drb1123 Posted February 25, 2005 Report Share Posted February 25, 2005 The entry reads:Account Name: CBUSASEARSAccount Number: XXXXAccount Type: Revolving Charge AccountType of Business: Complete Department StoresTerms: RevolvingAccount Status: ClosedBalance: $0Balance Date: Jan 25, 2005High Balance: Not reportedCredit Limit/Orig. Amt.: $1,520Past Due: $0Remarks: Transferred to another lender or claim purchasedPayment Status: Account transferred to another officeOn the bottom it starts with 2004 with a CO in February and then it has OK all the way through January 2005.My question is: The last activity in this account was in 2001. So why are they reporting it with "OK"? Are they re-aging the account? If they are, what should I do about it? Link to comment Share on other sites More sharing options...
willingtocope Posted February 25, 2005 Report Share Posted February 25, 2005 I've been trying to get a handle on the whole "charge off" thing for awhile now. From what I've been able to figure out, the term "charge off" really is nothing more than an accounting blip. The OC still owns the account, but for tax purposes they may (or may not) claim it as uncollectable and therefore they take it as a charge off against income. As long as its still listed as a CO, they may (or may not) still charge interest and fees to you. So, technically, as long as they still own it, they can list it as OK...closed, but OK.On the other hand, the "sold / transferred to another lender" is when they must set the balance to $0 and STOP charging interest and fees. The wording "transferred to another office" is interesting, and I'm not quite sure if that means the same company still owns it.None of that changes the DOLA as far as the SOL is concerned. Its still measured from the date on which the account first went delinquent. Link to comment Share on other sites More sharing options...
divemedic Posted February 25, 2005 Report Share Posted February 25, 2005 Not really true. An account listed as OK is listed as "paid as agreed" which is different from CO. If a company lists as CO and then OK the next month and then CO the month after that, FICO treats this as a NEW charge off for score purposes and this tanks your score. A listing like that is certainly not "complete and accurate". That is the point I used to file against Verizon. Link to comment Share on other sites More sharing options...
drb1123 Posted February 26, 2005 Author Report Share Posted February 26, 2005 What should I do? I'm new at this. Link to comment Share on other sites More sharing options...
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