Delinquency reporting

[Anonymous]

I have several charge offs that are approaching the 7 year FCRA reporting limit. On advice from this board I opened up a secured card a couple of months ago and keep my balance below 10% at all times with the balance paid in full monthly and on time. This has not only had no effect on my credit score, I am now seeing huge (60 point) reductions in my credit score with no apparent reason except that the charge offs have reported theior TL again. I know this because the TL reads "Date of Delinquency June 2010" and "Date Reported January 2017". ALL of my baddies are from 2010 when my financial world collapsed. With the exception of my mortgage I was unable to pay on any of them from then until now. They have all passed the Statute of Limitations for suit in my State.

What effect on credit score does this constant re-reporting have? Is it done to make a 7 year old account look new? The latest one drove my credit scores below 600.

[Revelate]

From a stupid implementation perspective, charge offs are arguably the worst thing to possibly get on one's credit report.

When you say the charge offs reported their TL again, what precisely is the reporting status?  Open/closed, balance, last update you've already said was this month... and yes re-reporting the CO depending on it's specific status may indeed make it look new again which could account for the 60 point drop on FICO 8 scores easily.

CO's suck.

[Anonymous]

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@Revelate wrote:

From a stupid implementation perspective, charge offs are arguably the worst thing to possibly get on one's credit report.

When you say the charge offs reported their TL again, what precisely is the reporting status?  Open/closed, balance, last update you've already said was this month... and yes re-reporting the CO depending on it's specific status may indeed make it look new again which could account for the 60 point drop on FICO 8 scores easily.

CO's suck.

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All are reporting closed, all closed in late 2010, all have a balance, two update monthly and have for about a year but only this month was the huge drop in credit score. That is why I suspect re-aging. I also suspect re-aging because this month I disputed these two and BANG - ther credit score drop almost immediately afterwards.

[Revelate]

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@Anonymous wrote:

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@Revelate wrote:

From a stupid implementation perspective, charge offs are arguably the worst thing to possibly get on one's credit report.

When you say the charge offs reported their TL again, what precisely is the reporting status?  Open/closed, balance, last update you've already said was this month... and yes re-reporting the CO depending on it's specific status may indeed make it look new again which could account for the 60 point drop on FICO 8 scores easily.

CO's suck.

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All are reporting closed, all closed in late 2010, all have a balance, two update monthly and have for about a year but only this month was the huge drop in credit score. That is why I suspect re-aging. I also suspect re-aging because this month I disputed these two and BANG - ther credit score drop almost immediately afterwards.

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Pretty much.

Disputes are dangerous things, my tax lien got updated and now suddenly it's falling off a year later than if I hadn't touched it, whoopsie.  Good thing I don't care about Transunion I guess.

[Anonymous]

 Try filing the complaint with the CFPB. If you are disputing the charge offs you should in no way indicate that the debt is valid, and under no circumstances make any payment arrangements,  because that will in fact re-age the accounts.