One main financial charge off

[w121jld]

One main financial called and stated that the charge off will be removed from my account, and paid in full will be reported. It has been reporting charge off since 2012. Will my score increase or just stay the same.

[RobertEG]

When they say that the charge off will be "removed," what exactly do they mean?

If you settle a delinquent debt the Current Status will no longer show as delinquent.

If the current status is that of a monthly delinquency level or a charge-off, then it will be updated to paid.

In that sense, the CO can be said to be "removed," but may still remain under your Payment Histoyr.

Do they mean that all reporting of the CO will be deleted?

[w121jld]

I am going to call tomorrow for clarification?

[w121jld]

I believe that it was she tolde me.

[Anonymous]

Hello,

I just saw your post. Are you referring to receiving a 1099c for the amounts owed? Did they update everything like they said they would?

[RobertEG]

Taking a charge-off is not cancellation of the debt, and does not result in any requirement to send a 1099c.

They accepted paymen of the debt,so it was paid, not cancelled.