My BOA status says 120 days late

[bearsfan34]

It was a charge off but the actual account status says 120 days late, but I have paid off the account with the CA. Is this a mistake/ is there a way to fix this?

[MamboItaliano]

I just had a similar (120 + CO) account DELETED from my EQ (yet to see the results) because I disputed that it was incorrect and violated FCRA laws. I asked that they remove it immediately. They did. I was shocked. 

I don't know if you should try that, but you're definitely going to at least have the 120 days removed. It can't be currently 120 days late AND a CO. 

[bearsfan34]

You're talking about the actual tradeline? I'm not sure if I want to delete the TL because it is technically my oldest account even though it's a baddie....The collection was actually removed by the creditor without me asking (pretty nice). Do you think I should just dispute it? If it get's deleted do you think I'm shooting myself in the foot?

[llecs]

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@bearsfan34 wrote:

It was a charge off but the actual account status says 120 days late, but I have paid off the account with the CA. Is this a mistake/ is there a way to fix this?

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It means that at some point in time, you were 120 days or worse. In this case, a CO is worse. You certainly wouldn't want it updated to "CO/Collection", IMO. I'd keep sending GWs, though.

[Anonymous]

It seems like it depends on the account and CRA.  EQ just changed my last remaining baddie from collection/CO to 120 days late on a $0 ballance (has been paid since 2005) and I took a 12 point hit on my FICO.

[RobertEG]

There are multiple reporting codes involved here, and it is not contradictory for your CR to show both a CO and a 120-day late.

Current account status always reflects the status of the account as of their last reporting.  In your case, that is a charge-off.

If they did a charge-off when the account was 120-days late, the prior current account status of 120-days late would be replaced by a new current status of charged-off.

However, that does not erase the continued reporting of the 120-day late.  Credit reporting provides for an additional code called the "Payment Rating."  That code retains the prior status of the account (in your case, 120-days late) at the time its current status was changed to charged-off.  This combination of codes provides credtiors the abiliity to review both your current status, and the level of pior delinquency at the time of that status. 

And your payment history profile records the pior levels of delinquencies by month, and thus provdes a historical record in addition to your current status and payment rating reporting.

It is not all just about your current account status.