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No, if you dispute, it'll just come back verified and ding your scores more. If the OC sold the account, then they already got "paid" in a sense, but not by you. Hence, the CO stands and there was no payment after charge off by you, but rather they got paid by the CA that bought the debt, and there is no way to pay them anymore since they no longer own the account. The bureaus will not remove the OC accounts as that goes against their policies.
Anyway you paid the collection agency, not the OC, so there is no basis for having the OC change their reporting.
Best you can do is send GW letters to the OCs and hope for someone to take sympathy and remove it out of the kindness of their heart, because as I said, removal of a CO before the 7 year exclusion period technically goes against CRA policies.
understood!
one thing additional...how does having charge-offs look to a mortgage lender?
@Anonymous wrote:understood!
one thing additional...how does having charge-offs look to a mortgage lender?
I mean, a charge off means the debt went delinquent because it was severely past due, so mortgage lenders don't like it, but if it's at least paid and if you can explain why it occurred, usually they'll be fine.
A CO is usually mandated under federal regulations to be taken by certain creditors once a debt has reached certain period of delinquency, which is usually 120-days late for installment credit, and 180-days for revolving credit.
The CRAs then permit the creditor to alternately report the level of updated delinquency after a CO is taken as either the days since initial delinquency, such as 120-late, or simply as CO. If the debt is ultimately paid, that does not mandate the removal of prior reporting under payment history profile of a reported CO status for any prior month.
Yes, once a debt is paid, even if it was previously charged-off, the CURRENT STATUS is required to updated to show Paid, $0 balance, with the additional comment that it was paid after a charge-off. Thus, the current status in any reporting made after the debt was paid should properly read Paid, was a charge-off, and the currrent balance should also show $0.
The post states only that the account shows "CHARGED-OFF" with a $0 balance. It does not state whether this references only that the account was, at some prior time, charged -off, or whether it references an incorrect current status of still being delinquent, or whether reference to charged-off occurs only in the payment history profile for a delinquency status for a prior month.
To dispute any asserted inaccuracy, the specific item of reported information must be clearly identified.
What, exactly, is the status or item of information that you are asserting to be an inaccurate reference in your credit report to a charge-off or prior delinquency status as such?