Removing debt past statute of limitations from credit report
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I have an old credit card charge off on my credit report that is past the SOL. I disputed it with all 3 major credit bureaus but got an answer that the debt is verified and will not be removed.
How do I go about removing debt past statute of limitation from credit report?
You cannot remove it
Like so many, you are confusing between two completely separate notions: Credit Reporting time frame and Statute of Limitations.
Statute Of Limitations
The Statute of Limitations (SOL) is the time frame to bring lawsuit, and has absolutely nothing to do with credit reports. It is defined by state laws and varies between states.Credit Reporting Time Limit
The Fair Credit Reporting Act (FCRA) is a federal regulation that defines the time frame for reporting negative information to your credit report.Per the FCRA, most negative information can be reported to your credit report for a maximum of 7 years (some exceptions apply) from the date of first delinquency.
Because your credit report reflects your credit history, debts continue to appear on your credit report regardless of whether they are paid or not. Even debts which have been paid in full continue to appear on your credit report for the full time limit!
For this reason, there’s simply no way to remove a charge-off from your credit report if it’s accurate. Only the passage of time can assure its removal.
Especially in the case of credit card charge-offs, even Pay For Delete Agreement won’t do you any good because the collection company can only remove the collection account from your credit report, but the original charge off which is reported by the credit card company will remain on your report.
No credit card company will agree to remove a charge off that is accurately reported. You’ll simply have to waited and let it age off your report.
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