Please help!!!!

[Anonymous]

I have a COed acct on my CRAs for Chase....this was paid last year and never updated...I wanted that acct removed. I sent a GW email on Monday....got an email back to call in and speak to someone, I called and the lady said they cannot do courtesy removals… But she can look into the account and see where it needs to be updated and try to help me with anything else. She then said she would be in contact with me again by Friday. Today I received a call and a voicemail from the same lady so I called her back and she said they are still not able to remove the charge off but she updated the account… The original charge off date was April 2009… She is now telling me that the original charge off date is February 2011 !!!! She wouldn't listen to me when I told her that that it was definitely 2009 not 2011 I received collection calls and it was already on my credit report way before 2011 what can I do about this ?!?! I have no solid proof I'm so upset right now!

[RobertEG]

I'm confused as to why the date of the CO is even being discussed.

Creditors dont report the date they did a charge-off.  There is only a reporting that a charge-off has been done.

The reporting that the debt has been charged-off then triggers a requirment to report the DOFD, which is the only relevant date used in credit reporting pertaining to the CO.

What is the reported DOFD?

[Anonymous]

It says the DofD on my reports was April of 2009....she said something about doing me a favor by deleting some of the lates off of my report, which I never asked for....I don't care about that I just want the report off since its paid. She also said it won't be marked paid even though it is. And then she said the charge off date was February 2011....so since that's not the DofD I shouldn't be concerned? It's due to fall of in 2017 and I was scared since she changed it that it'll stay on until 2019

[Anonymous]

---

@Anonymous wrote:
It says the DofD on my reports was April of 2009....she said something about doing me a favor by deleting some of the lates off of my report, which I never asked for....I don't care about that I just want the report off since its paid. She also said it won't be marked paid even though it is. And then she said the charge off date was February 2011....so since that's not the DofD I shouldn't be concerned? It's due to fall of in 2017 and I was scared since she changed it that it'll stay on until 2019

---

Charge off date is not relevant to fall off date. Only the DoFD is relevant. April of 2009 DoFD would result in a Fall Off date no later than Oct 2016 (7.5 years). Most of the time the CRA's will estimate the fall off date at an even 7 years, so you may see estimated fall off date of may 2016.

If she deleted some lates be grateful. ANY derog removed is good. They do not have to delete ANYTHING. Whether its marked as paid in th remarks makes no difference either - not for scores. If it was sold to a collector and you paid the collector, then they will not mark the account as paid, but they must show the balance to be $0.

[RobertEG]

The CRAs must use only the reported DOFD to determine credit report exclusion, and must exlcude no later than 7 years plus 180 days from the reported DOFD.

No other date is relevant to credit report exclusion of either a collection or charge-off.  Thus, the date they actually did the CO is not of importance, and is not a reported field.

The CRAs will normally do their own early exclusion at approx 7 years, and that estimated/expected exclusion date is usually provided on commercial credit reports rather than the DOFD.  Subtract 7 years from their estimated exclusion date, and the that should be within 6 months of the reported DOFD.

As for refusal to update the account to show paid, that is a clear violation of the FCRA.

FCRA 623(a)(2) requires a party who has furnished information to a CRA to promptly update that reporting as necessary to maintain its current accuracy.

If you have paid the debt, it must be updated to show paid, $0 balance.

First, dispute the inaccurate reporting, citing FCRA 623(a)(2).

If they verify the current status as anything other than the correct status of paid, then file a formal complaint with the CFPB.

[Anonymous]

Perfect!!! Thank you guys sooooo much!!! I was freaking out thinking the CO date changing would allow the debt to lay on my report longer I'm still pretty new at this stuff. She did say it would reflect a $0 balance now but still say CO and she's sending me something in the mail explaining it....should I wait to get this document to dispute it?

[Anonymous]

And I was scared about the lates being removed that it would change the DofD somehow and that would keep it on m report longer

Thank you for letting me breath again lol

[RobertEG]

She was likely only referring to the fact that when a charge-off is reported, they also provide the amount that they charged-off.

If the debt is subsequently paid, that reporting is not updated.  It is a sticky that retains a record of the amount of the CO itself.

Thus, the current balance should be updated to report $0, but if your credit report still shows the amount of the CO itself, that is not an inaccuracy and should not be disputed.

When the credit report exclusion period of no later than 7 years plus 180 days has arrived, the CRA is thereafter precluded from including any reference to the charge-off in any manner that is adverse in your credit report.  That includes the reported amount of the CO, so it will all be excluded from vieiwing by anyone.

[Anonymous]

Ohhhhh ok....so it's good then? It seems like I just misunderstood her I guess.