I just got my report updated by Equifax. The charge off is still on the report, but they added " account closed by consumer" underneath. Is this a plus for me or does it not make a difference if the account still has a $507 balance? Just wondering...
The big issue is if it is a charge off and reported as R9 (chargeoff). This takes a blow on your credit score making the other factors insignificant. No it doesnot help to add "account closed by consumer", if the account is marked as a charge off which means the creditor is taking a loss cause you defaulted on the credit agreement by not paying. The $507 balance reflects the amount you never paid. This will not slip past a future creditor or FICO. R9's hurt. I'm not saying you actually did all this. But this is what your credit report is saying at this moment. roni
I9 Installment charged off to bad debt I1 paid as agreed I2 30+ days past due I3 60= days past due O= open(entire balance due each month R= revolving accounts (credit cards) I= Installment (fixed number of payments) Hope this helps
Would a paid charge off be the same? I have 2-I2's and 1-I3 (all from '94) 2- I9's one is a duplicate. It was paid off in '96. Equifax supposedly verified both accounts, and still shows an open balance. NOT!!! So how bad is my report with these items?
Yes paid/unpaid charge offs both show as I9 both our credit killers, your lates will hurt you but not as bad because they are from 94, recent lates hurt the most.
Thanks for your reply. I have written the creditor in hopes of getting this deleted. I have been disputing this for over 2 years. Maybe I'll get lucky. Besides that, they re-aged the darn thing.
