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Question about charge off.

Established Member

Question about charge off.

Ok, so I have a charge off from Marks and Morgan that is reporting closed - charge off/incollections with a 0 balance. I paid the collection agency the full 1300+ that was owed back in 2013. The DOFD is Nov. 2011. It was last updated Nov. 2015. It’s set to come off in 2018, but is there anyway to have this status changed or completely removed?
2 REPLIES
Community Leader
Epic Contributor

Re: Question about charge off.

It depends upon what "status" you are referring to.

The status of open or closed should show closed.

The reporting of the fact that they did a charge-off is properly reported under your payment history profile.

 

When the account was still delinquent, the current status was properly reported as either the level of monthly delinquency (e.g. 180 days late) or a charge-off.  The current status is merely a snapshot of the delinquency or payment status as of their last reporting, and contains no historical/prior status info.  Once a delinquent account is paid, the current status is updated to paid, and can include the comment that it WAS charged-off, but the status is paid.

 

The fact that it was charged-off is then retained under payment history, and is also retained as the "payment rating," which reflects the level of delinquency before its current status was updated to paid.

 

In summary, there is no basis for removing the account or the reporting of accurate payment history derogs based on subsequent payment of the debt.  Correction can be pursued, however, if the Current Status was not updated.

Established Member

Re: Question about charge off.

Yea, the status is showing charge off, with no mention of it being paid in full.