Charge Offs...

[Anonymous]

So...I am in the process of rebuilding my credit after getting over extended during a custody battle and adoption proccess. Anyway...The last payment I made on this particular card was in Aug. 2017. 

Several months later (close to a year) I entered into a settlement agreement with the original creditor for less than the reported balance. I made all of the payments and satisfied the agreement. The account was updated to a zero balance and charged off. 

Here is my question....It appears that the account was treated as 120+ days late, then treated as current through the settlement payment plan, and then CO when my last settlement payment was made....so when does the 7 year clock start?

Sept 2017 (first missed payment)

November 2017 (account closed)

or October 2019 (account CO)  

Thanks in advance...

[Remedios]

Normally it starts with DOFD. 

It would really hinge on the reporting. Making payments is not a true being brought to current. There is a possibility the reporting only references you keeping up with payment plan, because lender is obligated to report accurate info.

If you make a payment, they have to report it, because balance is no longer accurate.

Grab a copy of annual credit report and see if DOFD is listed, or conversely, projected removal date. 

[Remedios]

Also, welcome to the forums. 

[Anonymous]

Thanks! I have been lurking for a few month...researching things on my own...but now I am just impatient. People think profit share is a scam....smh...

I keep seeing reference to DOFD ...I see a 90 days late in Nov of 2017 so does that "prove" the first missed payment was September 2017?

Then it is green (OK) until October 2019 where it is marked as CO. 

[Remedios]

DOFD is the day account went delinquent, typically when first 30 day late is reported. 

Here's something to help with lingo lol  http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

It really all depends on how it's reported. It makes no sense to CO current account. Closing it makes sense from their perspective,  but not CO.

CO is not a delinquency per se, it's an accounting measure to prevent inflating accounts receivable. 

Whatever proceeds it is the actual delinquency,  in your case it's string of lates up to 120 day late. That's the CO point for you. 

Grab a copy of free annual credit report and see which date they are listing. 

You dont have to get all three, one will suffice for this purpose.