Forums
This is my first post to the forum. i am really confused about this one. I'll try to make it short. I ran into debt while in college, all of them are credit card debts. I was about to file for bankruptcy but a friend said that the debts would fall off after 7 years, so I didn't bother. So all the charge-offs are supposed to fall of in the next two months. But recently I saw in my report that the debts were sold of to various collection agencies in the last seven years. Some accounts are reported as being sold 5 months ago. So, do I have to wait for the next 7 years for the charge- off to be removed from my report? Is there any other way to get rid off them?
Hi Raby,
Welcome to the Forum. :D
A credit account is charged-off, when you do not make any payments for the account for more than 6 months. A "charge-off" stays on your credit report for 7 years and 180 days (the SOL period of charged-off account), from the date when you first missed payments. So even if the account is listed on your credit report, as being sold to a collection agency 5 months ago, it does not change the SOL period of the debt account.
After the SOL period of the debt accounts have expired, you must dispute with the credit bureaus and remove it from credit report. You will have to send a "Dispute Letter" to all the three major credit reporting bureaus.
So, when does the sol on a debt account start from??
SOL period of debt account
Hi Stacy,
The SOL period of a debt account begins from the date, when you became delinquent or the date your debt account went into collections. Creditors consider you as being delinquent, when you have not made payment for an account, continuously for 180 days or 6 months.