Community Leader
Epic Contributor
Posts: 26,021
Registered: ‎03-19-2007
Re: Paid CO!

Once they move the unpaid debt from their receivable assets to unreceivable, bad debt, and take the tax writeoff, they cannot do it again.  It's no longer a receivable asset in their books.

IRS kinda frowns on that stuff.

Their "re-reporting," unless they specifically identified the charge off as a new and additional charge off, is simply a repetition of the fact that they took a prior charge off.

Totally proper to provide "updated" reporting that includes an item previously reported.


The FCRA clearly defines one date-certain for the exclusion of any charge off..... 7 years plus 180 days from the date of first delinquency on the OC account that preceded the charge off.  The date of reporting of any charge off is irrelevant to its exclusion from a consumer's credit file.  All that the reporting of the CO fixes is that the associated DOFD cannot be later than that date.