Chase reporting charge-off on the same account several years later

[omskillet]

Hello all! Its been a long time but I'm not sure where else to ask this. I got a big score drop notification and finally figured out what happened. Chase reported this account as a charge off again 5 years later. Does this re-age the account? Is this legal or correct? How would I even dispute it? 

Thanks!

[SouthJamaica]

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@omskillet wrote:

Hello all! Its been a long time but I'm not sure where else to ask this. I got a big score drop notification and finally figured out what happened. Chase reported this account as a charge off again 5 years later. Does this re-age the account? Is this legal or correct? How would I even dispute it? 

Thanks!

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I believe that they're allowed to report it for 7 years after the date of first default.  It looks to me like the first default may have been October 2017, so they could continue to report it through September 2024. 

No doubt someone will correct me if I'm wrong.

[FireMedic1]

Seven yrs from 10/17 it will fall off 10/2024. The update FICO looks as if it was new when it isnt. Nothing changes the DoFD. Unless you did some type of dispute and it came back verified. DoFD starts the first 30 day late and progresses to CO. That wasnt too kind to do that to you.

[GZG]

until it's paid (or settled) or 7 years they're allowed to report it as a CO every month, they just weren't 

I wonder if its a strategy they're trying, once people get 'good enough' credit back after 4-5 years on their debt they feel they'll never collect from, they start reporting in order to get a settlement or payment 

lots of DPs of really generous settlement offers from Chase if you want to just pay them back and settle it to $0 

[tebtengri]

What did it do to your score? For that balance and with it falling off in a couple years I'd probably just ride it out unless the SoL in your state isn't up or it's stopping you from doing something with credit that you need to do.

You could always try to settle if needed.

[omskillet]

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@tebtengri wrote:

What did it do to your score? For that balance and with it falling off in a couple years I'd probably just ride it out unless the SoL in your state isn't up or it's stopping you from doing something with credit that you need to do.

You could always try to settle if needed.

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All the FAKOs cratered 100+ points (not surprised). FICO 8s dropped 40 points. Weird thing is that my CU pulled for a new car loan a few weeks ago and showed me at 799. I was not expecting that but it's possibly the auto loan version FICO score. Ive had many car loans at this point without ever an issue. FICO 8's were previously 740ish.