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Seven year clock


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Does the entire account come off of your account seven years after the first 180 day deliquency? Does the account have to be charged off before it can come off?

Here is my situation.

I have two bad accounts, the first is with Beneficial. I took out a loan in 1998 and stopped making payments in 2001. My first 180 day deliquency was in Sept 2001. The account wasn't charged off until May of 2005 in which it was subsequently sold to a collection agency. I have since paid the collection agency and the CO removed all negative marks from my report. The problem is that the negative account from Beneficial (the original creditor) still remains on my report. When can I expect this to come off of my report? Is it seven years from the charge-off or seven years from the 180 day deliquency?

I have the same problem with an old credit card that I had with Wells Fargo. The account has since been paid, but it looks like my first 180 day deliquency was in August 2002 and it was charged off in Sept 2002. When will this come off my report?

Any advice is very appreciated!

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