How long does debt stay on your Credit Report – Answered

When debt is uncollected for six months, the creditor will consider the debt as a loss and will turn it over to a collection agency. By turning the debt over to the collection agency, the creditor will mark your credit report as “charge off”. The “charge off” marking stays in one’s credit report for seven years, in addition to 180 days from the date of the default payment. This will close the door for one to get a loan of any kind. The “charge off” is one of the most damaging negative rating one can have on its Credit Report.

The “charge off” markings for seven years, plus 180 days from the default date, as it will lead one to have no access getting a personal loan or a car loan, or can be denied of credit cards, is as if one is being punished, and can lead one to difficult living. Contributing to this difficulty also is the hassles one would get on dealing with the collection agencies for their insistence and intimidation technique to collect payment. What one owes, sad to say, cannot be forgotten. Under the law, although, after the seven years, the “charge off” markings could be deleted in one’s Credit Report, the debt remains and it will be collected persistently. This debt is called “stale debts” and this can be sold and resold. For pennies on the dollar, this will be worth the effort of the collection agencies, even if just getting a partial payment.

If after checking one’s Credit Report the “charge off” is still showing up, despite the seven years of its legitimate stay has already passed; to totally get rid of that “charge off”, one may need to send a dispute letter to the Credit Rating Agencies to have it removed. The Credit Rating Agencies have 30 days to act on it.

How long does debt stay on your Credit Report? Since the reality persists that one cannot get rid of one’s debt, to get it off from one’s back, and move on with a clean slate, one has to negotiate with the collector listed on the credit report in paying off the balance. One can make it as a condition for partial payment or full payment of the debt to ask the agency to delete the “charge off” information in the credit file. If the collection agencies agree, have the arrangement made in writing. Many collection agencies are willing to do this even if the seven-year period has not passed yet.

How fast do credit card companies report changes?

I have paid down some balances already for some time but the changes are not appearing on my credit report. I'm not pulling up my credit however, I have alerts when my scores go up or down or if there's inquiries etc. Do I have to ask them to report the change in balance? Why is it that when you rack up a ton of charges they report them really fast but when they're paid off, they take forever? Is there a way to "speed up" the process?
I have paid them down but plan to keep the balances they have now (which are very low) instead of making more charges. Would writing to the credit card company make any difference?

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What does a credit report look like after bankruptcy?

I wanted to get information on what your credit report looks like after filing ch 7 bk. Does it still list all your accounts with the balances just with discharged on each, or is your credit report blank with just the bk on it?

All of your account names will show. There will be a code for the bankruptcy. It will still show what your high was but the balance will be 0. It will stay on your report for 10 years. However after 2 years you can begin to reestablish some credit. Your interest will be sky high though. Your credit report is never blank, they fill in all the blanks, to be sure.