Chargeoff reporting question...?

Discussion in 'Credit Talk' started by e557373, Aug 22, 2003.

  1. e557373

    e557373 Well-Known Member

    Hey all,

    Have a question about how chargeoffs are reported. On experian, the monthly status was reported as "chargeoff" in 3/03, 5/03, and 7/06 - wasn't reported in 4/03, 6/03... Basically they're reporting the status as chargeoff every other month.

    Thing is, this account was settled in April 4/03. Shouldn't the status be updated to show closed, or current or something?

  2. e557373

    e557373 Well-Known Member

    Any help on the reporting of co's?
  3. firsthomr

    firsthomr Active Member

    It should be reporting paid chargeoff at least. I am a newbie but I would suggest disputing with the credit bureaus that the account wasn't yours. If they still verify the account than I would let them know the account was paid in full. I am sure someone can offer better advice.
  4. tmitchell

    tmitchell Well-Known Member

    STATUS is different than DOLA. It should be reporting as Chargeoff with a $0 balance. If it is, then it is correct. STATUS date is simply the last time it was reported (usually will update every month or in your case bi-monthly).
  5. e557373

    e557373 Well-Known Member

    So, are you saying that even after settlement it will keep reporting as a chargeoff every other month (in her case)?!?

    The way we're looking at it, the account was closed several months ago (at the point of settlement). Why would they keep reporting on a settled/closed account?
  6. tmitchell

    tmitchell Well-Known Member

    Because they can report for 7 years. It should show Paid Charge-Off with $0 balance. It will probably be reported that way every month or two until they decide they don't want to report anymore.
  7. lbrown59

    lbrown59 Well-Known Member

    If they still verify the account thin I would let them know the account was paid in full.
    If the account wasn't yours why did you pay it?

    THE END ** *** ** LB 59

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