Maryland | Credit and Debt Law
3/26/02, 12:33 pm
Legal Question
Paid in Full Charge-Offs, does the 7-year clock restart?
I am in the process of paying off in full a couple of accounts that were charged off and sent to collections. The last activity on these accounts show on my credit report as 1997, so they will ''fall off'' in a couple of years. If I make payment in full, will the last activity date reset, and the 7-year clock start over?
I want to pay off these debts, but I don't want to the clock to restart, as being that if I do nothing, they will be off my record in 2 years.
Thanks for your replies.
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Read More Answered By: Lawrence Holzman |
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