One of the last chargeoffs bravely hanging onto my report is listed as having a past due balance. I thought I read somewhere that once an account was charged off, there was no "past due" balance - that it was considered bad debt and treated differently. More importantly it couldn't be reported to CRAs as past due. Is this the case, or am I getting confused with when the debt it sold? Thanks. HDAlex
I'm in the same boat as you. Have a charge off (DOLA 4/97). The acct has been charged off, then listed as a charge off again (i.e. listed as 'chargeoff from 2/98 to 4/99'). Last entry is chargeoff as of 2/2001. However, since that time, there has been a recurring monthly 'past due' balance of $269. Basically, they've all ready charged off the account, but continue to report just to screw up my CR's. (This acct was actually paid/settled with CA in 2000--long before I found CreditNet!). Seems like I remember coming across information pertaining to the reporting of charged off accounts, but can't seem to recall exactly what/where. Like you, this is my last and only derog and I'm taking my time to make sure it's done right. I'm pretty sure there's grounds for dispute, just not sure exactly how to do it. Any help/suggestions would be greatly appreciated.
If the OC sells the debt, then they absolutely cannot report a balance, because they were no longer own the debt. In my case, the OC has not sold the balance, and reports the amount as currently past due. So, I'm hit with the best of FICO - a chargeoff and high balances. Anybody got an answer on this? Seems like there are a lot of us wanting to know. TIA, HDAlex
I am in a special situation with a Discover C/O. I negotiated wit Disco for lesser bal and they reported it as "settlement accepted $0 Bal" but then I disputed that it should show "paid in full" as per the endorsment on the Cashier's check and they came back with: "Account closed by consumer", "Charge-off" "original CL $4000 less that before ", "Past due $2000++" at all 3 CRA's I disputed by phone at TU and EQ and Eq changed it to $0 bal again but left the wrong CL on and it still reads "charge off" and "closed by consumer" So these OC's and CRA's could do just about anything to your tradelines if you let them.
Re: Re: Can a charge off be "past due"? Can you please elaborate as to why it can't, and maybe give some ammo to use in disputes?
Re: Re: Can a charge off be "past due"? That makes two of us! I'm hoping that past due balances can't be reported on a charge off - yet another violation against this &^*^%$% OC. -HDAlex
Re: Re: Re: Can a charge off be "past due"? The way i see it is like this. An account had to have been past due or it could not have been charged off. Once it has been charged off the status changes from past due to charge off. Who has a different idea or explaination?
Re: Re: Re: Can a charge off be "past due"? Someone out there knows if there is any info on this...I know what I think about this, but that does not make it right...come on someone knows!! Bump again!
Re: Re: Re: Re: Can a charge off be "past due"? It is indeed. I'm thinking that the answer lies in the Truth In Lending Act... any TILA experts? -HDAlex
Re: Re: Re: Re: Can a charge off be "past due"? I could find nothing relevant in a search....We will bump this til someone reads it who knows! ;-)
Re: Re: Re: Re: Can a charge off be "past due"? A charged off account can in NO WAY be in "past due" status. Charge off's and collections accounts are supposed to be aged off your report and in time, contribute less to your score. By showing a currently past due amount, the account gives the impression that you're right now, as of today, late with your payments and is a complete score killer. Under the FCRA, information must be complete and accurate however, even if an account is "technically" correct, it may still be "misleading" and therefore a violation of the FCRA.
Re: Re: Re: Re: Can a charge off be "past due"? Hmmmm....sounds a little shaky on the violation part...know of any case law or proof to use in this situation? So you are saying they can report a balance but not a past due balance?
