Charge off

[littlemommy928]

If something is charged off, shouldn't the balance be 0 on my credit report for that item?  I have a BOA charge off and it is showing a past due balance and total balance, however under current status it says charged off.  Is this calculated in my UTL?

Thanks and Happy Thanksgiving..I am thankful for these forums!

Heather

[littlemommy928]

Bump

[FretlessMayhem]

I'm not entirely sure how it works, but I believe it can report a balance until they sell it to a collection agency. Then it should report a 0 balance.

[MeganML84]

I believe it will report a balance until it is paid or it is sent to collections, which in that case it should say 0 balance, but then there will be a balance owed to the collection agency. Does that make sense?

You still owe the debt, they are basically just selling it around.

[Anonymous]

The balance may or may not count against utilization, depending on how it is reported. If it is reported as a delinquent revolving account, it does, if it's a straight charge-off, it does not.

[littlemommy928]

It has been sold because I tried to call them to make payment and they said they no longer help the account.  Whoever owns the account has not reported.  Since it is sold, can i dispute the balance?

[MeganML84]

You can try...no guarantees though. Not too sure with the specifics, maybe someone more knowledgable will post.