Best Buy closed in 2013 but is reporting late every month.

[mithrildreams]

I need to know if it is affecting my credit score.  It shows the account is open and also charged off but each month they report I am 90 days late. I also did dispute but nothing changed. I attached  screenshots  of the account to get some thoughts.  I'm not sure how to get it fixed or if it is dropping my scores.  Thanks for your help.

[RobertEG]

Closing a revolving account ends the ability of the consumer to continue to increase the delinquent debt.

It does not end the fact that the account is delinquent, or prevent the reporting of continued or incresed level of delinquency.

A charge-off is an accounting measure that moves the delinquent debt from inclusion in the creditor's receivable asset column over to the bad debt/liability column.

That then reduces the stated net assets of the creditor, and thus is intended to more accurately reflect their "real" assets.

It similarly does not end the fact that the debt continues to be delinquent, and if it remains unpaid, continues to be reported as its current status.

You have a delinquent debt that is increasing in its length of delinquency with each reported update.

It appears to be corrrect reporting.

Additionally, it is common for a creditor to either assign a bad debt for collection assistance after a charge-off, or sell the delinquent debt.

Thus, if the debt remains unpaid, additional of a collection is possible.

[Anonymous]

OP I noticed that the open date, the date the collector opened the collection account, is November 2011. The open date is younger than the DOFD.  That means the account's 7-year clock is about to run-out.  I suggest you pinpoint the DOFD on this account.  This account could be on it's last leg.

[rmduhon]

I'm not seeing anything that might be construed as a DoFD. And it appears to me that this is Best Buy reporting it, not a CA. In that case the open date would be the date the account was opened, not the date a CA acquired it.

[Anonymous]

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@rmduhon wrote:
I'm not seeing anything that might be construed as a DoFD. And it appears to me that this is Best Buy reporting it, not a CA. In that case the open date would be the date the account was opened, not the date a CA acquired it.

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Ok I see your point.  I didn't note that Best Buy is reporting.  Then DOFD is probably a few months before November.  That leaves about a year and a half.  That's really not a long time if you are unable to pay it.  Also, its impact might not be great. 

[EAJuggalo]

From what I'm seeing DOFD is late summer of 2014.  26 90+ plus the 30 and the 60 make 28 months.  

[mithrildreams]

I haven't been able to find the DFOD so I am searching old records.  I think without checking it was in 2013.  If I settle with them, would that restart the 7 year clock?

[rmduhon]

It won't reset the clock. Check your actual EQ report (not from a monitoring site). It'll show the DoFD

[RobertEG]

The DOFD cannot be inferred from the payment history reporting of monthly delinquencies.

Best guess is that the DOFD is likely sometime in 2014.

Regardless, the DOFD only relates to the exclusion of the reported charge-off.

Monthly delinquencies each have their own exclusion date of 7 years from their date of occurence.

Payment would end the reporting of monthly delinquencies.

It would also preclude the possible addition of a new collection being reported.

I would begin by attempting a pay for deletion offer, thus attempting to both discharge the debt and remove any and all reported derogs.

[fltireguy]

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@RobertEG wrote:

The DOFD cannot be inferred from the payment history reporting of monthly delinquencies.

Best guess is that the DOFD is likely sometime in 2014.

Regardless, the DOFD only relates to the exclusion of the reported charge-off.

Monthly delinquencies each have their own exclusion date of 7 years from their date of occurence.

Payment would end the reporting of monthly delinquencies.

It would also preclude the possible addition of a new collection being reported.

I would begin by attempting a pay for deletion offer, thus attempting to both discharge the debt and remove any and all reported derogs.

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RobertEG,  if OP wasnt successful in a PFD, they would still be far better off seeing if they could work out some type of settlement for the debt so that it stops reporting, correct?