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06-07-2007 01:10 PM
06-07-2007 06:04 PM
If I have a past mortgage account on my credit that is showing the following info:Account Type: conventional Real EstateAccount Status : Frozen / Charged Off as Bad Debt / Charge OffActivity: "Reported 04/2007 Opened 04/2003 Last Active 06/2003 "Balance: $48KPast Due: $23K 0Without going into too much detail I was involved in a real estate related fraud scam at that time in which the party committing the fraud has since been convicted & is thankfully behind bars. Given the nature of the scam my legal counsel was able to convince the Mortgage Company that my obligation to the debt was negated-----thus the charge off status given.My concern & question relates to the "past due amount" still reporting on my credit in excess of $23,000 and what affects it might be having over time if any? Even if it is having a nominal impact this obviously concerns me given over several years of continuing to do so could add up to harm my credit irreparably.Basically:Is this "past due amount" having a negative affect on my credit over time with each consistent reporting??? Even though the last active reporting is dated---will the "past due amount" continue to hurt me given the recent reporting on this account of 04/2007???Any words of wisdom to help calm or spark my level of concern with this??? Any help would be greatly appreciated. Thank You!Global1
06-07-2007 06:26 PM - last edited on 06-08-2007 01:56 PM by Raine
06-10-2007 03:21 PM
Global1 wrote:Thanks for your input Barry.To clarify the impact by the sounds of it has to do with the last "reporting date" listed on the account not the "last active" date, correct? I only ask that because if the impact lessens as time passes and the "last active" date was back in 06/2003 versus the "reporting date" listed as 04/2007----the recency of those two is obviously paramount to the impact it is having on the score!If this is the case does the amount reporting past due have anything to do with the actual score amount affected over time? In other words would a larger amount owed (i.e. 23K) have more of an affect than a smaller amount?Thank you again for you response thus far. If you can shed any light as to my additional concerns I would be grateful for any thoughts you may have.Global1[e-mail removed]
(Your e-mail has been removed to protect your privacy. I apologize for the inconvenience!)
Message Edited by Raine on 06-08-2007 01:56 PM
06-10-2007 05:50 PM - edited 06-10-2007 05:59 PM
06-11-2007 12:13 PM
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