Creditor continues to report charged off account

[Anonymous]

I settled a charged off account with a creditor back in July of 2015. On 2 of 3 credit bureaus they quit reporting monthly after receiving payment and marked the account as settled but on Equifax they are continuing to report the charge off every month even though they list the balance as $0 and show last payment as 7/2015. I have disputed this with them 4 times now. Each time they remove the CO notations from July 2015 to present but then a month later it goes back to shows CO every month after 7/2015.  Any suggestions on how to get this permanently fixed?

[RobertEG]

Once a charge-off is reported, it remains of record even if later paid.

The issue is not that it should be removed, but rather what code it is stored under.

The current status should show paid.

Subsequent updated reporting should be discontinued if the account is paid and closed.  Charged-off revolving accounts are closed to further consumer charges.

If paid and open, current status would thereafter be pays as agreed unless/until a new first delinquency then occurs.

The payment rating retains its status prior to its current status, and will continue to show CO, but the current status would be paid or pays as agreed.

Payment history profile will terminate once the debt is discharged.

The CO will continue to be scored.

If the current balance still shows CO, the it should be updated.

[tjmolly]

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@Anonymous wrote:

I settled a charged off account with a creditor back in July of 2015. On 2 of 3 credit bureaus they quit reporting monthly after receiving payment and marked the account as settled but on Equifax they are continuing to report the charge off every month even though they list the balance as $0 and show last payment as 7/2015. I have disputed this with them 4 times now. Each time they remove the CO notations from July 2015 to present but then a month later it goes back to shows CO every month after 7/2015.  Any suggestions on how to get this permanently fixed?

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Good luck with Equifax, they royally suck! If you have it off 2/3 CRAs that's great.  If you are seeking a mortgage, they use the middle score anyway so the Equifax score is worthless as it's likely the lowest of the three.  If the DOFD (date of first delinquency is >=7yrs, you have a legitamate chance to have it removed but you need to speak to a supervisor.  When I call in to Equifax (they take calls from the phillipines, very nice poeple but rigid to protocol) I just tell the CSR that I was disconnected with the supervisor and to reconnect me.  Works every time. Best of luck!

[Anonymous]

This is my issue... was paid off July 2015 but shows as CO/90+ days late every month since then. Reporting should have stopped in July 2015 (I understand the account would still be on my CR but it shouldn't be updating every month).

[gdale6]

Per CRA rules once a CO has been paid and updated to 0 balance it is to not be updated anymore. Take the problem directly to the CRA (not with a dispute) but by phone and get a supervisor.