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  1. #1
    Registered User New Member
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    Question: When can I safely request a charge-off to be removed from my credit report?

    My wife has an old charge-off (for a car repo) on her credit report from back in 2010. The last payment or attempt to collect was in February, 2010, but the account was last reported in 10/2011. At no time have we been contacted by the collection agency in an effort to collect a payment. The account has just been charged off, closed and left alone, but it is still on our credit report.

    My question is, when will it be safe for us to request the charge-off to be removed from our credit report? When can the collection agency legally NOT try to collect payment from us? I'm worried that if I bring any attention to the account, the agency will ask for payment again.

    How should I go about getting this old account removed? Any advice would be appreciated and I will answer any questions that I didn't cover in this post.



    We are in the state of Nevada.

  2. Question: When can I safely request a charge-off to be removed from my credit report?
  3. #2
    JayVa,

    Before we start, I need to provide a disclaimer. I am not a lawyer and this is not legal advice.

    Now that that is out of the way, I can say it looks like you can start requesting the removal of that charge-off from your wife's account.

    There are two things at play here. First, the statute of limitation for Nevada. A statute of limitations is basically a law limiting the time a party has to enforce a contract. In most states, it starts to run from the last time you made a payment or agreed to make a payment. And after that time period expires, collectors are time barred from suing you for the debt. (You can still make payments, but you will not be under any legal obligation to do so.)

    A quick internet search indicates that the applicable statute of limitations for written contracts in Nevada is 6 years.

    Since it is unlikely that a collection agency reporting the debt extends the period for the statute of limitations to run, your wife may already be able to benefit from the statute of limitations.

    Second, the Fair Credit Reporting Act requires that most negative information be removed from your credit report after 7 years. If we take that 7 years from the date of your wife's last payment, that period will expire at the end of February, 2017.

    Based on these facts, you can certainly send the credit bureaus dispute letters asking for the accounts to be removed.

    Here are some resources to get you started:


    Best of luck. And please let me know if you have any follow-up questions.
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  4. #3
    Registered User Senior Member
    Posts
    171
    That seems like the right approach. Good luck JayVa

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