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Yes.
Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
What else can I help you with?
Can a credit card company collect after 7 years?
no
What does it mean if a credit card company enters a judgment on you?
It means that you have that on your credit report for 8 years and that they have the right to collect the judgment from you.
How many years dose a dept last?
If you mean debt on your credit report the answer is about seven years from the date the creditor stops reporting it. If it's bad debt, the creditor may report for at least five years actively. Then you have seven years from THAT date until it falls off your file. Realize this: some companies sell of bad debt to third party collection agencies which prolongs the amount of time it will show on your credit file. For example: Capital One issues you a credit card. You charge it and never pay. They report you as a P&L (profit and loss writeoff). They enter that on your file. After a year they sell it off to Company A at 60 cents on the dollar. Company A then attempts to collect the debt. The enter a tradeline on your credit file. Now you have two. Meanwhile, Capital One is still reporting. If Company A cannot collect the debt they too show as a P&L. They sell the account to a clearninghouse at 30 cents on the dollar. The clearinghouse now enters a tradeline on your credit file. Now you have three. Meanwhile as the clearninghouse tries to collect the debt you have three tradelines all reporting derogatory on your credit file. Moral of the story - pay your bills.
How long does a foreclosure stay on your credit report?
A foreclosure will typically remain on your credit report for seven years.
How many years of not making a payment can a credit card company still collect from you?
as long as they want to, Generally they will sell the account to a collegetion agency after 6 months of non-payment
Can a credit card company collect after 7 years?
no
What does it mean if a credit card company enters a judgment on you?
It means that you have that on your credit report for 8 years and that they have the right to collect the judgment from you.
If one collection agency fails to collect a medical bill and sell it to another agency how long will the bill stay on a credit report?
seven years
How many years dose a dept last?
If you mean debt on your credit report the answer is about seven years from the date the creditor stops reporting it. If it's bad debt, the creditor may report for at least five years actively. Then you have seven years from THAT date until it falls off your file. Realize this: some companies sell of bad debt to third party collection agencies which prolongs the amount of time it will show on your credit file. For example: Capital One issues you a credit card. You charge it and never pay. They report you as a P&L (profit and loss writeoff). They enter that on your file. After a year they sell it off to Company A at 60 cents on the dollar. Company A then attempts to collect the debt. The enter a tradeline on your credit file. Now you have two. Meanwhile, Capital One is still reporting. If Company A cannot collect the debt they too show as a P&L. They sell the account to a clearninghouse at 30 cents on the dollar. The clearinghouse now enters a tradeline on your credit file. Now you have three. Meanwhile as the clearninghouse tries to collect the debt you have three tradelines all reporting derogatory on your credit file. Moral of the story - pay your bills.
How long does a foreclosure stay on your credit report?
A foreclosure will typically remain on your credit report for seven years.
Does a bad debt have to come off your credit report regardless of last activityafter seven years?
Debt that is charged off plus 180 days can be removed after seven years but a creditor may be able to collect on the debt up to 10 years [depending on state SOL]
What will two car repossessions in three years do to your credit?
it will spoil your credit but will be cleared after seven years
How long can a debt with a credit company stand for if no contact has been made for nine and half years?
Debts do not "expire" unless the creditor cancels the debt and remits a 1099C to the debtor. There are statute of limitations for debts that are established by the laws of the debtors state which prevent a creditor from filing a civil suit to collect the debt owed. Negative credit information remains on a credit report for seven years from the DLA, (an exception could be a valid recorded judgment).
How many years of not making a payment can a credit card company still collect from you?
as long as they want to, Generally they will sell the account to a collegetion agency after 6 months of non-payment
How long credit card debt stay on credit report?
seven years
Can a credit card company collect on a charged off account after 7 years?
Your state's Statute of Limitations law will provide you with the answer to that question. Charging off a debt is essentially just a bookkeeping term, and does not affect the company's ability to collect the debt from you. The seven-year time frame you reference is related only to how long it can be reported on your credit file, and is completely separate from the Statute of Limitations, which can be anywhere from 3 to 10 years or more. Of course, I'm not a lawyer and this should not be construed as legal advice, but rather general information based on my experiences and research. I make no guarentee as to the accuracy of the information.
Will a Collection agency or credit card company sue for debt 6 years later?
hello yes they can as i have just found out mine was seven years if the find you you cannot get away from it sorry
