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Credit reporting!

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Credit reporting!

Before I get to the question a little back story. I had two charge off on my credit report which both were paid off. Recently I decided to dispute one that kept reporting as charge off after it had been paid off, which was corrected to the time I paid it off. I have another one that is from 2015 that shows a charge off and recently it updated this month(it shows charge off in 01/2015 and no date until it shows charge off 04/2018). It killed my credit score by about 40 points because it shows the most recent late payment as this month. I've opened a dispute but it was updated to the same month. Should the charge off be from 2015 and I should continue to fight why it updated in 2018 or I can't do anything about it? Please help
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Community Leader
Legendary Contributor

Re: Credit reporting!

It is unclear as to specifically how it was reported to show "charge off 04/2018".

 

More specifically, is the CO being reported under payment history as its status for a prior month, as the current status, as the payment rating, or as some other code, such as the balance at time of charge-off?

The fact that updated reporting was provided in 4/2018 that included reference to the fact that the account was charged off may of may not contain inaccuracies depending upon how or what was reported regarding the CO.

 

For example, there is no reporting of or code for storing the date of a charge off.  A creditor reports only that a charge off was taken at some prior point in time.  The CO can then be reported for each month as the delinquency status until it is paid.  Thereafter, the current status would no longer show CO, but the prior payment history profile would still continue to show CO for any prior month that it remained unpaid and a prior charge off was taken.  

The CO continues of record in the credit file after it is paid and continues to impact scoring until it is excluded at approx 7 years from DOFD.

 

What, exactly, is the reporting code that referenced the fact of the prior charge off that is asserted to be inaccurate?

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