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2 Charge offs 1 account

New Visitor

2 Charge offs 1 account

I have one auto account that was charged off due to late payments. Car was repossed and payments stopped after it was taken. Company charged off 1st time 9/17 then again on 2/18. Can they charge off twice? They haven't sent it to a collection agency....they are the finance company and the car dealership.

Message 1 of 4
Legendary Contributor

Re: 2 Charge offs 1 account

It is likely that you are stating that the creditor reported the current status as being CO on mulitple occasions.

That is a proper and acceptable alternative reporting of current account delinquency status.

CO can also be shown in your prior payment history profile for any month after the creditor took a charge-off, and reflects a delinquency status for that month.


Creditors do not report, and your credit file and credit report does not show, any dates that a creditor actually does that accounting measure of moving the delinquent debt from an accounts receivable to a non-asset, bad debt.

Creditors only report that a CO has previously been taken at some point in time, and not when it was taken.

The CRAs have no codes for reporting of date of charge-offs, so your file will not show actual taking of multiple COs.


Message 2 of 4
New Contributor

Re: 2 Charge offs 1 account

Charge Offs in some states are required in order to remove something from their books. It does not mean it removes the negativity of it. You would have to eventually pay this debt off. It should still be reporting a balance. 

Message 3 of 4
New Contributor

Re: 2 Charge offs 1 account

I just want to chime in by asking a question based on this thread. I've had two CO on two auto loans, however these are reflected on my CD as paid, but was a charge-off.
Question: does it matter whether it was a paid charge-off or not? Or the fact that the accounts were paid reflects much better for future auto loans? I would love to get some concrete responses. Thanks.
Message 4 of 4
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