No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Does anyone know if a charge off should report both a past due amount and scheduled monthly payment payment amount? For example a charge off in the amount of $4,500 is listed on my credit report but the creditor is also listing a past due amount of $150 and scheduled monthly payment of $4,400.00. The account has been in charge off status since July 2012.
Yes, if they own the debt, then the balance is owed. They can list the amounts unless they sell and no longer own the debt. A CO is just an accountant term, it doesn't mean it was discharged.
I understand they should report the charge off. I'm confused as to whether or not they can report the past due amount and a monthly payment amount equal to the balance of the loan. The reason I'm asking is because the monthly payment amount is being used to calculate my debt to income ratio and the amount that is being included is almost the principal balance of the chargeoff. To make things clearer, total payments are showing around $45,000 per month because the charged off account is showing with a monthly payment of about $44,000 per month.
If it was CO'd, then the total amount is due now. There would be no payment option, the entire delinquent amount would be due.