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Reporting charge off

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New Member

Reporting charge off

I'm trying really hard to rebuild my credit. I'm looking at my report again and I see first premier bank has reported my charge off 4 months in a row on two bureaus. I would assume once its charged off, its charged off. Reporting the charge off 4 months in a row has to be hurting me and not allowed. Any help please..
Message 1 of 6
5 REPLIES 5
New Member

Re: Reporting charge off

Also, I did pay the card off a couple months later. I know paying it off has no impact on my credit, but when I go for a mortgage some day, they will see my good faith effort.
Message 2 of 6
Legendary Contributor

Re: Reporting charge off

Creditors can report that they have taken a charge-off, and can also report the monthly delinquency status as either the actual level of monthly delinquency, such as 150-late, or as CO.  

It is thus entirely proper for a creditor to report the current delinquency status each month as CO if they have previously taken a charge-off, and if the current status remains delinquent.  The CRAs provide specific current status code of CO as an alternate to the level of monthly delinquency. 

 

It is not reporting of multiple charge-offs, it is the reporting of continued delinquency status on an account that was previously charged to profit and loss.

Message 3 of 6
New Member

Re: Reporting charge off

That's what I figured, but I wanted some seasoned advice. I'll be ok. Time will get me there. Pat on the back for me though, I've raised my credit score 105 points in 8 months.
Message 4 of 6
New Member

Re: Reporting charge off

Thank you for the advice.
Message 5 of 6
Moderator

Re: Reporting charge off

If the CO is paid off reporting of it monthly once its updated to 0 balance should stop per CRA rules.

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Message 6 of 6
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