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Is an item removed from your credit after say 10 years from the original open date or charge off?
Asked by
eubush1
1 year ago
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Charge off. I goes by the last activity on the account
cj5000 1 year ago
Thanks for the info. One more question related to this subject, what if the account is turned over to a collection agency?
eubush1 1 year ago
The original charge off will be removed after ten years of the closing date of the account (whenever the charge off, last payment, or last contact occurred) The collection agency may report a separate outstanding balance but it is very rare. If you pay the balance or settle through the collection agency they will amend the original account holders report (either paid in full after account closed/charge off or settled in full after account close/charge off) which looks better than an outstanding balance. It will remain on your report for ten years after the amendment. The collection agency may make hard inquiries on your credit score periodically, as long as the balance is outstanding, which can negatively effect your score.
Kensington22 1 year ago
Thank you, eubush- that was very helpful. I had no idea that collection agencys can make hard inquiry's on your credit as often as they like!
jarena82 1 year ago