topic Re: Paid Charge Off Says OPEN but balance is Zero? in Rebuilding Your Credit

Paid Charge Off Says OPEN but balance is Zero?

Anonymous — Mon, 23 Nov 2015 13:51:00 GMT

If a PAID Charge off says OPEN on one of my reports but the balance shows 0(zero), Is that the same as "Closed" and doesnt need to be disputed or do I need to dispute so they write CLOSED on it...?

Re: Paid Charge Off Says OPEN but balance is Zero?

Anonymous — Mon, 23 Nov 2015 16:08:29 GMT

I have the exact same issue... I'd love to know the answer to this question as well.

Re: Paid Charge Off Says OPEN but balance is Zero?

RobertEG — Mon, 23 Nov 2015 16:38:06 GMT

It is simply failure of the creditor to have updated the status to closed.

Creditors almost always close accounts to further consumer use long prior to taking of a charge-off.

At time of CO, it was definately closed. You cant continue to obligate new debt on a seriously delinquent account.

Balance of $0 does not necessarily signify that you paid the debt. It could also mean they sold it to another.

Have you paid the debt?

In all liklihood, it is closed, and they simply failed to update that single item.

I would not file a formal dispute over such a minor item, but rather could call them and remind them of their obligation to have correctly updated the account information to reflect its current status.