Reply to Can't rent because of a charge-off...what can I do?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If dh has a high enough income why didn't you all just pay the bill?[/quote]

We didn't have a high income back then, and it was a pre-marriage personal card I didn't pay. I got in over my head with my baby expenses, then developed PPD and was overwhelmed by everything. Big mistake that I'm trying to rectify. [/quote]

How much money was it?[/quote]

Under 2k. I just didn't have it.[/quote]

So they just write it off? Doesn't that take years to happen? Aren't you supposed to make tiny payments until paying it off. I'm not sure how you instantly got this debt written off.[/quote]

If you miss payments for X amount of time (usually between 90-180 days), a creditor can sell your debt to a debt collection company, usually for pennies on the dollar.  They get a partial payment and they close the debt as a loss.  The debt collector then assumes responsibility for collecting the debt.  If that happens, typically the original creditor will close the credit vehicle, and file with the credit agencies that there was a delinquency and charge off.

Yes, this debt is written off by the original creditor, but assumed by the debt collector.

And the delinquency and charge-off take 7 years to fall off.  So, this is not old, but relatively recent (as far as credit goes).  If you can't pay off a credit loss, then it is assumed you are a credit risk for at the next 7 years and this is referred to the credit agencies to warn anyone new, like new landlords or property management companies as a warning that the person is a credit risk.  Despite OP's objections, she has to estabish and prove credit reliability for 7 years to get it cleared.  So, until that time, you'll have to find someone who does not use the standard credit agencies and credit checks to establish financial risk. [/quote]

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