Charge off reporting

i have an account that was charged off last year. Since the. They report a new 90 day late each month and the account is still marked as open. I am making Payments but not paid in full yet. Can they continue to report new late payments every month. If have read both ways on this matter, does anyone have a solid answer possibly with legal reference

gdale6 wrote:
Steve172 wrote:
i have an account that was charged off last year. Since the. They report a new 90 day late each month and the account is still marked as open. I am making Payments but not paid in full yet. Can they continue to report new late payments every month. If have read both ways on this matter, does anyone have a solid answer possibly with legal referenceTechincally you are still in default so in keeping with the FCRAs requirement to report accurate info they do so each month as they are updating the balance to reflect your payments. Paying it off sooner will stop the Fico score hurting and it will stop updating on a monthly basis, this is per the CRAs operating manual that they should stop reporting once the account is paid in full, there is no legal requirement for them to do so and some creditors will continue to report even once its been paid off. This IMO is just pure spite on their part to do so.FWIW, In my personal experience, updating of a paid accounts does not seem to affect my FICO 8 scores. I had a couple of paid accounts that were disputed and when they updated, my FICO 8 scores remained the same. This would seem to confirm my suspicion that updating of an unpaid account does not make it look "new" to FICO, but rather FICO interprets this as increased collection efforts by the CA...Note that this is from my own personal experience and I can't confirm this holds true for others. I also have no idea if this is just something unique to FICO 8, and earlier score models may indeed behave differently.

Similar Messages

Sold charge off reporting as a partial payment agreement?

Two years ago my cc company said I made a late payment and raised my interest rate. I called them and explained that I did not make a late payment but they refused to lower the payment or interest rate and then locked me out from making anymore payments. A few months later I recieved a letter saying they charged it off. This was in 2013. Now I am trying to get a mortgage. My home counselor pulled my credit report and my "charge off" is reported closed by me and sold to another lender. The other lender reports an open balance under a partial payment agreement. I've never even heard of this company, forget about having entered a partial payment agreement with them. Is this grounds for removal from the CRA?

Taking of a charge-off does not excuse the consumer's continued obligation for the entire debt.If the creditor sold the debt to another, that party can attempt to collect the entire amount.The purchaser can report their collection to the CRAs without prior notice to the consumer. Whether there is additionally an existing payment agreement/plan is a separate issue.

Can credit card charge-offs be reported twice?

I had a credit card charge-off on an old secured card. The bank i had the card with reported it once and then I noticed that the collection agency that bought the debt reported it to bureaus a second time. Is that legal? I am in the process of disputing them on all three credit bureaus.

Daare2dreeam wrote:
I had a credit card charge-off on an old secured card. The bank i had the card with reported it once and then I noticed that the collection agency that bought the debt reported it to bureaus a second time. Is that legal? I am in the process of disputing them on all three credit bureaus.Yes, so long as it's reporting correctly.. The OC entry for your CO should reflect a zero balance. What is your reason for disputing?

Piad Charge off and paid Att reporting Balance

Hey Family! I had a credit card with Cap One that was charged off and sold to Portfolio Recovery. I paid PR in full... Cap One is still reporting a balance on my credit report. PR never listed a collection on my reports. how do I get this to report better? I had an account with ATT that was closed out and sold to Enhanced Recovery but I paid ATT in full. how do I get ER off my report? I never spoke to them about the debt but it's showing up on 2 of my reports? Plaese help me family!! Thanks

For enhanced recovery, Dispute as paid and include a copy of paid receipt from AT&T.
If it's on all 3 reports then dispute with all three bureaus.

Charge off on Credit Report

I first opened my Fios account in 2011, while pursuing my college degree. This same year, my father, who had been helping me financially with tuition and expenses was diagnosed with a rare cancer known as Multiple Myeloma, and was no longer able to work as he had to undergo a bone marrow transplant and chemotherapy. Over the next year, without my father’s financial help, I became disorganized with respect to, as you saw, making timely payments with Fios. At the end of school, I cancelled my bill, and failed to pay my last bill. I fully recognize my responsibility with respect to payable accounts and have worked diligently to rehabilitate my relationship with Fios since that time. As you may see in my records, I have since paid the amount owed, and reopened an account which is currently in good standing
To be honest, those years were a "wake-up" call for me regarding fiscal organization. Since then I believe I have learned the essential organizational and financial management principles I desperately needed at that point. Thankfully, responsible credit management is now reflected in my credit records which -- excluding the paid charge off entry from Fios during my time of hardship -- are excellent. I wish to thank you for renewing your confidence in me and for giving me a second chance at a relationship with you, one that I am determined to keep spotless.
I am now, with my fiancé, about to shop for a mortgage, and refinance my car. It has come to my attention that the paid charge off from Fios, despite having been only $130, will preclude me from taking full advantage of the very lowest interest rates now available. The impact of a $130 mistake when I was in college, will likely cost me upwards of $50,000 over the course of the loan. Since those notations do not reflect my current status with Fios, I am requesting that you give me a second chance at a positive credit rating by removing that old trade line. I sincerely hope that there is redemption at Fios, and I beg you for such consideration. Please let me know if any additional documentation would assist in reaching a positive outcome, and I thank you again for the time you have spent reading this letter.

This is a peer to peer support forum. You need to contact Financial Services at Verizon to discuss your request.

Advise on how to remove paid charge off

Looking for any advice on the best way of handeling this. I have a old paid charge off on my credit report that is scheduled to drop off in early 2016. I would love to get this removed early, but not sure if it is worth it. Is it really affecting my credit score at this point? I have read in several forums that when older than 48 mos it doesnt factor much into score. Is writting a goodwill letter to the original creditor the best way to go to get it removed? If I do send one to the OC do I have to send one to the collection agency as well to have them remove it also? If I sent a gw letter could there be any negative consequences? If they dont remove it, could they update the most recent activity date, since I contacted them? I know I posted alot of questions- any help is greatly appreciated.

jeeptrailmaster wrote:
Looking for any advice on the best way of handeling this. I have a old paid charge off on my credit report that is scheduled to drop off in early 2016. I would love to get this removed early, but not sure if it is worth it. Is it really affecting my credit score at this point? I have read in several forums that when older than 48 mos it doesnt factor much into score. Is writting a goodwill letter to the original creditor the best way to go to get it removed? If I do send one to the OC do I have to send one to the collection agency as well to have them remove it also? If I sent a gw letter could there be any negative consequences? If they dont remove it, could they update the most recent activity date, since I contacted them? I know I posted alot of questions- any help is greatly appreciated.A CO always affects your Fico the entire time its on file, the ding lessens with age once it stops monthly updating. Sometimes a creditor interprets a GW letter as a dispute and will update the TL brining the account status date current and it can affect the Fico score if that happens. One should avoid all references to disputes in a GW. Since this is coming off in early 2016 you may choose just to wait and ask for early exclusion 6 months out on TU and 3 months out on the other 2 CRAs. Your choice, sending PFDs, GWs or any other letter is always a calculated risk. Welcome to My Fico

Nevada: SOL & Old Charge Off

Hey all, and pardon me in advance for my ignorance.
Long long time lurker, minimal poster.
I have a U.S. Bank C/O which was charged off in 12/2011.
On myfico it only shows my payment history back to 1/2010, in which it hasn't been paid. I left US BANK I'm sure in 2008/early2009 when I advanced my Career and switched to USAA.
My credit reports show an estimated "Fall Off" date as May 2016 for one bureau and July 2016 for another.
My question is, if the first date of delinquency is in fact within, 2009, with Nevada having a 6 year SOL, Shouldn't it be falling off of my reports this year in 2015?
I've been gearing up for a mortgage in early 2016 and going over my credit reports this was brought back up to my attention. Should I contact the OC and get the exact DOFD? The Credit bureaus? myFICO only goes back to 1/2010 and my last payment was before that date.
Any responses are appreciated.

SOL only determines how long you can be sued in court, no bearing on reporting. Report time is 7.5 years max for a charge off or collection.p

Advice on getting a Charge-Off Removed after 1099

I have a charge-off on my credit report that I received a 1099 on last year with event code H, I properly filed it with my 2014 tax return. DOFD on the account is 10/2008, the account shows as a charge-off closed account with the balance listed. What is the best approach to getting this removed from my report asap? Do I need to approach the credit with a pay for delete offer even though I've recieved a 1099? Greatly appreciate the assistance.

Rattenwriler,
Before taking such drastic measures as recommended below there are a few much simpler things to try. I would first do a Super-zap of your Parameter RAM. This will force the firmware to reset to factory defaults. To do it you press power if your system is off, or if you're at the never ending spinning gear, then press Command Control and Power simultaneously, then press and hold the following four keys: Command (Apple)Option+pr. Hold them down and the system should chime, your screen might flash and then go dark again, this is normal. Wait, continuing to hold the keys until the chime sounds four times.
If you can get the system to boot, say onto your installation CD/DVD or any version of Mac OS X, you can start the installation procedure by acknowledging that you want English, the run Disk Utility from the Utilities Menu. Do a full repair and permissions repair on the disk. Alternatively, if you have Apple Care support, you should have a copy of a limited version of TechTool Pro CD in your materials. You could boot from that, and let it diagnose your iBook. That will help determine if the problem is actually with your drive, or maybe a faulty RAM module instead. Another tool that is several years out of date, but still works, is Norton Systemworks for Macintosh. The bootable CD supports both OS9 and OS10, as long as the drive is formatted with Apple's Disk format (Pre-Intel), so it is useful for G3's G4's G5's and non-GUID formatted external drives for Intel Systems. Any of these tools should be able to repair your system.
Of course, since you already ordered a replacement, you can wait until the new system arrives, then boot your iBook into Firewire Target disk mode as mentioned by the other guys, and connect it to your new system. You want to ensure that the blinking Firewire symbol is on your screen before you connect the cable between the two systems.
Good Luck!

Shouldn't these accounts be totally off report

Were they closed in 2007/2008? If negative accounts, when was the date of first delinquency? If positive accounts, they can stay on indefinitely, but no earlier than 10 years from closing.

Astuart881 wrote:
I have 5 accounts that are closed from 2007/2008 shouldn't these accounts be totally gone from my report by now?Only charged off accounts follow the 7.5 year rule. Accounts that are simply paid and closed (by you or the creditor) are positive accounts that report ten years from closure.

Charge off

I have a charge off with credit union account due to drop off credit report 6/16. I've call them a few times but all they do is give me a number to a collection agency! They refuse to talk to me about the account! The OCA is no where listed on any of my credit reports. I refuse to call them! Is there anything I can do since original creditor doesn't want to work with me to resolve the account?

Wifey32 wrote:
I have a charge off with credit union account due to drop off credit report 6/16. I've call them a few times but all they do is give me a number to a collection agency! They refuse to talk to me about the account! The OCA is no where listed on any of my credit reports. I refuse to call them! Is there anything I can do since original creditor doesn't want to work with me to resolve the account?If you cant get the CU to deal with you not much you can do to force them. If their collectors are not reporting I might give them a call and make a deal to settle in exchange for not reporting their TL. If this is past states SOL I would settle for less than full balance, however if the CU isnt updating it monthly now I think I would let it lay till its off your CR then make overtures to settle. If they update and it hasnt updated in awhile its going to drop your Fico score.

Eligibility for auto title after charge off

Looking for some info on this here prior to moving forward with any next steps I take. Not looking for any illegal or loophole way to screw my previous financing obligation, just honest info. Back in 2001 I purchased a vehicle under Cap One Auto. After about two years of current payments I hit a block in my finances after a job loss. Needless to say I quickly lost the ability to continue paying on the vehicle. Before I knew it, I was in over my head in debt on the vehicle. The vehicle was never reposessed but my creit was obviously impacted with a charge off status for the loan. The car has never been in hiding and I have never attempted to weasel my way out of any of it. The vehicle is 14 years old now and the charge off was recently dropped from my credit report 6-12 months back. I am in a much better place now, financially speaking, and much more responsible with my finances. I have no intent on keeping the vehicle for the rest of my life but I am not sure what options I have as far as whether or not I would even be able to obtain the title for the vehicle. As far as I can remember, I believe the remaining balance was about 6-8k. I live in California and would like to move forward from this vehicle but I would hate to have the charge off or any negative reporting reappear from trying to inquire on information or even title for the vehicle. While I would hate to have to pay the 6-8k on this, I completely understand my obligation to pay, but at the same time if I am able to settle for a lesser amount or other option, I would gladly do so. My main concern is with having any negative or chargeoff reporting reappear on my credit.

user_2000 wrote:
Looking for some info on this here prior to moving forward with any next steps I take. Not looking for any illegal or loophole way to screw my previous financing obligation, just honest info. Back in 2001 I purchased a vehicle under Cap One Auto. After about two years of current payments I hit a block in my finances after a job loss. Needless to say I quickly lost the ability to continue paying on the vehicle. Before I knew it, I was in over my head in debt on the vehicle. The vehicle was never reposessed but my creit was obviously impacted with a charge off status for the loan. The car has never been in hiding and I have never attempted to weasel my way out of any of it. The vehicle is 14 years old now and the charge off was recently dropped from my credit report 6-12 months back. I am in a much better place now, financially speaking, and much more responsible with my finances. I have no intent on keeping the vehicle for the rest of my life but I am not sure what options I have as far as whether or not I would even be able to obtain the title for the vehicle. As far as I can remember, I believe the remaining balance was about 6-8k. I live in California and would like to move forward from this vehicle but I would hate to have the charge off or any negative reporting reappear from trying to inquire on information or even title for the vehicle. While I would hate to have to pay the 6-8k on this, I completely understand my obligation to pay, but at the same time if I am able to settle for a lesser amount or other option, I would gladly do so. My main concern is with having any negative or chargeoff reporting reappear on my credit. Your first step is to contact CA DMV as to the status of the title. Even though the loan is over 14 years old and CAP ONE has charged off the loan, it's a safe bet it's still recorded on your title. Chances are also that if you or CAP ONE are no longer in possession of the title, you're going to need a lien release before CA DMV will let you apply for a duplicate. They will advise you as to what can be done to have the lien removed because of age, but again chances are you're going to have to contact CAP ONE if not directly, through certified mail. I can't give any advice on how contacting CAP ONE would impact your credit history or whether it may restart the SOL clock, but IMHO sooner or later you're going to have to talk to them. Hoping you have positive results.

Charge Off Questions

I'm trying to rebuild my credit but I have some recent unpaid charge offs. The charge offs are for $10k and $4 and both are from 3-6 months ago.
I had cancer in 2008 and again in 2010. Getting back on my feet financially but don't have the $$$ to pay off these debts in full.
Should I offer to settle for less then try to send GW letters? Should I save money and try to pay them off in full with PFD? Any info would be greatly appreciated!

What was the date of first delinquency on the charge-offs? Who are the collection agencies? What types of debts are they? If the DOFD is during your diagnosis and treatment periods (I pray you are in remission), you should have a justifiable reason that can be supported when you reach out to collection agencies or the original creditors seeking a goodwill adjustment to your credit reports (make sure you contact the upper echelon management by looking for contacts via linkedin and google). If you have funds to settle, do so as this will assist in your request for goodwill. Furthermore, I would send a statement to the credit reports detailing your reasons for falling behind. I know these are not read often but at least you are putting it on record for the more important credit decisions you may face in the future. Good luck to you in all facets of life.

Charge off finally gone--check out the huge score increase...

Experian finally excluded a CC charge off that was originally supposed to drop off in March. They moved it to June for some reason, and today it finally dropped off. How did that affect my score? +1 point. Only one CO left, and that's a Bank of America CO that was sold in 2009. According to reports from a big settlement in a NY Federal Court, BOA is going to remove any reporting for accounts they charged off and sold since May 2007. That's supposed to happen by this August. If that happens, I'll only have a small paid collection left on Experian and TU. Still waiting on a couple stragglers to drop from EQ in Sept. that are already off the others. Was hoping for a bigger score bump, but I'll take the psychological boost and one less thing for any manual reviewer to see.

asbinjax wrote:
asbinjax wrote:
crrredit wrote:
Experian finally excluded a CC charge off that was originally supposed to drop off in March. They moved it to June for some reason, and today it finally dropped off. How did that affect my score? +1 point. Only one CO left, and that's a Bank of America CO that was sold in 2009. According to reports from a big settlement in a NY Federal Court, BOA is going to remove any reporting for accounts they charged off and sold since May 2007. That's supposed to happen by this August. If that happens, I'll only have a small paid collection left on Experian and TU. Still waiting on a couple stragglers to drop from EQ in Sept. that are already off the others. Was hoping for a bigger score bump, but I'll take the psychological boost and one less thing for any manual reviewer to see.Do you have any more info on the NY Federal Court ruing about accounts COd since 2007? I am searching the net but nothing on it yet. Thanks i found the info - apparently it is pretty huge with chase, b of a, synchrony, citigroup, and others, but it only applies to the way ppl that were in bk were treated. here is one article i found:http://www.nytimes.com/2015/05/08/business/dealbook/bank-of-america-and-jpmorgan-chase-agree-to-erase-debts-from-credit-reports-after-bankruptcies.html?_r=0 sounds like good news for those that were in bk with those companies hth Read further down on that article: "Bank of America promised to go further, agreeing to fundamentally change the way the bank reports all the stale debts that are sold to financial firms. For all credit-card debts sold since May 2007, court records show, the bank will remove any marks on consumers’ credit reports. That way, a lawyer said, “should a previously sold credit card account go through a bankruptcy discharge,” the mark will already be gone." HOLY DROP OFF, BATMAN! And speak of the devil! The BOA Charge off just came off my Experian report!

Charge off being DELETED!!! Advice needed!

Hi all! So, I successfully received a EARLY DELETION as a Good Will from a student loan (private) that charged off in 2010 -- the lender finally agreed to remove this completely from my report today and submitted the electronic request to the bureaus today to delete it from my report and cosigners. This was a huge charge off and absolutely destroyed our credit 5 years ago ($25,000 charge off) - it docked us 75 points or so. Each! It was awful and my father wouldn't speak to me for months, as I defaulted and didn't tell him (young and dumb).
My question is -- once this comes off, even though it's 5 years old now, will it have any impact on my FICO or report as a whole ? My oldest account is from 2001 (13 years) and this account was opened in 2006, but I have many other accounts opened in 2003-2004 so I'm not too worried about AAofA. I do know eveytime a lender pulls my report for a manual review they note the massive charge off and it often hinders my approvals.
So any advice would be greatly appreciated. Also, the account was PIF after he charge off in 2010 by my father ($27,000) but they refused then to PFD or change status. Any advice would be appreciated ! My father is very happy to see it go, as his AAofA is 35-40 years !! Thank you all!

It doesn't make sense to me. I bought Essentials and it automatically upgraded Scorewatch to Fico 8. I called customer service and they couldn't even tell me how often my Fico score updates! It's not daily because it still reads 7-27. I am needing to look at score updates every couple days. I certainly don't see the value in $20 a month if it's not even updated? Or there's a big lag. What's the point? I asked for clarification but they couldn't explain. They said it's all "random." That MyFico Fico Scores only update once a week, they don't know what day, and it's random. I don't see the value of the product. Scorewatch seemed way better.

Charge off credit card

I have an old account with credit union that was charged off July 2009. I contacted the bank and they refuse to speak in detail about the account! I was quickly given the number to collection agency who has the account. I contacted collection company a few years ago and per the rep she said I was sued for the debt and I didn't show up to court! She also stated its in public records! Because of that I have to pay original debt owed plus court fees and interest! I never got served with paper to go court! Public records on all my credit reports are 0! Not only that this collection company isn't on my report? The account is due to drop off next year! For the last few years I've done a good job obtaining accounts I constantly get pre approval letters but I don't need any more accounts! Should I pay or wait till it drops off?

UncleB wrote:
TiggerDat wrote:
I would call the collection agency back and ask for details such as the court it was filed in, the case number, and the date of filing or judgement. You might find they won't be able to give you such info if they are simply trying to scare you. Also ask for the information in writing and get their fax number and fax a request. If they are not being honest with you then that is against the law. A CA can't threaten you with a lawsuit, unless they truly intend to do so, however some of the less than up and up ones do it all the time. I have been contacted about an old debt that I cannot be sued for about two years now. It is for the same debt each time. I send them faxes for a cease and desist and then some 'other' company calls me and starts the whole process over again. They tell me they are going to sue, they tell me the debt is valid because I made payment arrangements, and they tell me other things too. I ask for their physical address and most times they tell me they don't have to give it to me and that they will only give me a PO Box. Sometimes they give me a physical address, which I Google, usually while on the phone with them, and point out that either that address doesn't exist or it is for a McDonalds. (No it never has actually been a McDonalds, but it has never been a valid address for them.) Even though it is a different name when the whole process starts over, I am certain that some of the representatives have the same name. I think they use a name of another CA, or something similar, so if people ever can find an address it leads to a dead end. The last time I got a call was on June 19 and I called them back and they said they would remove from their system. Since then I actually haven't received another call. I am waiting though. Once they said they were going to sue me and then changed it to the creditor was going to sue me. The creditor was GE which is now Sychrony. I guess Synchrony doesn't really care too much at this point because I have $4000 Wally World card, a $9600 PayPal Card, and now a $5000 Lowes Card with them. Did your address change? If so they could have simply served the paperwork to the old address, which is allowed by law if there is no forwarding address. However, you might just find they are the likes as to what I have described above. You might be surprised how many CAs don't actually follow the law and don't tell you the truth. I had one which called one of my credit card companies and posed as me to find out my available balance and then offer to settle for that exact amount. There is no way they could have known my available balance, as it was different than that which was on my credit reports! They were more than willing to settle for less, much less when I pointed that out and told them that the bank was ready and willing to testify against them for my account having been accessed illegally, since the bank wanted to protect their own liability. The bank never said they would do that, but I figured if they were going to do such a thing, then what harm would there be if I let them think the bank was willing to do so. I agree, except that if a judgement is already in place there's technically not a 'threat' of a lawsuit - the judgement means the lawsuit has already happened, and the OP lost by default (default judgement). This is why I mentioned the option of checking to see if a lawyer can get it vacated, i.e. like it didn't happen, due to not being properly served. The 'good news' is that even with a judgement, it's the plaintiff's burden to search out any possibly funds that can be used to satisfy the judgement; the court does not assist with this. If it's a small dollar amount, it's not likely the creditor will even bother, but as always, YMMV.If, being the key word here, if there was really a judgement and the OP was properly served then it is doubtful that it can be vacated. The OP does state later that they did not change addresses and this probably means that the CA was really just trying to scare them. If the CA already had a judgement, they would have pursued it and started seizing funds or garnishing wages.

Charge off reporting

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