Paid Charge Off Still Reporting

[Anonymous]

I have this charged off account on my credit report. It was settled/paid in July of 2015 with the collections agency yet it is still being reported as a charged off account every month with a note that it is a paid charge off. Is this accurate reporting or should they have stopped reporting in July of last year?

[Anonymous]

Nope they have the right to report it for 7 more years I have 3 zero balance settled for less accounts with citibank from 2013.

[Anonymous]

They can continually to actively report as a charge off each month? I just checked my other two credit reports and on those they stopped reporting in July of last year when I paid.

[Anonymous]

Yes.  My sears stopped in 2014, the home depot reports current CO. You can start GW letters. If one Bureau gets removed remember to only pursue new accounts that pull that specific Bureau. A trick I learned years too late. 

[Anonymous]

Ugh... that stinks! Do you know if it is negatively affecting your score each month with it continuing to report?

[TRC_WA]

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@Anonymous wrote:

Ugh... that stinks! Do you know if it is negatively affecting your score each month with it continuing to report?

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A CO (paid or unpaid doesn't matter) is a major negative for as long as it is on your report... which is up to 7 years.

[Anonymous]

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@TRC_WA wrote:

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A CO (paid or unpaid doesn't matter) is a major negative for as long as it is on your report... which is up to 7 years.

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I understand. My concern is I will be applying for a mortgage in February. Will this current CO being reported keep me from being approved even though it was paid in 2015? I know they want to see at least 12 months of perfect history and I didn't know if this current reporting would affect that.

[TRC_WA]

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@Anonymous wrote:

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@TRC_WA wrote:

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A CO (paid or unpaid doesn't matter) is a major negative for as long as it is on your report... which is up to 7 years.

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I understand. My concern is I will be applying for a mortgage in February. Will this current CO being reported keep me from being approved even though it was paid in 2015? I know they want to see at least 12 months of perfect history and I didn't know if this current reporting would affect that.

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I've read that unpaid collections/COs are usually required to be paid before a mortgage loan... but your question is probably better asked in the mortgage forums.

[Anonymous]

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@Anonymous wrote:

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@TRC_WA wrote:

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A CO (paid or unpaid doesn't matter) is a major negative for as long as it is on your report... which is up to 7 years.

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I understand. My concern is I will be applying for a mortgage in February. Will this current CO being reported keep me from being approved even though it was paid in 2015? I know they want to see at least 12 months of perfect history and I didn't know if this current reporting would affect that.

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No, they can see that its paid, and while it "looks" like its actively reporting each month, I doubt that it is. Where are you viewing your reports?

[Anonymous]

The screen shot is from Equifax's website. Below is what it shows on MyFico. The fact that recent months are included in the 90+ days late category scares me. Should I dispute and ask the OC to correct this to stop reporting July 2015 like TU & EX shows?