topic Charge Off in Rebuilding Your Credit

Charge Off

800goal800 — Thu, 24 Aug 2017 00:23:13 GMT

I had a payday loan that was charged off. On the CR, it only says late 30 ( May ) 60 ( June ). It then shows a charge off in Nov. is this being reported properly? In the end it was charged off but wondering if this was reported properly.

Re: Charge Off

gdale6 — Thu, 24 Aug 2017 01:39:07 GMT

@800goal800 wrote:
I had a payday loan that was charged off. On the CR, it only says late 30 ( May ) 60 ( June ). It then shows a charge off in Nov. is this being reported properly? In the end it was charged off but wondering if this was reported properly.

CO typically goes like this 30-60-90-120-150-180-CO so yes its reporting properly even though its not showing the 90+

Re: Charge Off

MrTom — Thu, 24 Aug 2017 04:06:18 GMT

Do you know when they charged this item off? Not the date your credit report says, but the day they charged it off. I know that charge off reporting is a lil bit harder to understand- but from what I take it charge off dates in a credit report don't need to be accurate.

Re: Charge Off

RobertEG — Thu, 24 Aug 2017 05:55:08 GMT

The date that a creditor actuallly conducted the accounting that moved the delinquent debt from their accounts receivable column of their accounting ledger to the non-receivable, non-asset column, is NOT reported to the CRAs. It is not relevant to credit scoring or to exclusion of their reporting, and no code is provided for the reporting of the actual date of their having taken the charge-off.

A creditor can choose, at any time after they have conducted the accounting measure, to report that fact to a CRA. The reporting date is, of course, of record, but not the date they actually conducted the charge to profit and loss.

The reporting that they have taken a charge-off then requires them to additionally report, no later than 90 days after reporting the charge-off, the date of the first delinquency that preceded the charge-off, and the debt remained delinquent from that first delinquency up to the point of the charge-off.

The DOFD is the only date that is used for determining the ultimate exclusion of the reported charge-off. More specifically, the charge-off must become excluded no later than 7 years plus 180 days from the DOFD.