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Contributed by mm | September 10, 2006 12:07 PM PST
A common perception is once a debt is charged off by the lender, you no longer owe the debt. It is simply not correct.
From Bankrate:
A charged-off account is an accounting term that the lender uses to reflect that his prospects of getting repaid are slim. It doesn't mean that you no longer owe them the debt.
In general, a negative item on your credit report stays on that report for seven years. Credit bureaus wouldn't typically remove a charge-off from your credit report until seven years from the date of the initial negative listing of the late or missed payment that preceded the charge-off, unless requested to do so by the lender or as part of a dispute process initiated by you. If you won a dispute with a credit bureau, the bureau is obligated to pass along that result to the other credit bureaus, which should also remove the disputed item.
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