@Anonymous wrote:If an account is a charge off, should it be reported as closed?
Charge Off is basically the same as closed. They wrote it off.
If a charge off has been settled or paid, should the status of the account be changed to paid? Or is charge off still allowed to be reported?
A CO will report for the full 7yrs and 180 days from the DoFD. It should show a $0 balance.
If an account is closed (charge off), do terms for the account still get reported? If terms are reported on a closed account, and the "payment" is $0, and the creditor reports a charge off, does that cause my fico score to think there is a recent missed payment?
No. The history of the account is still factured into your age of account, AAoA, and so on. In some rare cases the CO will fall off but the account will stay for 10 yrs without the CO status.
Are debt buyers always listed as a collection account and are allowed to report terms although no payment arrangements were made?
If the CA is trying to collect on the CO. They have the right to report it on your credit reports the amount owed.
My fico score said my most recent missed payment is 0 months ago. I have not missed any payment in 2 and 1/2 years.
Welcome @Anonymous
I think I answered what you needed to know. Why the 0 month thing is showing up. That doesnt make sense. Wheres that coming from? A CO and the collection agency will placed themselves on your reports until its paid or dies a slow death. They can go legal the closer it gets to the fall off date. Its always best to work out a settlement to have it show a $0 balance. If a balance is being shown that hurts your scores cause FICO looks at it as a maxed out account. Paid or settled it has to say $0 balance.
