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Charge off

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Anonymous
Not applicable

Charge off

I just called my creditor mobiloans regarding my account and I just find out they charge off my account on July 1st and I just made a payment today. They been taking amounts from my account bi weekly but it's not the full amount. But the last time I didn't make a payment it's on April or may. According to management, they report once every month to the credit buearu. So I make a payment in hopes they don't report it. He tell me he's not sure if they will or will not. I haven't got any notification they reported and the last delinquent was on may 31st they reported late. What can I do ? Thanks so much.
What are the regulations of a creditor reporting charge off, do they have a certain time for loans like payday loans?
Message 1 of 4
3 REPLIES 3
gdale6
Moderator Emeritus

Re: Charge off


@Anonymous wrote:
I just called my creditor mobiloans regarding my account and I just find out they charge off my account on July 1st and I just made a payment today. They been taking amounts from my account bi weekly but it's not the full amount. But the last time I didn't make a payment it's on April or may. According to management, they report once every month to the credit buearu. So I make a payment in hopes they don't report it. He tell me he's not sure if they will or will not. I haven't got any notification they reported and the last delinquent was on may 31st they reported late. What can I do ? Thanks so much.
What are the regulations of a creditor reporting charge off, do they have a certain time for loans like payday loans?

Typically a credior doesnt go to a CO status until its 120 days or more late on installment loans or 6 months on credit cards. You really want to bring the account current before it goes to a CO as this is worse than individual lates in the account.

 

Welcome to the board Smiley Happy

Message 2 of 4
RobertEG
Legendary Contributor

Re: Charge off

See Federal Register /Vol. 65, No. 113/36903/Monday, June 12, 2000 for the latest federal regs pertaining to charge-off criteria.

Message 3 of 4
Anonymous
Not applicable

Re: Charge off

Did mobiloans ever actually report the charge off to credit bureaus?
Message 4 of 4
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