topic Re: Charge off reporting status question - One Main Financial in Rebuilding Your Credit

Charge off reporting status question - One Main Financial

TC1212 — Fri, 07 Jan 2022 23:41:36 GMT

I paid off a charge off to One Main Financial in April 2020. It's only reporting on Transunion and Equifax. I've attached a copy of how its reporting on my reports.

On my equifax report it reports account status as "charge off," with a zero balance. My question is should the account status show "paid charge off?"

On my Transunion report (from Credit Karma) the current payment status says "In collections/charge-off" with a zero balance.

My question is should I request to have the status for both accounts updated, or should I leave it alone. I'm not sure if either reporting method is suppressing my scores. All of my FICO scores are between 630 -660. I would like my score a little higher for an upcoming mortgage application and wonder if this will help or hurt.

Thank you.

Re: Charge off reporting status question - One Main Financial

jrwa81 — Sat, 08 Jan 2022 05:33:50 GMT

When you pay a charge-off, it will simply reflect a zero balance and will stop reporting each month, which means that it will no longer be included in your DTI. It won't actually say "paid" and it will still remain on your credit report until it ages off.

Re: Charge off reporting status question - One Main Financial

simplegirl — Sat, 08 Jan 2022 10:27:59 GMT

Since it hasn't updated in awhile it could negatively affect yours updating the account. You should just leave it been before you make it look like a fresh negative account.

Re: Charge off reporting status question - One Main Financial

FireMedic1 — Sat, 08 Jan 2022 10:28:19 GMT

Is there a collections associated with it? Not much to do now with it. Just wait out the ding till it falls off.

Re: Charge off reporting status question - One Main Financial

TC1212 — Sat, 08 Jan 2022 12:15:21 GMT

@jrwa81 @Thank you.

Re: Charge off reporting status question - One Main Financial

TC1212 — Sat, 08 Jan 2022 12:16:08 GMT

@simplegirl @Thank you.

Re: Charge off reporting status question - One Main Financial

TC1212 — Sat, 08 Jan 2022 12:16:58 GMT

@FireMedic1 @No collection account. Thank you, I will leave it alone.