The Frugal Creditnista

I have a charge off from 2010, should I dispute it?

Q:  I have a charge off from 2010, I was wondering if I should dispute it, I want it off my credit report.

A: Is it reporting inaccurately? At almost 5yrs old its not really affecting your score and depending on what state you're in and the kind of debt it is, it may have passed your state's statute of limitations; meaning they can't sue you to pay for the debt.

For example, let's say you're in IL:

if it is a loan that you've signed a note for in IL they have 10yrs to pursue me, so from 2010 they have another 5yrs left to pursue me for the debt; for a credit card debt the time is up this year so it wouldn't make sense to contact them because it expires this year.

In regards to the credit report; there are 2 years left before it falls off and again it's not really factoring into the credit score.

Why wake a sleeping giant? Leave it alone and focus on debts that are affecting your credit (and budget) the most – current to 24mths (36mths tops). And really focus on building positive credit because that affects your credit score the most as well.

Hope this helps!

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