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can the OC report a chargeoff each month after DOLA?


beeboah
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I don't understand, some creditors (in fact most of the creditors) on my creditors reported it as a CO on the DOLA.

At that point they stopped reporting it as a CO and just left it alone, as opposed to reporting it every month.

Does the OC have a legal right to perpetually report it as a CO for 7.5 yrs, or must they report it as a CO on the DOLA and then stop reporting it as a CO every month??

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This topic has come up a lot and it can be quite confusing. First, realize that just "charge off" is an accounting term that means "charged against accrued income" for IRS purposes. A plain old CO can stay on your CR for the full 7-1/2 yrs and, depending upon the type of creditor and whether or not they are FDIC insured and how they handle their accounting practices, can continue to charge interest and penalties for 2 , 3, or 7 years, again, according to IRS rules.

On the other hand, if it says "charge off / sold to another lender" or "written off", then lates and so forth should stop. In that case, you should get a 1099c for any "forgiveness" over $600...or...expect to hear from a JDB soon...

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Beeboah - I'm glad you asked this question. I have a creditor who is reporting on my CR:

2005 June "Charge-off/collection/bankruptcy"

2005 July "Charge-off/collection/bankruptcy"

and shows 90+ days late for 02/2002, 06/2005, 07/2005

this was a debt discharged in ch7 bk on 06/2005 that was actually closed and paid on 02/2002.

I don't know what to do with it...

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Glad someone appreciated it. I felt like I was asking the same question over and over...I'm a little slow sometimes. :)

If your date of BK7 was 6/2005 then as long as part of the TL says included in BK (even with the collection wording crap) they can do that and are reporting it accurately.

Any prior derogatory information such as lates, chargeoffs etc can still be shown on your CR.

Why did you include a debt in your schedule of creditors that was already payed?

If you made a mistake what I would do is dispute the account as "paid as agreed". That worked out for me. If that doesn't work maybe you could write the OC a goodwill letter and explain the situation.

Maybe someone else has a different opinion?

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If an account was '90 days late' and a charge-off/collection before you filed for BK then they can continue to report that STATUS as part of the account history. They can NOT report any NEW lates or other negatives AFTER your bankruptcy. As long as the STATUS DATE does not change, they are not violating any laws, they are merely reporting the status of the debt each month.

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