the credit bureaus can remove a charge off from a credit report. You can negotiate to have them removed with the original creditor if they will let you. You can also dispute it to the credit bureaus and they will have 30 days to verify the listing or it must be removed from your credit report.
Can a charge off be removed due to paying off the debt in full?
A charge off CAN be removed in exchange for payment in full, if the creditor choses to do so. Their only obligation is report the correct nature of the account, which would be a "paid charge off". However, it is a good idea and practice to negotiate for removal of the tradeline. Credit reporting is a voluntary activity. There are no laws or regulations which require any business to participate. If a creditor does report, they are required by law to do so accurately.
Collection acct removed but original creditor still remains?
Yes, reporting to your credit by a collections agency does not effect the reporting originally made by your creditor. It most normal cases you would see the original creditor having reporting the account as a "charge off" regardless of any reporting made by a collections agency afterwords.
When is a charge off removed?
A charge off will stay on your credit report for 7 years unless removed by the original creditor or the credit bureaus. You can dispute a charge off with the credit bureaus and they must verify it with the original creditor with in 30 days or it must be removed from your credit report.
Can charge offs be removed from a credit report because the person has a medical condition that prevents them from working?
No. Personal financial difficulties regardless of there nature is not a legitimate defense for not paying a debt or for having the negative entry removed from the credit report. You will notbe able to remove charge-offs from your credit report unless you can pay the entire balance in full and negotiate with the original creditor.
What does a charge off with a zero balance mean?
A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
How do you remove charged off from your report?
Only the original creditor or the credit bureaus can remove a charge off from a credit report. You can negotiate to have them removed with the original creditor if they will let you. You can also dispute it to the credit bureaus and they will have 30 days to verify the listing or it must be removed from your credit report.
Can a charge off be removed due to paying off the debt in full?
A charge off CAN be removed in exchange for payment in full, if the creditor choses to do so. Their only obligation is report the correct nature of the account, which would be a "paid charge off". However, it is a good idea and practice to negotiate for removal of the tradeline. Credit reporting is a voluntary activity. There are no laws or regulations which require any business to participate. If a creditor does report, they are required by law to do so accurately.
Can a creditor still charge interest rates if they are garnishing your wages?
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
Collection acct removed but original creditor still remains?
Yes, reporting to your credit by a collections agency does not effect the reporting originally made by your creditor. It most normal cases you would see the original creditor having reporting the account as a "charge off" regardless of any reporting made by a collections agency afterwords.
Can a creditor remove a charge off?
Yes, a creditor can remove a charge off from your account and your credit reports. Credit bureaus can also delete charge offs from your credit report if they are disputed and not verified.
What is a Charge-off in a credit report?
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
What are charge offs?
Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.
How do you remove charge offs from a credit report?
Charge-offs remain on your credit report for 7 years. If the account has been included in a bankruptcy, it should be marked as such...."included in bankruptcy". However, according to the Fair Credit Reporting Act, if you dispute the charge-off with the credit bureau and the creditor can not verify the account, it must be removed from your credit report immediately. Only the original creditor or the credit bureaus can remove a charge off, either through negotiations or through the dispute process.
What is the charge of h2o?
The Ionic charge of H2O is 0 because H has a +1 charge and there are two H so it equals +2 and O has a -2 charge. So they balance out to a charge of zero
