Hi Rocki, welcome to the forums!
The original creditor may update the account's continued charge-off status for every month the debt remains unpaid, each time suppressing your scores and keeping the derogatory current.
However, even though it has multiple charge-off notations in the payment history, it counts as a single charge-off account.
The only ways for continuous negative updating to cease is payment of the outstanding balance or if the debt is sold (which could then result in a new collection tradeline that will also update monthly).
The original creditor may update the account's continued charge-off status for every month the debt remains unpaid, each time suppressing your scores and keeping the derogatory current.
However, even though it has multiple charge-off notations in the payment history, it counts as a single charge-off account.
The only ways for continuous negative updating to cease is payment of the outstanding balance or if the debt is sold (which could then result in a new collection tradeline that will also update monthly).
Answered this Q in your other post located in the Rebuilding forum...
Please try to avoid posting for a specific topic more than once so we don't have duplicate threads, thx! 😊
Please try to avoid posting for a specific topic more than once so we don't have duplicate threads, thx! 😊
Lol... just pick the most relevant category - the Mods will move it if they feel it would better fit elsewhere. You cannot merge your own threads.
Back to your charge-off -
What you are describing is two chains of delinquency for one account. This happens when an account goes delinquent, then is brought current, then goes delinquent again.
Did you ever attempt to bring the account current after it went 120days past due? If not, then this appears to be an error in the reporting and you could dispute it.
It still counts as a single chargeoff account - but the multiple chains of delinquency will affect the 7 year exclusion period which is based on the Date of First Delinquency (DOFD). The DOFD is the month/year the account first became delinquent AND was never brought current. If the account is brought current and then becomes delinquent again - that new delinquency date determines when the account will be removed.
My suggestion is to make sure the payment history is innacurate before trying to dispute. Do not rely on the web-based reports to confirm this type of info because, sometimes, their user-friendly fluff software misrepresents the actual data as it's pulled. Either contact the bureaus and request they mail you hard copies of your reports, or go to annualcreditreport.com to retrieve them (free and federally regulated). Either source will allow you to confirm the scheduled drop date so you can determine the DOFD.
Hope all of that made sense. If not - please feel free to ask as many questions as you have and either I (in the morning) or someone else will help answer them...
Back to your charge-off -
What you are describing is two chains of delinquency for one account. This happens when an account goes delinquent, then is brought current, then goes delinquent again.
Did you ever attempt to bring the account current after it went 120days past due? If not, then this appears to be an error in the reporting and you could dispute it.
It still counts as a single chargeoff account - but the multiple chains of delinquency will affect the 7 year exclusion period which is based on the Date of First Delinquency (DOFD). The DOFD is the month/year the account first became delinquent AND was never brought current. If the account is brought current and then becomes delinquent again - that new delinquency date determines when the account will be removed.
My suggestion is to make sure the payment history is innacurate before trying to dispute. Do not rely on the web-based reports to confirm this type of info because, sometimes, their user-friendly fluff software misrepresents the actual data as it's pulled. Either contact the bureaus and request they mail you hard copies of your reports, or go to annualcreditreport.com to retrieve them (free and federally regulated). Either source will allow you to confirm the scheduled drop date so you can determine the DOFD.
Hope all of that made sense. If not - please feel free to ask as many questions as you have and either I (in the morning) or someone else will help answer them...