How long does a "charge off" stay on my credit report?

I looked at my credit report for the first time and saw that there was a charge off from a bank that had repo%26#039;d my car back in 2001. To this current month, it still shows in the red. How can I stop this so my credit score can get better? and..how long will it stay on there? Should I be paying the bank back?|||Paying off the loan won%26#039;t stop reporting of the past delinquency, but it will mark the debt as paid -- which may modestly improve your credit score as well as put you in a more favorable light with other creditors.





Delinquencies/defaults are reported for 7 years from the date the most recent delinquency began. Generally, for a default that clock starts running 6 months prior to when the loan was charged off (because loans are charged off once they%26#039;ve been non-performing for 6 mo). After that 7 years has passed, the adverse information must be removed from your credit report under law (Fair Credit Reporting Act).|||yes you should pay the bank back. That%26#039;s what will get your credit rating back up.


It can stay anywhere from 2-7 years|||It can be on there up to 10 years. But, the truth of the matter is that if you can get the creditor to take it off your credit report, they can force it through earlier. We used to do that for people who had $0 balances and were about buy a house and needed a loan, and were giving us trouble about how bad it looks on their credit report. The catch is that it must have been on the credit report long enough for us to feel that they would not get a returned check on their account or any other error debits (usually 2 years).|||paying is the one sure way of getting it off your record -- other wise it will stay there for several more years!!!|||The car was your collateral, so you shouldn%26#039;t own the bank anything.





Something like that will stay on your credit report for 7 to 15 years, depending on what state you live in.|||its not going anywhere. the original creditor can keep it there 7 years then sell it to a collection outfit who can report it as their debt for years and then sell it to another agency who will report it as their debt etc.





best bet is tring to get 40-50% of what you owe and try to settle the debt|||Forever, it%26#039;s supposed to drop off after 7 yrs but as long as it is resubmitted it will always be there and I don%26#039;t know why but they do resubmit. No you don%26#039;t have to pay the bank the wrote it off on taxes and if you do pay the bank they will not change the rating on your credit but they will resubmit the charge off so either way makes no difference and don%26#039;t listen to the guy that works in a bank I have worked in banks and now I am a Mortage Broker so I know more about finances