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Letting Sleeping Dogs Lie?


beeboah
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Nearly, all of the debts that I have disputed have been within the SOL.

I am considering taking a break from this credit repair stuff as all I am doing is getting new more recent Chargeoffs added to my Credit Report as a result.

If I suddenly back off, would you figure that I might see a lawsuit filed against me?

Thanks

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Eh?

If they are already chargeoffs, they should not be putting new ones into the account history. A chargeoff is a singular event. They are supposed to report the chargeoff for the month it occurred. In following months they are not charging off anything new so there should be no further notation on it. The only thing they should be doing is confirming the original chargeoff date.

If they are putting new chargeoffs into record, then someone is violating the FCRA; either the furnisher or the CRA themselves.

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ok, I am confused as to what the difference is?

Also, do you know of someplace in the FCRA that shows that shows that they are not allowed to do that?

I cannot find anything.

The CA (EX) says that they are allowed to report Chargeoffs each and every month for a given account.

I WILL sue them if I can find proof.

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OK let me explain.

The area with the 24 month history shows the activity for each 30-day period. It is not the current status. It is the activity for only that 30 day period. That's why the heading for that section on the report says "24 month account activity"

A chargeoff is a single accounting event when the creditor removes the account from their books as an asset and posts it as a loss. They report to the IRS that the debt is uncollectable and they get a tax break (capital loss) for it.

The FCRA states that what is reported and reflected on a consumer report must be wholly accurate. Not partially accurate. Not a little bit accurate. But completely accurate.

Now given that, does it make sense that they can report a chargeoff more than once? Of course not. If they do report a chargeoff for consecutive months they are reporting that they are charging off money in the first month, more money in the next month, and so on. They are not doing that. The entire account was closed and charged to loss in one point in time, not many times. Therefore, it is not accurate reporting. The ONLY way it could be considered accurate is if they first move the account back to an asset then charge it off again. They DON'T do that because it would mean having to pay the IRS back for the tax break they received when they wrote it off the first time.

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Glad I found this topic...

Lemme make sure I have this right.... you should only show ONE CO? I have FIVE TLs listing repeated COs in a row... from six to TWENTY ONE consecutive COs one one account. Only two of my TLs show only one CO in the history.

How do I deal with this??

EDIT- I should add only Experian is showing these multiple COs.

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Methuss- we have all had this debate before. CO in the history means "Charged off/Collections" It doesn't mean they ARE charging it off, it means it IS charged off. I believe CO to be accurate in the 24 month history, as long as CO is the status every month after charge off. Where it is not OK, is for the furnisher to report CO one month, report OK the next and then report CO again.

The only comments that can be made in the 24 month history are: OK, 30, 60, 90, 120, CO. Since there is no other comment they could make that could be accurate after CO, it is wholly accurate to state the account has been charged off. If they cannot, then this means they can't report on a TL once it has been charged off. I really don't think the FCRA is set up to prevent reporting of charged off TL's.

I usually agree with you, but on this one I have to say you are really reaching.

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