Charge off still reporting as late on fico score

[nycfico]

I had a charge off in December of 2009 with a balance of about $8,000.

While I haven't yet settled this account, it still is showing as late every month...most recently April 2014 on my fico report.

My understanding was that once an account was charged off, it should not no longer report as 'late'.  It is adding to my number of times 90 days late...now reading 28 times!

Obviously the charge off itself is devastating enough to my score, but should it continue to report as late like this?

[babyeyes00]

I hope that someone chimes in soon.  I have one account that is doing this and it doesnt show up on any of my other reports.  Just equifax

[kezia2410]

To my understanding as  long as the acct is unpaid they can update it every month. I have a chargeoff in Dec 2009 and it updates every month. With the last updates being May 2014 for my acct.  Someone can correct me if im wrong.

@nycfico wrote:

I had a charge off in December of 2009 with a balance of about $8,000.

While I haven't yet settled this account, it still is showing as late every month...most recently April 2014 on my fico report.

My understanding was that once an account was charged off, it should not no longer report as 'late'.  It is adding to my number of times 90 days late...now reading 28 times!

Obviously the charge off itself is devastating enough to my score, but should it continue to report as late like this?

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[xaiduz114]

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@nycfico wrote:

I had a charge off in December of 2009 with a balance of about $8,000.

While I haven't yet settled this account, it still is showing as late every month...most recently April 2014 on my fico report.

My understanding was that once an account was charged off, it should not no longer report as 'late'.  It is adding to my number of times 90 days late...now reading 28 times!

Obviously the charge off itself is devastating enough to my score, but should it continue to report as late like this?

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I'm not 100% sure, but my guess is that as long as the account is OPEN, and is still being reported by the OC because they still own the debt, they can keep reporting it. If the OC reporting sells the debt to a CA, they no longer can report from the date they sold the debt, but they can change past reports on the charge-off, and the CA can report from the date they bought the debt. If the OC only hires a CA to collect for them, but does not sell the debt, they could keep reporting. Again, not 100% I know everything, but that's my understanding. My charge-off was being reported for nearly a year until I could pay it.

[gdale6]

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@nycfico wrote:

I had a charge off in December of 2009 with a balance of about $8,000.

While I haven't yet settled this account, it still is showing as late every month...most recently April 2014 on my fico report.

My understanding was that once an account was charged off, it should not no longer report as 'late'.  It is adding to my number of times 90 days late...now reading 28 times!

Obviously the charge off itself is devastating enough to my score, but should it continue to report as late like this?

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Its legal, the CO is updated monthly as one of their tools to motivate you to pay the amount due, reporting it every month keeps your score from recovering, most items as they age affect Fico less and less a CO that is updated monthly looks brand new in the eyes of Fico. Once an account reaches CO stage it is always a CO and is never again a current account and as long as their is a balance due and the OC retains ownership of the account it can be updated monthly.

[Shogun]

A CO is an accounting designation that basically signifies that this account is in arrears and no longer able to be brought current.  It does not mean that nothing is owed.  There is still a debt and it is still late so they can continue to report lates until it is paid or the debt is sold.

[Outdoorstech1]

I have a $1,380 CO still reporting on my credit report from 2009, from Dell Financial Services.  I haven't yet settled this account, it still is showing as late every month...most recently June 2014 on my CR report. The last payment received was 3/2009. Date closed was 6/19/2009. Est month/yr it will be removed from my credit report is 3/2016.

This CO that is still reporting is definitely affecting my FICO score?

1. If I call them and pay it in full, will it STILL come off my report on 3/2016, but between now and then it'll show a $0.00 bal instead of $1,380 on my CR.

2. If i Pay In Full now, will it come off 7 years from the "last payment I made aka the Paid in full pyment date?) 

3. I noticed fro 10/2012 it said Bal: $829 - amount paid $50 

but then 11/2012 Bal: 1,380 - amount paid $50

I never made a payment. Where are they getting this from?  It stays at $1,380 bal with payments of $50 being made each month reported, until most recently in June 2014. 

I want to try and help my score and at the same time get this charge off, off my credit report. 

[NY2014]

I also question how an CRA can update a charge-off automatically and the OC did not update an account that hadn't updated since 2011 just updated in my report making my fico score looks I'm 90/60 days late.can they do this without even reporting to the OC ? My Experian/TU still shows latest update 2011 but Equifax just updated the charge off recently 06/25/2014 can I contest this action ? I never initiated any dispute with EQ or CO. A dispute was another account to me ridiculous to update an account that's not been disputed or the OC never reported ? What are my rights. Can I file a compliant ?
Thanks