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How long charge-offs stay on the credit report and re-aging question

Mon Oct 30, 2006 04:10PM | By Tony

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Q: How long charge-offs stay on the credit reports? I had few problems with Washington Mutual and Bank of America, and my charge-offs were sold to the collection agency, and now this agency wants me to pay. Should I? If these accounts sold, does that mean that the time they will stay on my credit reports started anew? That what the collection agency keeps telling me.

A: Charge-offs stay 7 years from the date of the delinquency, plus 180 days. See more information on bad credit time limits. You are still responsible to pay within this 7-year time frame. Should you? Check your financial ability and your conscience. Also check debt collection time limits.

The time isn't getting reset. It is still 7 years from the date of the delinquency, plus 180 days. What the collection agency implies is called "re-aging" and is against the law. Chances are the collection agency is going for scare tactics to make you pay, but I would check credit reports to make sure the time limits for those sold charge-offs are reported accurately.

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