Charge Off Removal Timeframe?

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transformfromwithin

LoanSafe Member
Dec 30, 2010
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Does anyone know when a "charge off" will get removed from the CR?
Is it from the time of default or from time of charge off date?
Thanks
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Hello,

It is 7 years from the date of charge off. Under the federal law, called the Fair Credit Reporting Act (FCRA), the FCRA enforces the 7 year limit stating that a charged off account or placed for collection must be completely erased after seven years from the date of last activity; last activity generally means the date the creditor charged off the account.

Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.

Here is a link from the FTC if you want to read it more in detail.

https://www.consumer.ftc.gov/articles/pdf-0096-fair-credit-reporting-act.pdf