topic Re: Charge Off from 2003 in Understanding FICO® Scoring

Charge Off from 2003

Anonymous — Wed, 07 May 2008 22:18:37 GMT

I saw this on my credit report today. I immediately contacted my former auto leasing company and they said that I paid this off after the charge off. I owe them 0 The strange thing is that this happened 5 years ago and it is now showing today. How can I off my report? I know that charge offs can stay on a report for 7 years. Help!!!!!

Re: Charge Off from 2003

RobertEG — Thu, 08 May 2008 06:41:52 GMT

Well, it looks like you have been lucky for the last five years. If the collection was legit, and since you paid it off, you admitted its legitimacy, then you are lucky that it is only now appearing. It is already 5 years old, and thus has declined in its adverse affect. The CA reporting the collection and subsequent payment has zero incentive to GW it away. I see no dispute, and suggest that you just have to live with it now.

Re: Charge Off from 2003

Anonymous — Thu, 08 May 2008 13:43:00 GMT

My concern is that 5 years later is now showing as a charge off. My score dropped almost 100 points as a result. Shouldnt the leasing company report this back in 03? I have no choice but to dispute this. Plus I never received any correspondence that it was a charge off. I had them sent me a letter saying it was paid in full then Im going to send it to Equifax. Im worried that these might show up on the other 2 bureaus in which my score is good

My Scores

Equifax

636

Transunion

734

Experian

707

Re: Charge Off from 2003

Anonymous — Thu, 08 May 2008 15:47:28 GMT

Did they properly report the age of this account?

Re: Charge Off from 2003

Anonymous — Thu, 08 May 2008 15:53:17 GMT

It is correct, but they all of a sudden changed it from Paid in full to charge off