Chargeoff?

On a written account (contract) is a creditor allowed to keep reporting the account as open and 120 days late x 12, or must he report it as "charged off" at some point?
Thanks.
southland2003.

 

To clarify my earlier post:
1. I have a written contract with alleged creditor (already paid) for a set number of payments at a set payment amount.
2. Payments on this account have not been made in more than 2 years.
3. Alleged creditor sued (1st time in wrong jurisdiction) in April 2002 and then again in January 2003 but keeps reporting account as open and 12 x 120 days late and as past due 180 days on another report.
4. Do the FTC Opinion letters not say that a creditor must report account and determine dola within 90 days of time 1st payment became past due, after the date the last payment was received by the creditor?
5. Since we are in state court with this creditor we would like to find violations so that we can file separate action in federal court and possibly file a RICO action (for extortion, wire fraud, mail fraud, etc.) against them.
I am not really clear on the statutes.
Do we have vioaltions of the federal statutes at this point?
All information and non-lawyer advice appreciated.
southland2.

 

Advice from a lawyer is fine...I just noticed several posters placing disclaimers that their posting was not legal advice and that they were not attorneys and I did not want them to be concerned that I would construe their advice as legal advice.
southland2.

 

bump.