confused on how this should be reporting.

[superdad]

Ok, so i was going over my CR and talked to a friend thats a loan officer to see where i stand on a home loan, there are only a couple things i need to pay, one of them is for a loan through a credit union, it shows as a charge off but there updating it every month,

The loan officer said they cant report both ways.  Is this correct?  Can they report as a charge off and keep updating it every month?  This loan is for 2k and was back from 2009.

[Imperfectfuture]

They can keep updating IF they don't change the original date of charge off AND they don't sell to collection agency (which many small CU's might handle their own In house collections, ran into this with merrick bank)

[superdad]

So i might as well pay off the 2k and wait for it to update to paid?

[Imperfectfuture]

You can even call first and ask if they can update the charge off to non-charge off if you pay. But yes, tis the only way to make go away.

[kmacqua]

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@Imperfectfuture wrote:
You can even call first and ask if they can update the charge off to non-charge off if you pay. But yes, tis the only way to make go away.

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Yes, try this ^ rather than just paying and blindly hoping they'll change the charge-off reporting.  At least, that's the approach I'd take. Good luck!

[RobertEG]

Reporting of a charge-off is their reporting of having taken that internal accounting measure.  The full debt still remains due.

They dont report the date they actually did that accounting, they report only thqt it has previously been done, and the date of first deliqnency on the account, which is needed by the CRA to calcualte its ultimate credit report exclusion.  After the CO is taken, they can include that derog status in each subsequent monthly reporting of continued delinquency.

[Imperfectfuture]

They can also remove it.