120+ Days Past Due

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if I do that, does it get deleted? Or updated to CO?

 

That's how it works.



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I hope this helps some. Before I became a credit analystI I worked as an Loss Prevention supervisor and I would have to make a decision on when to charge off accounts auto accounts. EXAMPLE - We would charge off a Geo Prizm at 70 days if either the balance was too low ($1000) or if we could not repo it before it went past 90 days past due. Now not many companies like to have accounts 120 days past due because it drastically effects delinquency. But lets say you had a BMW 740 I with a 40K balance. We would hold on to that account maybe even past 150 days. I It really is up to the company when they want to C/O an account or not. If it is a small balance (Auto) charge off more likely at 90 days. Big Balance (Auto) could go 150

 

dinob12:

What this poster is talking about is account XYZ was C/Oed by OC, then transferred or sold or assigned to BOTTOMFEEDING CA, who then reports the C/Oed account as permanately 120 DAYS LATE.

I've seen this with NCO, and their other multiple personas, personally, and I know that other CAs do it.

It's reporting false information under the FDCPA & FCRA *DING*DING*DING* double violation -- if they confirm the 120 DAYS LATE with the CRA, since this is when the FCRA violation becomes sueable.