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Hello Everyone,
I have an entry from a utility company listed as:
Paid/Closed ; Charge Off $233
It got charged off in March 2008 and paid in full a couple of months later. This was the consequence of a move. Shouldn't it just say paid/closed? It's no longer charged off, once I pay it.
JD11
@Anonymous wrote:Hello Everyone,
I have an entry from a utility company listed as:
Paid/Closed ; Charge Off $233
It got charged off in March 2008 and paid in full a couple of months later. This was the consequence of a move. Shouldn't it just say paid/closed? It's no longer charged off, once I pay it.
JD11
Hello and welcome to myFICO.
This is reporting correctly. The notation of a CO will remain whether it's paid or not. You can try what is called GW (Good Will) letters to try and get it removed early otherwise it will remain for up to 7.5 years from the DoFD (Date of First Delinquency) on the OC (Original Creditor) account that led to the CO.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Hi John Doe!
One of the very basics of both credit reportng and FICO scoring is that the CRAs preserve the record of your past derogatory history on any account.
FICO scoring is primarily about scoring your pror derogs, as a risk analysis of future
When you pay debt on an account, that is basically between you and the creditor or debt collector. They then enter a multitude of new status codes to reflext payment, and thus forstall any further action on their part.
But none of those codes or reportings deletete the prior status of the severity of the derog before payment. That is what FICO continues to score.
It WAS charged off in the past. Payment does not delete this, so payment wont give you a FICO boost.