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I have a collection account that is reporting as a chargeoff and is still open and updating every month. Is that possible?
The OC went to $0 in 2009. This account opened in 2011 and has reported ever since.
It is due to fall off 10/15 but still bugs me that is listed this way
Yup, CA's will often do that with an old collection in order to amp up the pressure on your scores.
Open status for a collection simply means they have current, active collection authority.
All collections have an open status either until the debt is paid of their collection authority is terminated.
Reporting of $0 by the OC does not signify that the debt has been satisfied.
It significies that they no longer own the debt, which then makes the balance being reported by the debt collector both the amount they are authorized to collect and the amount of debt owed to them.
It is proper.