37 Days to Clean Credit
The law states that the 7yr period begins 180 days from when the original creditor reports the chargeoff. There are a lot of MYTH'S going on that the account stays on FOREVER or that when it is RESOLD it will stay on for another 7yrs. This violates the FCRA..and should be taken care of immediately! KNOW YOUR RIGHTS!
Section 605(a)(4), which has been in effect since the FCRA became effective in April 1971, has always prohibited CRAs from reporting chargeoffs that are more than seven years old.(1) Section 623(a)(5), which became law in September 1997, requires a creditor that reports a chargeoff to a CRA to notify the agency (within 90 days of reporting the account) of "the month and year of the commencement of the delinquency that immediately preceded" the chargeoff. Section 605(c)(1) provides that the seven year period begins 180 days from that date. Both provisions were part of the major revision to the FCRA that were enacted in 1996.(2) .