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Question about a closed/charge off TL


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Okay I recently got the CA deleted that was collecting for Capital One. Which was great! On the otherhand, I noticed that since the CA was deleted off my report, Capital One -- the CO/ CLosed account has updated their information. They have changed the Balance/Amount Past due/High Credit. Is this legal? (On a closed/Charge off account?)

Equifax listing

AS of April 16,2005 Tradline reads:

Capital One

PO box 85520

Internal zip 12030

richmond VA 232855520

Acct # 438864164.......

Date opened : 01/02/00

Date reported: 04/05/05

Date of last paymt: 03/2001

Charge off amount $0

Date closed: 03/02

Current Status : CO

High Credit: $1,107

Balance :$2,597

Amount Past due: $ 2,597

Date of last activity: 03/2001

Comments: Account closed by consumer

This is from 3in1 pulled on 05/23/2005

Equifax listing

Now listed as Capital One FSB

PO box 85520

internal zip 12030-0163

richmond VA 232855520

Account # 43886416...........

Date opened : 01/2000

Balance Date:05/2005

Balance Amt: $2,713

High limit: $ 1,635

Account status : collection

Past due amt: $2,713

Comments Account closed by consumer

As of today 05/26/2005

Equifax report

Capital One

po box 85520

internal zip 12030-163

richmond va 232855520

Date opened: 01/02/00

Date reported: 05/2005

Date of last paymnt: 03/2001

Charge off amount: $1,635

Date closed: 03/2002

High credit:$0


Amt past due: $2,713

Date of last activity: 03/2001

Comments: closed by consumer

What are your thoughts on these accounts??

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The term "charge off" is really just an accounting term that means, in effect, that they've taken a charge against income for IRS purposes. They still own the account, and depending on their particular accounting practices may continue to charge interest and penalties against it.

The fact that its closed doesn't stop that. At some point in the future, they may decide to sell it to a JDB in which case they'll then report it as "Charge off / sold to another lender" and at that time they'll show a balance of $0....or, less likely, they may decide to change it "write off" in which case they'll "forgive" the debt and issue you a 1099c for the "income" you've received.

But...at this point...I'll bet they just give it to another CA to try to hassle you for awhile...

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