Charge off reporting monthly!?

[agforfree5]

I'm working on fixing my brother'a credit and his report shows a loan that is with the OC, charged-off for the first time in 2010 and has been reporting as a CO every month every since, up to last month. The debt is still with them and not a CA. I have been reading around for a couple of hours now and I have reached nowhere. So, I have a few questions:

1) Does the monthly reporting of he CO affect/lower my FICO each month as well? Possibly because the DOLA is being updated every month with the CO and balance, making it appear as a new debt ?

2) Is it legal for the OC to even report the CO every month until the 7 year is up ? I thought they can only the report the CO once?

3) Lastly, if the current monthly reporting is hurting his score each month, is a Pfd or PIf (to just stop the reporting ) our best bet?

My apologies for any SP errors as I am typing this on my phone.

[LIGHTNIN]

Monthly reporting lates after a CO is a score killer, big time.

Yes it's legal to report lates after CO.The OC is only reporting the CO once, it's the reporting lates that are hurting.

Yes I believe a PFD would be best or something with the lates removed.

2 very important dates to know.....The DoFD and your states SOL.

What type of loan is this?

Does you brother have the funds to pay the balance?

[agforfree5]

Thanks for the reply Lightnin.
You mentioned that the OC is only reporting the CO once. But in fact, they are reporting the CO for every month after the first one as well. It is not showing one CO and other lates after that. It is showing all the months up to now as CO. I hope that sort of makes sense.

It is a student loan and he does not have the all the funds to pay in full but he has about 80% of it ready.

I have paid attention to the DOFD and from what I understand, nothing can change that date.

So if they don't agree for Pfd in any form, should we just try to pay it to off so they stop reporting the CO every month?

[LIGHTNIN]

In some formats of CR's it shows in the history one CO after another, but it's the reporting of the lates that are hurting.

Oh it's a student loan, that's in a group all of it's own. I can move it to the student loan board if you wish.

But be sure to let us know, if it's a federal or private loan.

[agforfree5]

It is a private loan. So would a pfd / paid-CO be our best option in order to have them stop reporting each month?

[Anonymous]

---

@LIGHTNIN wrote:

Monthly reporting lates after a CO is a score killer, big time.

Yes it's legal to report lates after CO.The OC is only reporting the CO once, it's the reporting lates that are hurting.

Yes I believe a PFD would be best or something with the lates removed.

2 very important dates to know.....The DoFD and your states SOL.

What type of loan is this?

Does you brother have the funds to pay the balance?

---

Do you know this for sure?  Cuz I am inclined to disagree with you.

FICO looks at a CO/Collection the same as far as age goes.  The older the CO/Collection is, the less it hurts your score regardless of the DoLA or Last Reported Date.

Personally, I think that the CA only thinks that it is harmful to a credit score and thats why they do it.

IMO, the joke's on them.  Cuz it doesn't hurt a score any more or any less and yet the CA has to pay everytime they "update" the monthly reporting.  Joke is on them.

[agforfree5]

Hmm ok now I'm curious to know which one of these two is correct. I can't seem to fInd a confirmed answer on either, even by searching everywhere online. Anyone ?

[agforfree5]

Bump :-)