Charged off accounts on credit record
I may be incorrect, but I was told that if you do not pay a credit card for 7 years without filing for bankruptcy, they can no longer hold it against you on your credit report... (bankruptcy is 10 years)... My question is this--if the credit card company does a "charge off" and sells your debt to another company--does that 7 year gap restart? Or is it 7 years from the origianl credit agency?? I looked into bankruptcy several years ago--and the lawyer told me this information...