Charged off Installment Loan

[creditstalker]

I have an installment loan that was charged off in 2012 for $1997.  The last time they updated to my report was January 2015, and strange thing is that they are reporting OK.  Should I contact them to arrange small monthly payments until the debt is paid off?

[creditstalker]

2013                     2014                       2015 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan                                                 OK OK OK OK OK OK OK OK OK OK OK OK OK OK 30 OK 30 60 OK OK OK OK OK OK

[gdale6]

I dont know why they would be  reporting a COed account as OK in the payment history, is this account actually reporting as a CO???  Might want to post rest of the TL

[creditstalker]

HOUSTON HIGHWAY CU	HOUS HIGH CU
Account #	440422XXXX	440422XXXX
Account Type	Installment	Installment account
Balance	$1,997.00	$1,997.00
Date Opened	5/1/2012	5/3/2012
Account Status   Closed Closed Mo. Payment $173.00 $173.00 Past Due   $0.00 Payment Status Bad debt & placed for collection & skip Charged off as bad debt High Balance $1,997.00 $4,647.00 Limit     Terms   36 Months Comments CHARGED OFF ACCOUNT Profit and loss writeoff

[creditstalker]

It has been charged off. 

[gdale6]

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@creditstalker wrote:

It has been charged off. 

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So it has, kind of crazy in the way its reporting but the CO is the killer here and yes I would be moving to settle it to stop the updating. It most likely will still update as you pay it off as they are bound to report valid information to the bureaus and the correct balance is one of them. The benefit will be  once its paid.

[RobertEG]

That is very common.

When a CRA receives no updated reporting in a given month, it is common for commericil credit reports to post ND, OK, or blank for those months.

After reporting a CO, a creditor csn continue to report subsequent monthly delinquencies, but will often remove the account from their regular, automated monthly reporting, and simply leave the current status as CO.

If you wish to send installment payments, I would first contact them and obtain an agreed payment plan.

Otherwise, they might take other action, such as sale of the debt to another, or initiation of legal action if still within SOL.

A negotiated payment agreement can forstall any such actions provided you meet your payments.

[creditstalker]

@RobertEG  I just spoke with the Credit Union about it,  and they are willing to accept $60 per month.   I'm so glad I'm taking care of everything.