Credit Reporting Agency reports CO every month

[Anonymous]

I have an old charged off Chase credit card on my credit reports.  2 of the 3 major agencies (EQ and EX) report it as a charge off every month for the past 6 years.  TU only reports the charge off on the date it was charged off in 2011.

I have a letter from Chase, stating that the account was charged off in Jan 2011, as well as their specific dates for the late payments prior.  This letter does not say that they reported the CO after that initial Jan 2011.  Is the reporting agency incorrect in reporting that CO every month?  I did a dispute with EQ, and they still would not change it.

Thanks for your help.

[rmduhon]

If it hasn't been paid or settled then it can be reported every month until either it's paid/settled or the account reaches the credit reporting exclusion date. The reports reflect the reporting done by the creditor, so it appears that Chase is reporting to EX and EQ monthly.

[Anonymous]

@rmduhon

But I have a letter from them stating that they only reported it on Jan 2011.  It is currently paid, but the dates in between are still labeled CO every single month.  

[rmduhon]

What exactly does the letter say?

[Anonymous]

@rmduhon

I started a case with the executive office to clear things up.  Its a long story if you want to check the other topics i have authorsed.  Long story short, I informed them that the account was being reported wrong.  They agreed, updated the reporting agencies, then sent me a letter stating what they reported.  They told me if things are being reported wrong, that I know need to take it up with those agencies, thus the reason they gave me the letter.  

I dont have the letter on me, but the section with the dates was along the lines of:

30-59 Days Past Due: Reported Once

60-89 Days past Due: Reported Once

90-119 Days past Due: Reported Once

120-149 Days past Due: Reported Twice

Jan 2011 - Account Charged Off

Thoughts?

[Anonymous]

Charge off is the beginning of the end you have 2 years left. Enjoy being stuck with those black CO marks. On my reports they stopped for a long time and then I get excited and they resumed reporting again

[RobertEG]

A charge-off is an accounting measure that, once taken and reported, remains of record in the consumer credit file.

The issue is what cubby hole it is coded and reported under, not that it continues to be reported.

It remains under the Payment History Profile under the month first reported.  The date reflects the date reported, and not the date the CO was taken.

Your credit file does not store the date that the creditor took the accounting measure, only the fact that it was taken at some prior point in time, and the DOFD that preceded the CO.

Once a CO is reported, the creditor is required to provide the DOFD to the CRA no later than 90 days after reporting of the CO.  It is the reported DOFD that is important in scoring of the CO, not the date the CO is reported or what cubby hole it continues to be recorded under.

While the account remains delinquent, the CO can also reflect and continue indefinately each month as the Current Status.

Once the account is paid or returned to good standing, the current status shifts to Paid of Pays as Agreed, and the prior current status of CO is retained under a code called the Payment Rating.

Yes, once a CO is reported, it will continue to be reflected in your credit report under one of more codes.

FICO will continue to score the CO until it is required to be excluded at no later than 7 years plus 180 days from the reported DOFD.

[Anonymous]

@ robertEG

I understand that it wont go away for 7 years, im just questioning the monthly reporting. 

it was only reported by credit card company in 2011, but its updated monthly by EX and EQ to show a charge off.  TU reports it as "no activity" since 2011.  

In my MyFico account, EX and EQ show like its a late payment every month because that negative activity is reported.  My TU score is higher, as it has had the ability to heal over time without any updated negative activity since 2011.  

Chase is not reporting is CO every month.  

[Anonymous]

I would just start sending the lender Goodwill letters if it is with Chase, especially if you have an open account with Chase. If its got some payment history explain that you have that account and have been using responsibly and have stellar payment history and so on. Thats my angle w/ Citibank. I have two store cards with them, still trying to get my Sears MasterCard to go away early.

[RobertEG]

Monthly reporting is usually a comprehensive repetition of each current report code and item, with revision of any new or incorrect information.

Thus, the CO will continue to properly be reported each month under historical information.

The issue is whether any reporting is inaccurate, such as the current status, which should no longer show CO once the debt is paid.