topic Re: How should a paid charge off report? in Rebuilding Your Credit

How should a paid charge off report?

tagreen0927 — Fri, 06 Apr 2012 02:15:05 GMT

Any one know the answer to this....I have a charge off (GE Capital for JCP) that was settled with payment to LVNV. The LVNV collection is removed. But the JCP remains. It reads as: Charged off as bad debt with $0 balance and 0 lates. I am trying to goodwill as this won't fall off credit report until 2014. If goodwill doesn't work, do I have a legitimate disput because the status doesn't at least report that the charge off was paid? Any advice on dealing with GE Capital for JCP?

Re: How should a paid charge off report?

rckstrscott — Fri, 06 Apr 2012 08:08:03 GMT

@tagreen0927 wrote:
Any one know the answer to this....I have a charge off (GE Capital for JCP) that was settled with payment to LVNV. The LVNV collection is removed. But the JCP remains. It reads as: Charged off as bad debt with $0 balance and 0 lates. I am trying to goodwill as this won't fall off credit report until 2014. If goodwill doesn't work, do I have a legitimate disput because the status doesn't at least report that the charge off was paid? Any advice on dealing with GE Capital for JCP?

Nope.. this is reporting how it should.. The $0 dollar balance indicates they sold the debt, and they wrote off the loss in tax form. There is nothing else from them to add to this, they sold the account to a collection company. If the debt is assigned, and had a balance, then yes you would have a beef but that isn't the case with this account.

The collection account was handled, and you were able to get it removed. The only option you have is to keep GW the OC.

-scott

Re: How should a paid charge off report?

RobertEG — Fri, 06 Apr 2012 15:56:08 GMT

The $0 balance would not necessarily reflect that they had sold the debt, if it was updated after the debt was paid.

They report $0 balance either when they no longer own the debt of when the debt is satisfied.

Regardless, it really makes no difference. They are reporting correctly. $0 means no debt is owed to them. That does not require deletion of the reported act of their prior charge-off.

I see no basis for disputing its reporting.