Charge Off Question

[FicoTron]

Still trying to figure this one out. Anyone?

[Anonymous]

I'm having the same issue with another credit card that was charged off they were reporting 30 days late after it was charged off, I disputed it with the credit bureaus and is was corrected so I would recommend that. Also your charge off is pretty old it should fall by next year just dispute the date of payments and that CO might even get deleted in the process.

[FicoTron]

The date of payment is correct, it's just that it should have always been considered a CO since 2006, not updated to a CO in 2011, right?

[FicoTron]

I disputed, but still don't know what they are going to come back at me with.

[RobertEG]

I would bet that the OC did not report a new "charge-off," but merely filed an update showing that the last delinquency status of the debt was a charge-off.

The fact that they reported in 2011 or yesterday of a prior status does not change the fact that they did a CO, and does not alter the DOFD on the OC account.  The issue is whether they ever did a CO, not when they reported that fact to the CRAs.  And when reporting, the CR issue is only with respect to the DOFD they also reported.

When the OC reported the CO, they were required to have provided the CRA with the DOFD on their account.  That is the ONLY date that governs when the CO must be excluded from your CR.  Period.  I doubt that the OC ever reported a change in the DOFD, but if they did, you would have to have evidence of that specific reporting.

You can require the specifics as to any reporting done by them or anyone else by simply filing a request with the CRA under FCRA 609(a)(1), and get the real facts.

[FicoTron]

Thanks Robert. But when a creditor now looks at my report, do they see it as a 6 year old CO, or a 3 month old CO? This makes a huge difference. Plus, when they did this update, my scores went down about 40 points across the board.