Charge Off Account Reported as Open/Revolving

[Anonymous]

Hi- I have a Barclays account that was charged off and closed by creditor in 2017. It says so in the comments and status on my fico report. However, it is being reported as open still so when I look for open/revolving accounts it comes up (unlike other charge off account I have). This is impacting my overall utilization because the balance is still factored in. Is this legal? Can I dispute? If they have the right to keep it open then it ll never fall off even after 7 yrs. If legal then why other lenders are not doing the same? Thanks

[dragontears]

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@Anonymous wrote:

Hi- I have a Barclays account that was charged off and closed by creditor in 2017. It says so in the comments and status on my fico report. However, it is being reported as open still so when I look for open/revolving accounts it comes up (unlike other charge off account I have). This is impacting my overall utilization because the balance is still factored in. Is this legal? Can I dispute? If they have the right to keep it open then it ll never fall off even after 7 yrs. If legal then why other lenders are not doing the same? Thanks

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Where are you getting your information that the account is "open"? Annual credit report site or a CMS?

Yes, CO credit card balances factor into your utilization the only thing you can do to "fix" it is to pay the debt.

[Anonymous]

I got the info from my Myfico report- I m able to filter out thanks to my membership. I also called agents on myfico and confirmed that it is reporting as open. I also did a manual calculation, I have 3300$ in utilzation while I have no credit card debt and it is only account with this balance. Other charge off account doesn't appear with all open account and its balance is not calculated in my utilization. The other charge off account is 5K balance so if it was open my utilization ll be higher. 

[Anonymous]

Not all charge off accounts are included in utilization. I have others that are not because they are reporting them to bureaus as closed unlike Barclays.

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@dragontears wrote:

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@Anonymous wrote:

Hi- I have a Barclays account that was charged off and closed by creditor in 2017. It says so in the comments and status on my fico report. However, it is being reported as open still so when I look for open/revolving accounts it comes up (unlike other charge off account I have). This is impacting my overall utilization because the balance is still factored in. Is this legal? Can I dispute? If they have the right to keep it open then it ll never fall off even after 7 yrs. If legal then why other lenders are not doing the same? Thanks

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Where are you getting your information that the account is "open"? Annual credit report site or a CMS?

Yes, CO credit card balances factor into your utilization the only thing you can do to "fix" it is to pay the debt.

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[dragontears]

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@Anonymous wrote:

I got the info from my Myfico report- I m able to filter out thanks to my membership. I also called agents on myfico and confirmed that it is reporting as open. I also did a manual calculation, I have 3300$ in utilzation while I have no credit card debt and it is only account with this balance. Other charge off account doesn't appear with all open account and its balance is not calculated in my utilization. The other charge off account is 5K balance so if it was open my utilization ll be higher. 

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You need to pull your actual reports to confirm the status of the account. 

If the "status" says it is closed then it is closed. My guess is that it is updating every month causing the CMS to "see" it as open.

I think your issue is with the CMS not the lender. 

[Anonymous]

I am pulling my actual report every month.

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@dragontears wrote:

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@Anonymous wrote:

I got the info from my Myfico report- I m able to filter out thanks to my membership. I also called agents on myfico and confirmed that it is reporting as open. I also did a manual calculation, I have 3300$ in utilzation while I have no credit card debt and it is only account with this balance. Other charge off account doesn't appear with all open account and its balance is not calculated in my utilization. The other charge off account is 5K balance so if it was open my utilization ll be higher. 

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You need to pull your actual reports to confirm the status of the account. 

If the "status" says it is closed then it is closed. My guess is that it is updating every month causing the CMS to "see" it as open.

I think your issue is with the CMS not the lender. 

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What is CMS?

[dragontears]

CMS = credit monitoring service 

[Anonymous]

Thank you!!

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@dragontears wrote:

CMS = credit monitoring service 

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