Updating credit file
Charge offs normally occur within 180 days of consecutively missed payments (they can happen sooner than 180 days).
The 7.5 years the negative item stays on your credit report starts from the first missed payment to your lender.
Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.
Wallet Hub is the only place you can get free credit scores that are updated on a daily basis.
My questions are can any of them take me to court still because from what I read some debts are 3 years and some are 6 here in Arizona, I am not sure what they fall under, also at 7 years they have to stop reporting to my credit so I am told.
If the accounts remain unpaid long enough, those 30 day incremental late pays turn into a charge off reporting on your credit.
Reviewing your credit reports for accuracy when you know you have old collection items is important.
Staying on top of when and how to get your credit reports corrected will help you plan for future access to credit at fair prices. About Michael Bovee Michael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education.
When your accounts get this far behind, it is standard to have the account placed with outside collection agencies repeatedly.
Many creditors have practice of selling off debts that remain unpaid long enough, to debt buyers.
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I viewed the information online through a credit score tracking website.