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tallbubba

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Charge off still showing on credit report
I have a repo/chargeoff, where my last payment was made in May 2008. I have been making payments to the lender for the past 3 years, but I am no where near paying it off. Equifax is showing this as a late payment for the past 47 months. Is this wrong or is this what they normally do?

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Top Contributor
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Ouch!

Because you have been making payments, but haven't "caught" up, every payment you have made is considered a late payment.

The good news is that after 7 years from the date of FIRST deliquency, this will drop off of your credit report.  You'll still "owe" the debt, but the credit reporting agency won't list it, and the collection agency (or creditor) won't be able to sue you.

Home stretch time!!  

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