7 Years + 180 Days?

[LearningCredit]

I have several accounts with the date of last activity of 4/1998. They are PAID CHARGE-OFFS. Will they fall off on 4/2005 OR 180 DAYS AFTER 4/2005?

Can some explain how this rule works?

[DocDon]

It's 180 days plus 7 years from the date you last made a payment.

Generally it goes 30-60-90 days late, then 120-160-charge off. That's where the 180 days comes from.

If these were paid charge offs, I would have to believe that it would fall off in 4-2005 as it reached it's 7-year rule for negative information (the 180 days was already taken care of at the chargeoff).

Very good question you asked.