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Regular Contributor
Posts: 140
Registered: ‎09-17-2013
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deposit-related account charge off question

I had a deposit account (checking account) charged off and it is reporting as paid for less than full balance. If the account is later paid in full must the tradeline be removed or is it up to the creditor? Please help!

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Posts: 22,406
Registered: ‎01-17-2008
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Re: deposit-related account charge off question

Any negative TL that reports is up to the creditor to remove.  Just because it is paid doesn't mean it has to be.

Valued Contributor
Posts: 2,266
Registered: ‎07-23-2012
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Re: deposit-related account charge off question

ive never heard of a checking account report on your cr. most likely checksytems. 

 

but yes if paid in full it should clear. 

 

as far as negatives on your cr, its up too the creditor essentially. 

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Moderator
Posts: 22,406
Registered: ‎01-17-2008
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Re: deposit-related account charge off question

Even on ChexSystems the account doesn't automatically come off because it is paid.  It is also up to the creditors to remove these.

Mega Contributor
Posts: 19,807
Registered: ‎03-19-2007
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Re: deposit-related account charge off question

OC accounts are never deleted based on a change in any status on the account or on a later credit report exclusion of any adverse items reported on the account.

 

There are only two ways an OC account is deleted.  One, the creditor reports its deletion, or two, the account has been closed for approx. 10 years, and the CRA clears it from their database as their own internal housekeeping measure.

 

If they reported a charge-off, that is a one-time reporting of a business action they took, and any later change in status to settled or paid has no effect on that reporting.

Payment does not negate the fact of their having charged-off the debt.

You would need to request their goodwill, at least in deletion of the CO, or alternately, of the entire account.

 

Regular Contributor
Posts: 140
Registered: ‎09-17-2013
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Re: deposit-related account charge off question


RobertEG wrote:

OC accounts are never deleted based on a change in any status on the account or on a later credit report exclusion of any adverse items reported on the account.

 

There are only two ways an OC account is deleted.  One, the creditor reports its deletion, or two, the account has been closed for approx. 10 years, and the CRA clears it from their database as their own internal housekeeping measure.

 

If they reported a charge-off, that is a one-time reporting of a business action they took, and any later change in status to settled or paid has no effect on that reporting.

Payment does not negate the fact of their having charged-off the debt.

You would need to request their goodwill, at least in deletion of the CO, or alternately, of the entire account.

 


thank you!

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