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Charge off changed to Current

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Charge off changed to Current

Hi I had a charge off that happened a almost 7 years ago and now all of a sudden when I checked my credit it's now showing the last 2 years as current and then my credit score dropped is that normal?
Message 1 of 10
9 REPLIES 9
Community Leader
Legendary Contributor

Re: Charge off changed to Current

FCRA 605(a) mandates exclusion of adverse items of information at various times, dependent upon the type of adverse information being considered.  

Monthly delinquencies are required to become excluded no later than 7 years from date of delinquency, and charge-offs no later than 7 years plus 180 days from date of initital delinquency, but the CRAs usually exclude at approx 7 years.

 

If a charge-off occured or was reported almost 7 years ago, then the reported DOFD is likely approx 4 months prior, meaning it has likely reached its exclusion date.  

 

While removal of the derogs will often result in a net score increase, that is not always the case, as other information could have changed that had negative scoring impact, such as update of other accounts or collections that remain unpaid.

Message 2 of 10
Super Contributor

Re: Charge off changed to Current

No, it's not. And if the company updated it intentionally, it's illegal. Dispute it through the bureaus.








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Message 3 of 10
Valued Contributor

Re: Charge off changed to Current

"Current" as in paid and no longer delinquent?

Or "current" as in unpaid with a chargeoff / failure to pay status updated for the last 2 years?

If the latter, yes, it's normal if you never paid them and they never sold the debt to a debt collector- they can update the account at anytime and it's very common for them to do so as it nears the 7 year reporting statute.
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Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
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Message 4 of 10
Super Contributor

Re: Charge off changed to Current

@thornback it sounded to me like it was charged off and about to fall off, but all of a sudden the last 2 years are showing as on time payments.








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Message 5 of 10
Valued Contributor

Re: Charge off changed to Current


@Brian_Earl_Spilner wrote:

@thornback it sounded to me like it was charged off and about to fall off, but all of a sudden the last 2 years are showing as on time payments.


Yes, that's why I asked for clarification of what OP meant by "current".  It was unclear to me (since they mentioned a score drop) whether they meant current as in paid on time or current as in recent delinquency.

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 6 of 10
New Visitor

Re: Charge off changed to Current

That's exactly what's happening @throneback and then it dropped my score another 38 points
Message 7 of 10
New Visitor

Re: Charge off changed to Current

Anyone know how I can add a picture of this?
Message 8 of 10
Valued Contributor

Re: Charge off changed to Current


@Brandon977 wrote:
That's exactly what's happening @throneback and then it dropped my score another 38 points

Then yea,  it's unfortunate (sorry!) yet common.  In my opinion, they do this as a last ditch effort to get you to pay.   This is why I always tell people to pay their chargeoffs if possible because, even if they don't update for years, they can do so whenever they please and totally screw your progress when you least expect it.  Paying the debt prevents that... 

 

Although they updated the payment history to make it appear "new",  the DOFD remains the same and it is illegal for them to alter that so the account will still fall off as originally scheduled.    If you are within 6 months of the fall off date,  you should start requesting early exclusions.   Transunion will delete 6 months early;  Experian up to 3 months early; and Equifax 1 month early.   

 

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 9 of 10
Valued Contributor

Re: Charge off changed to Current

'Photos' button in your editor: 

 

photos_FICO.png

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 10 of 10
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