Old charge off still reporting KD???

[Anonymous]

Hi all,

    I have an old credit card which was closed because of non payment. This card has been closed since late 2010. Everything has been paid off for a while now (over 2 years?). When I look at my Experian report, I still see "Key Derogatory" status being reported, even this month!!! What should I do? They shouldn't still be rreporting statuses every month should they??

Thanks in advance for the assistance.

[gdale6]

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@Anonymous wrote:

Hi all,

    I have an old credit card which was closed because of non payment. This card has been closed since late 2010. Everything has been paid off for a while now (over 2 years?). When I look at my Experian report, I still see "Key Derogatory" status being reported, even this month!!! What should I do? They shouldn't still be rreporting statuses every month should they??

Thanks in advance for the assistance.

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A paid CO should not be updating and I would file a section 623 dispute with the creditor (direct dispute) or try a GW letter to the office of the CEO to see if it can just be removed from your CRs.

Welcome to the board

[Anonymous]

Ok ill try the GW letter first then a section 623 dispute. Thanks for the advice!

[RobertEG]

Once the charge-off has been reported, it will always remain as  key derog in your file (unless it is voluntarily deleted by the creditor, or has reached its credit report exclusion period), so you wont get the CO deleted by way of any dispute.

It's current status should reflect paid, and can additionally include the comment that it was charged-off.

It's payment rating, which reflects its status prior to its current status of paid, will remain as CO.

KD is not a speciific status code that is reported by the creditor.

Before disputing, what is the exact code that is incorrrect?  If inaccurate, they can merely correct in any dispute.

Deletion of the OC will not be a required outcome.

[Anonymous]

When I look at my report, I see that every month they are still updating the CR with the KD code. If I paid this off 2 years ago, I would expect to see KD up until that point and it remains like that for 7 years. They should not still be updating my report like it's unresolved right?

[Anonymous]

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@Anonymous wrote:

When I look at my report, I see that every month they are still updating the CR with the KD code. If I paid this off 2 years ago, I would expect to see KD up until that point and it remains like that for 7 years. They should not still be updating my report like it's unresolved right?

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"KD is not a speciific status code that is reported by the creditor."

Key Derogatory is simply something that the Credit Reporting Agency uses to show the consumer what items are most damaging in their report. It has nothing to do with 'updating your report'. A CO, whether paid or not, impacts your score the same and thus will ALWAYS be considered a Key Derogatory for the entire time it remains on your report.