Charge-off Zero balance, Zero paid.

[Anonymous]

First off, I know very little about repairing my credit, but I am learning slowly. So, I have a charge off from Service CU (service Credit Union).  

Other$0
Status
Date Reported
Mar 31, 2017
Payment Status
Collection/Chargeoff
Account Status
Paid
Account Details
Account Number
******2209
Account Type
Deposit related
Responsibility
Joint
Credit Limit
$0
Highest Balance
$0
Date Account Opened
Jan 09, 2012
Date Account Closed
Sep 14, 2012
Payment Details
Date of Last Payment Jul 08, 2013
Monthly Payment $0
Payment Frequency Not Reported
Worst Pay Status Unknown

Deposit related account. It says my highest balance was Zero, Credit limit was Zero, Monthly payment was Zero, account only onen for 8 months, Any ideas how to have this removed from my report? It says charge off, but that I owe nothing. 

[rmduhon]

They may have sold the account to a CA, which would explain the zero balance charge off if it wasn't paid.

[RobertEG]

I assume that there is also no payment history being shown on the account (monthly grid showing status/delinquencies by month)?

An account with an original creditor that shows a $0 balance does not mean that there is no debt, it means that there is no debt currently owed to that creditor.

Paying the debt requires update to $0, but so does their sale of the debt to another.  In the case of a sale of the debt, there can be a period where your credit report does not show the current debt amount.  If/when the new owner reports their collection, the debt will then be shown.

A charge-off does not result in update of the debt to $0.   A charge-off is an internal accounting measure that reports that the debt has reached a state of delinquency such that it is no longer reasonably expected to be paid.  It does not relieve the consumer of obligaiton for the entire debt.

If the account shows a charge-off but also shows paid, that signifies that the $0 balance resulted froom your payment of the debt.

That begs the question as to whether you know if the account was delinquent when closed, and if so, did you ever pay the delinquent debt.

Reporting paid says you did.  The title of your post says you did not.

A bit confusing as to the facts.......

[Anonymous]

I apologize for the confusion. I am very new to this. I called SCU, just hung up actually. Apparently this was for a joint account my wife and I had. The account was only open for 8 months and had an overdue balance when it was closed. The account was closed Sep 2012 with an outstanding balance. The balance was paid in full July 2013, but it was still reported as a collection/charge off on my credit report. So, because it was paid in full, it has a zero balance. However it was still reported as a collection/charge off and so according to the lady I just spoke with, I have to wait 7 years from July 2013 for it to fall off my reports. I just filled out a goodwill letter and will send it later today, so we will see what happens. Thanks everyone and I apologize for the confusion. 

[rmduhon]

Actually, the account will fall off 7.5 years from the DoFD (Date of First Delinquency) which would more than likely be September of 2012 at the latest. The July 2013 payment won't have any affect on the credit reporting exclusion period. CRA's regularly exclude items at 7 years.