Is there a regulation or law that states when an account should be treated or reported as Charge-Off? Or is it something that is at the discretion of the creditor.
I am confused with this reporting
WaMu:
10/01 = 30 Days late
11/01 = 60 Days late
12/01 = 90 Days late
01/02, 02/02, 03/02 = all says 120-149 Days late
Then after that 04/02, 05/02 up to ... 10/04 = all says "L" (charge off)
Can they do this? That is report L month after month after month. Or should they just report one "L" and leave it that way for the 7 yrs.
In another account, this time with SHELL CITIbank, I saw this report:
04/07 = 4
05/07 = 5
09/07 = L
I see no report for 6/7,7/7,8/7 and then it jumps to 9/07 with an L. Is this right way to report?
