The debt doesn't go away. It will eventually pass the statute of limitations, which varies by state, and then the creditor can no longer to take legal action (judgement, lein, garnishment) to collect it,
Additionally, if it was removed from your credit report because 7 years has passed with noe payment activity, then it can not legally be placed back on your credit report for any reason. In most states, after 7 years, the statute of limitations would have already absolved you of any legal responsibility as well. You should probably confirm the SOL in your state becasue in some states (Ohio, for instance)you can still be held legally responsible AFTER it has been removed from your credit report.
As noteed in the first answer, the SOL is oly how long the creditor can use the COURTS to collect the debt...they may still use any other method and a debt remains valid.
And, writing off debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is a required accounting entry - it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it.
You get closed accounts removed from your credit report in the same manner as any other information. You write a letter of dispute to the creditor, or credit bureau, or both. The question is; why do you want closed accounts removed from your credit? If these accounts were paid as agreed, their appearance on your credit report is still offsetting any other information that appears there. I have clients with closed, 6-10 year old, accounts and active derogatory accounts that still have viable credit scores. Were they to challenge and have removed the closed accounts, they would have no score at all, which can be worse than having a low score. Keep in mind that your credit report, and the resulting credit score, is a history of how you have paid your bills in the last 7 to 10 years. You do not necessarily want that history to be empty.
Yes, your payment history will still be a part of your credit report as well as the Chapter 7.
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.
Sure they can. Inactive means it hasn't been used for a while, but it is still a valid account.
If your question pertains to closed, positive, accounts; you do not want tyis type of account removed (or more accurately, shielded from view) on your credit file. Old positive accounts still show past payment history. If these accounts were open, they would be aiding your credit score by lengthening the time you have had open credit. But, even when closed, they show past credit history. This is good thing, and not something want removed. If your question pertains to accounts with derogatory information; those items may legally show on your credit for 7 years from the date of last activity. After 2 to 4 years, you can write a letter of dispute to the credit bureaus. If the accounts are not verified within 30 days, they must be shielded. If verified, they will not only remain on your credit report, but also get updated. This won't change the length of time they show on your report, but MAY effect how much they impact your score.
you contact the 3 equifax and submit the findings to be removed
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.
A charge-off is a tax technicality that gives the creditor a tax deduction and you a taxable cash event. It does not "erase" the debt. You still owe it. It will stay on your credit report for 7 years. If it stays on after that period, file a complaint to the credit reporting agency that is keeping it on.
What do you mean by "fix" it? Do you want this taken off of your credit report? Was the loan legitimately charged off? Do you still owe a balance on the loan? If you have a legitimate charge off reported on your credit report, it cannot be legally removed. If you owe a balance and the charge off is recent, paying off the balance could help. However, the charge off will still show on your credit report for 7 years, and only time will remove it. Still, if you keep your credit in good shape otherwise, the charge off will hurt you less and less as time goes by. Read more about your credit report and score in the link below.
You get closed accounts removed from your credit report in the same manner as any other information. You write a letter of dispute to the creditor, or credit bureau, or both. The question is; why do you want closed accounts removed from your credit? If these accounts were paid as agreed, their appearance on your credit report is still offsetting any other information that appears there. I have clients with closed, 6-10 year old, accounts and active derogatory accounts that still have viable credit scores. Were they to challenge and have removed the closed accounts, they would have no score at all, which can be worse than having a low score. Keep in mind that your credit report, and the resulting credit score, is a history of how you have paid your bills in the last 7 to 10 years. You do not necessarily want that history to be empty.
No, but you may need to contact all credit bureaus to make sure the item has indeed been removed.
It is still bad credit history.
If you have a bad credit history, you can still avail of credit card applications. It depends on the company. Sometimes, you have to fix your credit card history before you can apply for a new one.
If it is listed as a charge off, or reporting lates with a $0 balance, than negative info will remain on your CR's for 7 years from the DOLA
If you are on the account your are building a credit history, hopefully a good one.
There are available credit card companies that offer a chance for people to have credit cards even though they don't have a credit card history. Even people who have a bad credit card history can still be a candidate for the application. Though it will be harder for one to get his/her application granted.
Yes, as long as you still owe money.