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Profile picture for SimoneCerasa

CREDIT CARD CHARGE-OFF

I have a charge-off on my credit report. The initial date of delinquency is 12/2006. When can I expect this to be officially off of my credit report? I know that 12/2013 makes it 3 years...how prompt are the credit agency's in removing this info usually?

I'm looking to buy a house in the next 3-4 months and this makes quite the difference on my credit score...
  • October 17 2013 - US
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Answers (8)

I would expect them to remove it on the last day of November 2013. If they don't send them a certified letter. Some lady recently won a $17 mil judgement for inaccurate reporting. I suspect that got their attention. The initial date of delinquency may not be the right date. The date of last activity may be the relevant one, as James said below. Those dates may be one and the same. Good Luck with it.
  • October 18 2013
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I would not mess with any derogatory charge off items.  I have seen the status change too many times and then if paid for less than the full amount be resold again starting the clock over.
  • October 18 2013
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Profile picture for dk58
Good Morning,
   I have read the thread of messages stating to NOT work with a credit repair company to remove this charge off, but in all reality it would actually be the most logical thing to do and I will tell you why. If you are looking to purchase a home in the next few months, then you already know that the current interest rates have dropped by a significant amount. If the credit company charges even a few hundred dollars as an example to remove this charge off, then it would mathematically make sense to purchase a home with the current rates, as this will guarantee you paying MUCH less interest than just waiting for the charge off to drop off, and god forbid the rates move even just a quarter percent. If you compare two mortgages with the same exact terms but the only difference in interest rate is half a percent, then you would make up the money you spent on credit repair within the first year of being in the mortgage, let alone the next 30 years. 
   I hope this helps you with your current situation, but the above message that I had written, would be exactly the same steps that I would do in the event I had the same situation. It's just not worth gambling with the interest rates, and to be on the safe side is much smarter especially if you save tens of thousand of dollars in extra payments. 
  Hope this helps and please feel free to contact me with any further questions or advice you might need. Good Luck!
  • October 17 2013
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The general rule of thumb is not to "mess with" negative items on your credit report that are over 2 years old!

  • October 17 2013
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Profile picture for SimoneCerasa
Yeah, i'm not working with any credit repair company. What's the point? It legally has to come off after 7 years (in 2 months). Not only that but it's past the statute of limitations. I know it sounds irresponsible, but I have no plan on repaying that since last I checked (3 years ago) they wanted triple the amount I owed them. I just wanted to know how quickly I can expect Equifax, Experian etc to actually remove it from my credit report once December rolls around.
  • October 17 2013
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I would NOT call a credit repair place.  You are so far into it that it is not worth it to pay someone for something that is going to fall off soon (7 years from date of last activity)
  • October 17 2013
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Profile picture for bonita474
A credit repair professional may be able to work with the credit bureaus (on your behalf) to have that charge off removed much quicker.  

But, be sure to check out any credit repair company with the BBB - there are a lot of reputable ones (with A+ rating), but there are a lot of bad ones also. 
  • October 17 2013
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It will fall off 7 years from the date of last activity
  • October 17 2013
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