SOL, CR & Charge-Offs
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Posted by Tracy
(69.66.118.190) on November 09, 2003 at 08:40:44:
I'm new to this and have a few questions. 1. There are two charge-offs on my credit report from an unsecured bank loan in 1991, but they weren't charged-off until 2003. One of them I know for a fact was paid in full in 1994. The other one was listed on my bankruptcy in 1995. My husband also co-signed a car loan for my daughter in 1997, and when she defaulted he paid the balance in full. Yet there's a judgment listed against him on his CR from that bank. The bank has since been sold and they say they don't have any records from the previous bank, so there's nothing they can do. What can we do about these? 2. The SOL here for unsecured loans is 5 years. I've read that everyone says to just let the SOL expire, but don't they still show on the credit report for 7 years? I don't understand how this can help your credit situation. Is there a way to get them removed before the 7 year reporting SOL? 3. I've also read that when you pay a creditor for an old bill, that you should have them remove the report completely from your CR. I don't know about everybody else, but their creditors must be a lot nicer than the ones we have. How exactly do you get them to remove it before the 7 year time frame? 4. There are two judgments listed as "Satisfied" on my husband's CR. Do they stay on the CR for 7 years from the time they were paid, 7 years from the time they were filed, or can those be removed, also? TIA. Your site here is wonderful. I didn't think we'd ever find a way to fight back, and we're learning a lot.
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