Cap One Charged Off But Still Reporting 90 Day Lates

[adamkingadam]

I have two cap one's that show as "charged off" yet they continue to report as 90 day lates every month and its killing my score.  They were never paid but charged off in 2011. Any ideas on how to tackle this?  T

[gdtobefree]

And they will continue to report. 

They usually report it as a CO every month 

You can dispute that the account is not 90 past due at this point but like I said they will update it to CO instead of 90 days which isn't going to help you at all. 

Cap One plays dirty I think they are in cahoots with Experian. 

[RobertEG]

It is not the creditor who is playing dirty.  Your beef, if any, is with Fair Isaac.

Monthly updates inform others that the debt remains unpaid, and is totally proper.

FICO makes the decision ot view continued update of the debt as being unpaid as having scoring impact.

It is not inherently illogical to view continued lack of payment as having scoring impact.

Regardless, FICO makes that decision.

Paying will, of course, update the status from a delinquency status  to paid, and cause cessation of additonal monthly updates.

I would not dispute.

As stated, the creditor will simply update the current status to show CO rather than the monthly level of delinquency, such as 120 late or 150+ late.

Update to paid is the remedy........

[SunriseEarth]

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@adamkingadam wrote:

I have two cap one's that show as "charged off" yet they continue to report as 90 day lates every month and its killing my score.  They were never paid but charged off in 2011. Any ideas on how to tackle this?  T

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The reporting is accurate, as the account is still late.   If you want to stop the monthly reporting, I recommend paying or settling.   If you're past SOL, you definitely have leverage to settle.   While "settled in full" isn't ideal reporting, it will zero out the balance and will stop the monthly updates.   I settled on a CO with Cap One and saw a 20 point score increase across all CRAs.    I worked with the Cap One EO on mine, which I also recommend doing.   

[SunriseEarth]

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@gdtobefree wrote:

And they will continue to report. 

They usually report it as a CO every month 

You can dispute that the account is not 90 past due at this point but like I said they will update it to CO instead of 90 days which isn't going to help you at all. 

Cap One plays dirty I think they are in cahoots with Experian. 

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We don't recommend disputes in this case, as the information is accurate.   As mentioned, the reporting could become worse, should they update to "CO" instead of "90"

[Anonymous]

I literally just paid a Cap One that was charged off in 2011 but has been reporting late every month since then. Pay the debt then send a GW letter asking them to delete the account.