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Charge Off???

New Contributor

Charge Off???

Can a charge off be reported as $120 days late?

Starting Score: (3/26/2013) EQ Fico 603, TU Fico 569, EX(plus) 584
Current Score: (5/8/13) EQ Fico 670, TU Fico 729 EX Fico 689 (lender pull)
Goal Score: 700+ across the board........

Message 1 of 5
4 REPLIES
Frequent Contributor

Re: Charge Off???

IMO It has to pass 120+ days before it becomes a charged off...
Message 2 of 5
New Contributor

Re: Charge Off???

the debt is ove 6 years old scheduled to drop off my report in July but the current status says charge off 120+days past due, I really dont want to worry about it since it will drop off soon. 

 

Starting Score: (3/26/2013) EQ Fico 603, TU Fico 569, EX(plus) 584
Current Score: (5/8/13) EQ Fico 670, TU Fico 729 EX Fico 689 (lender pull)
Goal Score: 700+ across the board........

Message 3 of 5
Community Leader
Legendary Contributor

Re: Charge Off???

Yes. 

The CO becomes the current status of adverse reporting, and the prior delinquencies are all retained under other codes, such as your Payment rating, which was the level of delinquency prior to the CO, and under your Payment History Profile, which retains all monthly reporting back for approx 24 months.

 

All may be included in your credit report, just based on different storage codes.

 

The creditor has no requirement to have reported a prior 120 late before taking and reporting a CO.

Various statutes and regs related to when a credtor may take a CO might set a delinquency requirement of, for example, 120 days, but it is not necessary that it has also been reported to a CRA,

Message 4 of 5
Highlighted
New Contributor

Re: Charge Off???

thanks....

Starting Score: (3/26/2013) EQ Fico 603, TU Fico 569, EX(plus) 584
Current Score: (5/8/13) EQ Fico 670, TU Fico 729 EX Fico 689 (lender pull)
Goal Score: 700+ across the board........

Message 5 of 5