Charge off Still Reporting Open???

Anonymous · ‎10-30-2016

Hi all,

I have a Charge off from 2012 that I have paid since 2013 and it still reporting as an open account. It shows on Equifax as $0 balance, paid as agreed and no late payments at all just CO in the 2012 tab? Is it worth disputing this as it should be marked as closed instead of open. Will this give my credit any type of boost?

gdale6 · ‎10-31-2016

If it hasnt updated in awhile dont touch it leave it if it updates it will drop your Fico as it will look new to it. Doesnt matter if it says open as they can clearly see the 0 balance.

Anonymous · ‎10-31-2016

Hi, Thanks for your reply. According to exquifax it is not a CO the csr stated that it is just closed and says paid as agreed. I disputed it just to say close will still affect my credit.. the rep said she placed in the dispute to update to paid and closed but its not a CO.

Anonymous · ‎10-31-2016

also, I notice a 6 point drop today but the only thing that was done was a remark was made to one of my disputes that it being reinvesigated.

gdale6 · ‎10-31-2016

Certain aspects of a TL are removed from Fico scoring while they are in dispute mode so a movement in Fico is a normal thing during this period. If its not a CO then its not going to have any effect on Fico with the date coming current or the fact that it moves from open to paid.

RobertEG · ‎11-01-2016

I am assuming that the CRA is stating that the current status is updated to show paid.

That does not mean that the account does not show a charge-off under its payment history.

Current status is simply a snapshot of the status as of the last reporting. It reflects no historical information.

If an account that shows a delinquency status, such as a monthly delinquency status or a charge-off status, is then paid, it is no longer delinquent.

The current status is then updated to paid, and no longer has a delinquency status, such as a CO.

However, the prior delinquency is not removed from the credit report or scoring.

The old CO status prior to the new current status of paid is retained under a code called your Payment Rting, and the reporte CO is also retained in the Payment History Profile.

It appears that the CRA has stated that the current status is no longer one of any delinquency, but rather now shows paid.

However, the CO continues to show and effect scoring.

The status of Open or Closed relates to the consumer's ability to continue to use the account, and is separate from the issue of whether the account is delinquent or paid.

It is separate from the current status.

Creditors rarely will continue to permit a consumer to make charges on an account that is seriously delinquent, such as having reached a charge-off status.

It is an easily correctible matter that is unrelated to its current status or whether or not the debt has been charged-off.

Scoring boost would be obtained if the CO itself were to be removed from the credit history.

Anonymous · ‎11-01-2016

Yes, that is correct in the payments colum it says CO in sept 2012, all the other months including dates pass that are marked OK. Should I try to have this removed all together?

Anonymous · ‎11-02-2016

Hi...

Well it seems that the only thing being reported is the CO from 2012 all other months indicate NR. Should I just try to request for this account to be removed instead of just changed to paid? Thanks in advance.

Account Owner:	Individual Account.	High Credit:
Type of Account :	Revolving	Credit Limit:
Term Duration:	30 Months	Terms Frequency:	Monthly (due every month)
Date Opened:	01/23/2009	Balance:	$0
Date Reported:	03/31/2016	Amount Past Due:
Date of Last Payment:	02/2012	Actual Payment Amount:
Scheduled Payment Amount:	$317	Date of Last Activity:	10/2011
Date Major Delinquency First Reported:		Months Reviewed:	69
Creditor Classification:		Activity Designator:	N/A
Charge Off Amount:		Deferred Payment Start Date:
Balloon Payment Amount:		Balloon Payment Date:
Date Closed:		Type of Loan:	Auto
Date of First Delinquency:	N/A
Comments:	Consumer disputes - reinvestigation in progress

81-Month Payment History

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2016

NR

2015

NR

2014

NR

2013

NR

2012

NR

CO

NR

2011

NR

2010

NR

2009

NR

RobertEG · ‎11-02-2016

While the report does not provide the DOFD, it is likely sometime in mid-2011.

Exclusion of the CO occurs at approx 7 years from the reported DOFD.

Do you plan to need your score prior to the exclusion date of the CO?

Removal of the entire account by way of a good-will request would lead to the removal of the major derog.

It might result in a small decrease in AAoA if the account has an age significantly higher than your current AAoA, but the effect of the CO is currently much more significant.

However, upon exclusion of the CO, the derog will be gone.

Whether to seek removal of the entire account or just the CO would thus depend primarily upon whether you plan to need your score prior to the exclusion date of the CO, and to a lesser degree, the effect on your AAoA of total removal of the account.

Anonymous · ‎11-02-2016

I'm working on getting my credit score to increase. I really would like the CO gone, can I just dispute that the account was not CO it was paid off in full and request that they remove the CO from 2012?