@Billy28 wrote:I had a handful of charge offs in 2023. All have been paid and no charge offs are reporting as of Decemeber 2024. My credit score has returned to 703. I had two Chase cards that were charged off. One I failed to make payments on so that makes sense. The other card continued to pull minimum payments from my account EVEN AFTER the account was charged off. This went on for another 7 months before I noticed. Am I able to dispute the charge off to get it removed? If so how do I go about it? I have bank statements showing it being paid monthly after the COD. Thank you!
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it was charged off, you still owe the money, you have no reason to get the charge off removed because you didn't pay the bill
@Billy28 wrote:I had two Chase cards that were charged off. One I failed to make payments on so that makes sense. The other card continued to pull minimum payments from my account EVEN AFTER the account was charged off. This went on for another 7 months before I noticed. Am I able to dispute the charge off to get it removed? If so how do I go about it? I have bank statements showing it being paid monthly after the COD. Thank you!
Payments after a Charge Off don't impact the status of the account, and can be legitimately pulled from your account provided you entered into a payment agreement permitted the deductions.
The only thing you can question was whether your account was properly Charged Off. The standard qualification to charge off a revolving account is that the account is 6 mo in arrears. This can occur even in the presence of monthly payment activity if those payments aren't sufficient to pay the minimum due each month.
Let me clarify what a charge off represents:
By accounting standards, when no payment has been received for 6 mo, or the account is otherwise 6 mo in arrears, the firm is no longer able to count that receivable as an active asset; that is, the asset must be "charged off".
This in no manner impacts the collectibility of an account, nor the continuing legitimacy of the debt.
