topic Re: Paid CO! in Rebuilding Your Credit

Paid CO!

kobe2012 — Fri, 14 Dec 2012 15:25:00 GMT

I paid a charged off account from a bank that went to CA last June and I tried to dispute it last week through EQ... It came back verified but with status, "CO" from 2007 til May of this year, "paid " in June, "CO" in July, and "paid" in August til December.... Wouldn't it reset the 7 yr from DOLD again since they reported paid, then charge of in June and July??? This is a very old debt and its one of my last two COs on EQ...... any thoughts??

Re: Paid CO!

Shogun — Fri, 14 Dec 2012 19:02:49 GMT

Who is posting? Is it the CA or the OC?

Re: Paid CO!

RobertEG — Fri, 14 Dec 2012 19:03:55 GMT

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.

Re: Paid CO!

kobe2012 — Fri, 14 Dec 2012 23:36:09 GMT

@Shogun wrote:
Who is posting? Is it the CA or the OC?

Its the OC ... EQ is such a pain...

Re: Paid CO!

kobe2012 — Fri, 14 Dec 2012 23:41:18 GMT

@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???

Re: Paid CO!

RobertEG — Sat, 15 Dec 2012 08:02:00 GMT

Once reported, the CO remains as the fact of their having taken that action.

Paying does not delete that reporting.