Sorry to be the bearor of bad news.This charge off will tank your score unfortuneually on this account I am pretty certain that this account has late payments that run 30-160 days late for each month.So that means your score was tanked long before the co.If this information is accurate then it probbily remain on your cr for seven years for each negative item.Reguardless if the account remains or not your in the right place to start rebuilding.
For credit reporting purposes, the issue as to whether a charge-off is reportable is whether or not the creditor took that action while the debt was delinquent, and not when the delinquency was overcome, such as by payment of the debt, or when they chose to report the fact of the charge-off to the CRAs.
The date that a creditor reports a charge-off is not their statement of when they took that action.
All you know when a CO is reported is that they took that accounting action at some prior point in time.
The date that a creditor takes that accounting action is not reported to the CRAs, and the CRAs have no code for storing that date in their files.
They only date required to be reported once a creditor reports that they have taken a CO is the date of first delinquency that preceded the CO.
More specifically, FCRA 623(a)(5) requires that a creditor report the DOFD no later than 90 days after the date they choose to report that they have taken a CO.
Unless you can show the date that they took the charge-off AND that the account was not delinquent at that time, then there is no basis for disputing the accuracy of the charge-off.
If you dispute, you will likely build ill-will, thus decreasing your chance of their good-will deletion of the accurate reporting.
I would advise pursuing good-will requests rather than pursuing confrontation by disputing.
I don’t think 580 is possible with recent baddies, but does he have any installment loans? If not there’s a chance for a pretty good rebound. If I were him, I would apply for both an OpenSky cc and self lender loan. Both require no credit check. I would keep the OpenSky at 9% utilization and pay the Self lender loan upto 70% and make positive pay history for the next 6 months. Hopefully could get a good boost. Good luck!