Repossessions and miscellaneous charge-offs?

[JIM0621]

What is the name of your state?[font=Arial Black]What is the name of your state?MI
My question is I have accumilated around 45k in bad credit. Most of these companies in which I owe money say charged off. This is shown on my credit report. From what I was told these items that are charged off if I leave them alone for 7 years then they will come off my credit report. I was just wondering is this true. If it is I have about 4 years left. If not should I just file Chapter 7? The items I owe on are 2 repossessed vehicles and misc small bills. What is the Fair Credit Act?

[Ladynred]

From what I was told these items that are charged off if I leave them alone for 7 years then they will come off my credit report. I was just wondering is this true

Yes, its true. The Fair Credit Reporting Act (FCRA) says that negative items can only stay on your reports for 7 years PLUS 180 days from the date of first delinquency that preceeded placement for collections, internal or external. That date of first delinquency is REQUIRED, creditors MUST report it.

For 2 repo's, you're like to get sued.

You can find the Fair Credit Reporting Act (FCRA) here:
[url]http://www.ftc.gov/os/statutes/fcra.htm[/url]