Re: Re: Re: Re: Can a charge off be "past due"? Swede, We are questioning the balance, not the "past due" notation. Here is my situation, for clarification: My tradeline is currently charged off. It says $10,417 written off to bad debt; $3696 past due. I'm guessing that reporting the 3696 part as past due is a no-no, but none of us can seem to find any documentation to that effect. The tradeline is accurately coded as an I9, so I'm at a loss. Thanks, HDAlex
Re: Re: Re: Re: Can a charge off be Maybe if they see "life" on the account, they will update "charged off" while leaving "past due"... just looking at the other side of the coin... would that lower or raise your score, if it were to occur? you could send in a check for $10, when they cash it and report "charged off", are they commiting a violation?
Re: Re: Re: Re: Can a charge off be I have the same situation too, charged off/bad debt $4433/ $1338 past due as of 10-99: R9- have been paying CA on this over a year. I have activity on this debt and it hasnt changed anything. I did write to OC to see if they would take it back in house. If they do, I will then write about the TL and see what they say.
Re: Re: Re: Re: Can a charge off be "past due"? What do you suggest be done about CRA's reporting past due balances on charge-offs? All three are reporting it on my Providian chargeoff. I have disputed several times and they just change all the numbers each time and it comes back verified. Should I send nutcase letter threatening to sue for reporting past due balance?
I'm glad to find out that I'm not the only one dealing with this problem. My last unpaid charge-off is a citibank account. It has a charge-off date of 11/97 with the amount being$1570. The amount written off now on my credit report is $1987 with a past due amount $779. They are updating monthly and the past due notation is killing my credit scores. The account is scheduled to be deleted 12/2004 which is probably eight months before we build another home, so I know I'm going to have to take care of it before closing.(Terrible timing)
Has anyone got an answer to this? I have a repo from 7/97 that is reporting bad debt/collection with a current past due amount. I know I am outside of the SOL, so I am not worried about being sued. When I talked to the OC they said they can report it any way they want to. This is the last bad TL on my report.
cj, Reporting it "anyway they want to" will get them in trouble and you a fatter bankroll. Let them go ahead and flout the law. Sooner or later, they will pay. I'm meeting with an attorney on Monday to discuss several issues and file a couple of suits. I'll ask him about the chargeoff versus past due nuances and see what he says. -HDAlex
HDAlex, Thanks! I know that they have violated several laws already, but they just don't seem to care.
Yes, it can be both past due and charged off. They both are simply accounting terms. Charged off means that they have no hope on collecting the past due amount. If its been past due long enough, they assume the consumer will not pay it, thus calling it a charge off as well. If after the account was charged off you paid it, then it would be a paid charge off as opposed to a past due charge off. Just my .02... (please don't hate me :O)
BUMP!!! Is there an answer in the house. I think I've spent an hour or two searching for the answer, and I don't think we have one definitely. Jeez, we need a section where CNet'ers issue opinions, lol, like the FTC. BUMP!
Uh... It's been, like, a year now. The Original Question: Can a CHARGEOFF be reported as having a "Past Due Balance"? I have done some pretty decent searches, and alas, I'm not finding anything. Quixote? Lbrown? Butch? PsychDoc? Jlynn? Do any CreditNet experts want to weigh in on this?
Uh... I have the same problem. An old Capital One card charged-off in 08/98 at $558. Balance is now $2287 past due on TU and $2315 past due on EXP. I'm going to dispute it with both CRAs as misleading information and see what happens. I just can't believe it can be both a charge-off and past due. At least TU reports that the charge-off was in 08/98 but EXP doesn't. Like another poster said it makes it looks like I'm past due right now. Or should I contact Capital One? Any thoughts?
Re: Uh... Of course it can NL. A company may charge off a debt so they can deduct the loss from their taxes. The amount of the debt goes on the "L" column of the P&L statement. It's merely a paperwork entry. The debt is still due and payable. If a company takes the write off, and later you pay it, they THEN must reclaim the money (move it back to the "P" column of the P&L statement) in the current year received, and add that to the current years return, thus "reversing" the original tax deduction benefit. All this means is that the Co. still owns the debt. Now if they sell it to someone else, then they have now received all they'll ever get for it. In this case the balance owed should show ZERO. Here's a good thread about charge-offs; http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=1&postid=192747#post192747 .
Re: Re: Uh... Ah-ha! That's why I vaguely remember some of the original "Electronic Credit Repair Kit" doctrine that said always ask a new CA calling your house if they have purchased the debt outright. The thinking then would be (I think I'm correct here), that if a CA purchases the debt then the OC must annotate something other than a past due balance? Well, off to check your thread ref. Thanks...
Re: Re: Uh... Well that's right NL. If the OC gets all they'll ever get for it, they must list the balance as ZERO. Not that it should be something other than an amount. It should be -0- .
