Posts: 809
Registered: ‎03-16-2012
Re: Paid CO!

RobertEG wrote:

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.

So i shouldnt worry about this resetting to another 7 yrs??? This account is due to fall off in 06/2014... And since the update, i lost 4 points... Can i actually dispute this thru EQ that they should delete the mark "CO" on July since it was satisfied in june??? And am about to send a letter to the OC since i do find this reporting inaccurate ... Is this a wise decision???

Starting Score: TU: 481 12/30/2015 EQ:561 12/30/2015 EX:532 12/30/2015 (MYFICOS) BK FILED: 09/2015 DISCHARGED 12/2015 -- 07/04/2016 TU:584 EQ: 604 EX: 582
NFCU cashRewards:$500 CreditOne:$300 Merrick:$600 Milestone:$300 Cabelas:$1000