How long do we stop reporting to a charge off loan to the credit bureau? Is it five years, seven years, or indefinitely? I have heard several different terms from many different people.

I am sure someone will correct me if I am wrong, but I have heard that once you charge off a loan, you don't report it to the bureaus any more because the former borrower no longer has that loan with you.

Well, while that may be true, if they make a payment on the charged-off loan, it must be reflected on the credit bureau report.

Other than that:

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

So according to you - we should stop reporting uncollectible loans after seven years after the date of last payment received. Is this a true statement?

What Randy gave you is an exact cite/quote from section 605 of the FCRA (Fair Credit Reporting Act). Why would you doubt it being a true statment?

I'm not saying it's not at true statement; i'm just trying to clarify the actions and a few necessary adjustments on my core system and training the personnel.