Posted by Harry on October 24, 1997 at 20:31:06:
In Reply to: Re: bad debt -- KEYWORD posted by Christine Baker on September 25, 1997 at 13:59:19:
Dear Christine:
You mentioned in your respones that you would post some examples - I am interested if you did?
Thanks. Harry
: : a bad debt should not be in your credit report for more than seven years no matter what
: REALITY CHECK: Since most creditors don't report a DATE with a charge-off, it will stay on forever. Sometimes a creditor will just stop reporting the account, then the bad debt will disappear from the report 7 years after the last time it was reported.
: Pay the bad debt? That could be BIG mistake! Many times creditors who had stopped reporting will then report the 0 balance, and the bad debt will then stay on for 7 years from payment, NOT charge-off. When paying a charge-off, be sure you negotiate, sometimes you can pay up for as little as 10 cents on the dollar and/or have the account removed from the report. Be sure you get everything in writing!
: Robert needs to check his three credit reports. If there is a date with the charge-off (unlikely,) no problem.
: I