Were can I find how a Charge off is suppose to report. I thought I read that is can show a balance, cannot show a past due amount and or payment due. Am I correct in thinking once the OC sells or transfers it to a CA it has to be zerod out totally.
If you want the industry standard, here is the "manual" for reporting: http://www.cdiaonline.org/files/PDFs...holeManual.pdf A Charged Off account should be reported on your credit reports with a status of "Charge Off", account should state "account transferred/sold..." The account tradeline should also show a "Date of First Major Deliquency" (the date the account first became past due, and never brought current). This date should be 180 days before the "Charge Off" date. Though, you rarely see this (required) information on a tradeline. If an account is truly "CO'd", then it must show a $0.00 balance. The account has been entered on the books as a "bad debt", and charged as a business expense. The tradeline may show a past due amount, which may have been the amount of the last scheduled payment due. Yes, it should show a $0.00 balance.
Thank you for the info. I need to look it over again as I remember it showing a balance, a past due amount, a payment past due and C/O not showing Tranferred/Sold etc. It did show opne at one time also.
