Posted on: 12th Mar, 2012 01:36 am
I have a charge off on my account. What should I do about that? Do I need to pay it off in full? Also, I have one account that is closed by the creditor is there anything I can do about that? My last question is when does the statue of limitation start? Does it start from when it was placed in collections?
Hi Karoline,
If you agree with charged off account and if the collection agency have validated the debt, then you should try and pay off the charged off account in full. This will have a positive impact on your credit report.
If the account has been paid off in full and closed by the creditor, then I don't think you have to do anything in this regard.
The statute of limitations start off once you're delinquent on your loan payments.
Thanks,
Jerry
If you agree with charged off account and if the collection agency have validated the debt, then you should try and pay off the charged off account in full. This will have a positive impact on your credit report.
If the account has been paid off in full and closed by the creditor, then I don't think you have to do anything in this regard.
The statute of limitations start off once you're delinquent on your loan payments.
Thanks,
Jerry
Hi Karoline!
Welcome to forums!
It is always better to pay off the charged off account in full. As Jerry has mentioned before, it will help you in improving your credit score and have a good impact on your credit report. It is true that the statute of limitations (SOL) starts from the time of your first delinquency. However, the SOL period varies from one state to another. You should check out your state laws in order to find the SOL period for such debts in your state.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is always better to pay off the charged off account in full. As Jerry has mentioned before, it will help you in improving your credit score and have a good impact on your credit report. It is true that the statute of limitations (SOL) starts from the time of your first delinquency. However, the SOL period varies from one state to another. You should check out your state laws in order to find the SOL period for such debts in your state.
Feel free to ask if you've further queries.
Sussane