Re: Credit Card Charge Off

Posted by J Kelly (151.197.46.2) on May 13, 2004 at 19:28:01:

In Reply to: Re: Credit Card Charge Off posted by Rene in Texas on May 13, 2004 at 18:54:15:

http://whychat.5u.com/images/sol.GIF
That is the official definition. It is the time the creditor or CA is allowed to sue you. If the account goes beyond the SOL (4 years in Texas) they can still try to collect but have no legal authority anymore. So, basically, after the SOL passes, they are out of luck. There is never a good reason to pay a CA. Once charged off, the account is going to be on your credit report for the 7 years. If you pay a CA, you are making your credit worse, it will seal the account to your CR longer. Best not to make a deal after charge off. Will not help credit. You can, however, try to dispute the account off of your credit report with the CRAs. There is something called 1-2 bumpage, but you are a long way from that.

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