How Long Does A Charge Off Stay On Credit Reports?
There are many misconceptions out there regarding charge offs. It is essential to understand that a charge off on your credit report can stay for a maximum of 7 years and no more. However, consumers are somewhat of the opinion that if a collection agency sells the collection account to another collection agency the clock on the 7 year period starts again. This process is known as re-aging and it must be noted that it is illegal. No matter how many times the charge off debt account is bought or sold the time period will remain as 7 years and no more from the date the charge off was listed. Certain collections agencies use a hoax by telling clients that the 7 year period on the charge off will recommence but this is only to make consumers pay and the legally the charge off can only remain for 7 years.
