I purchased CCT today to view my 3 credit reports. I also pay monthly for each bureau to be able to access my reports daily, so I compared the 2. I have been trying to get information that shows up on my Equifax report corrected for 1 company, the account shows a CO in 2012. My concern is I may be wasting my time and I say that because from looking at my CCT reporting information on the same account it does not show a CO remark on there just that the acount is still being reported as open with a zero balance. Should I even worry about getting the information corrected as where my Fico 8 on CCT score doesn't show the account late or anything like the Equifax website does. I am so confused. Please look at how each is showing and tell me what you think? I just really want to know what are lenders seeing when they pull my report. Is it what Equifax is reporting or the info that Fico 8 CCT sees.
CCT View- Not showing any lates or CO... all months showing up in green as paid
Equifax View showing a CO in 2012
81-Month Payment History
It looks to me like the report you are getting from the actual Equifax website has payment info that goes back to 2010.
The CCT EQ report only has info going back through Nov 2012.
Since the possible CO indicator is on Feb 2012, it's not exactly that the CCT report is showing that month as green/paid. There's just no information on it, because the info does not go back that far.
I am not knowledgeable enough to know what that little "CO" box means. Kudos to you for inspecting your reports so minutely that you found it. Can you clarify for us the "Date Opened" for this account, as it appears on the credit report?
There should be a "summary" section for either report that indicates whether you have any derogs: lates, chargeoffs, collection, public records, liens, judgments, etc. Is this account in anyway implicated in a derog of any kind?
What is the "status" of the account? Is it something like Paid As Agreed?
Finally, do you have any idea what that Feb 2012 "CO" might be referring to? Did anything unsually happen with this account around that time?
On My Equifax Summary it states 3 accounts ever late
Navy Fed- Just removed last week a 90 day and left a 30 day that I have now asked again for them to remove, so we will see.
Fingerhut- has 3- 90 day lates that I asked them to remove, but I have heard nothing back as of yet.
The Car- Shows CO in the 2012 for charge off and 1 30 day late according to Equifax that I am not able to see what month because none is indicated- I'm trying to have this account removed and it still reports as open
This is what the CCT summary shows-
We are getting into real murky waters of derog issues that I am not competent to help with. I did have a boatload of derogs that I incurred in the late 90s, but I basically just crawled under a rock and hid from creditors for a long time. In 7-8 years the bad stuff had all fallen off (and the SOL had passed too). So I never had to deal with trying to deal with my reports while they had the bad stuff on them.
It sounds like you have an account that reports as of today as open and has a status of paid as agreed. But in the far reaches of the 6 years of monthly payment history it has a tiny CO icon indicating it was "Charged off" on Feb 2012. And in fact, it really was charged off on Feb 2012 -- at least I think you are saying that. (You say "paid off" but you may mean charged off by the card issuer.)
So this sounds like a strange murky derog. If it falsely claimed it was a totally clean account, then you could just count your blessings and leave it alone. But there's data embedded in the record that says it is a CO and other data that says the opposite.
All way out of my league to help you with. Perhaps the people in the rebuilding forum can help you, or perhaps someone here will read it and chime in. Best of luck....
As I understand it, a charge off should be excluded at the 7 year point just like other deliquencies in the tradeline data assuming the line is clean after that.
If it were me with that account, I'd just sit on it and not talk to them at all unless I could get the CO completely off. Even then if you're making the choice (or forced to like I was) to simply wait for derogs to fall off, I'd let that get excluded and then hopefully it keeps reporting pretty green OK's at Open and $0 balance. Busted tradelines aren't always bad heh.
You couldn't have a better person to advise you then Revelate -- because he is one of the most knowledgeble veterans here but also because he has had experience of a dirty profile very recently.
Just a reminder though. When you have somebody who is trying to help you, you need to go out of your ways to be extremely clear about what is going on. In particular you need to be sure you are very clear about distinguishing, any time it is necessary, between what your reports say about an account and what may actually be true about it.
In the case of the car loan, for example, you have stated (last post) that "all these accounts are closed" but in the post(s) before that you say that it is reporting as open. I am guessing that you mean that although it reports with a Status of "Open" it was in reality closed a long time ago. You also say a few times that the account has been "paid off" but elsewhere suggest that it was charged offf (on Feb 2012). The language paid off typically is used to mean "I paid the balance off" -- whereas chargeoff means that you were not paying on the account, the creditor eventually gave up hope that you would, and wrote off the entire balance as a tax loss (but probably also turned it over to a collection agency).
Anyway, it's best if you work hard to be clear and detailed about your situation rather than the forum contributor trying to guess what your situation might or might not be. It takes a lot more work for us to do that. Just a thought, since we hope you'll be with us for a while to come.
Sorry, I placed the details as they are not trying to confuse ppl at all. All of the accounts discussed are Closed except the car is reporting opened when its not. I am just trying to remove the late marks from them and I appreciate the help, so yes I have been asking questions. The car was paid off in Dec 2011 and I was mailed the title. I disputed last month asking the company to update their info and got the results back on yesterday they updated that I made a payment to them on March 2016, which is not true. The account has had a zero balance for years now. This company just updates what they want via e- oscar to close out the disputes. All I want is for the account to be reported correctly. The account states paid as agreed, and yes the only mark is the CO for Jan 2012 meaning Charge Off.
When a creditor takes a charge-off, that means that they have taken the accounting measure of moving the delinquent debt from the "accounts receivable" column of their accounting ledger over to the bad debt/non-asset column of their accounting ledger. It thus no longer appears as an asset.
The basis for that accounting process is their determination that the debt is not likely to be paid, usually based on a long period of delinquency.
Fed regs set 120-180 days late as usual basis for making the determination that the debt is not likely to be paid, and thus must be charged-off.
The month/year of reporting of a charge-off is not the date they did the charge-off, it is only the date they chose to report that fact to the CRA.
The creditor is not required to report the date they did the actual accounting, as it is irrelevant to credit reporting.
Showing of CO in 02/2012 means only that it was charged-off at some prior time, not that it was charged-off that month.
The only credit reporting requirment is that once they have reported a CO, they must then report the date of first delinquency (after which the debt remained delinquent) to the CRA no later than 90 days after reporting of the CO. That DOFD then sets when the CO must become excluded from the consumer's credit report.
Any CO,paid or unpaid, becomes excluded no later than 7 years plus 180 days from the reported DOFD.
If the consumer subsequently pays the debt after it was charged-off, then the currrent status is updated to paid, but that does not result in removal of the CO.
The CO still remains under Payment History, even though it is no longer the current status, and becomes excluded once it reaches its credit report exclusion date.