Valued Member
bigboihill
Posts: 42
Registered: ‎04-09-2011
Proof of Paid Charge-Off

I will paste the post that I submitted in the understanding Fico scoring forum in red:

 

Hi everyone!  I have a question about the updating of a paid charge-off.  I have a charge-off on my CR from Barclays for the amount of 2,304.61.  Barclays still owns the debt but I paid it  off in full through their collection agent ARS.  I paid it in 4/2012.  I received a letter from ARS the following day after I PIF stating that the debt has been paid in full and that they will notify Barclays Bank.  However, my credit report has not updated yet!  The CR still shows a charge-off in the full amount without the paid status.  

 

Here's the big concern for me.  Barclay's has not updated my CR since July of 2009!  I am afraid if I contact them to have it updated, it will ding my scores because it will look more recent.  The charge-off is not really hurting my scores right now because I am at 690+ on all of my "true" FICO scores.  Also, I have the letter stating that it has been paid in full (which I plan on providing to an underwriter when I mortgage app in December).  I want your expert opinions on whether I should just leave it alone or force the issue on an updated status.  Thanks!

 

 

I am afraid that if I contact Barclay's to update the paid status, they will update the DOLA and it will hurt my score.  I am wondering if it is normal for an underwriter to demand the "0" balance be shown on the credit report even if I have documentation from the collection agency that the account has been paid in full.  Any insight would be great!  Thanks!