Not understanding what Cap1 is reportin

[onthedot]

Can anyone help me... If an account has been charged off (about 6-7 years ago), is it legit to keep reporting balance due to the bureau every month?

One of the credit monitoring services I use (I think TrueCredit) indicates 46 late pays as a reason for such a cruddy score. If Cap1 wasn't doing this monthly, my score might not be so bad. I thought once it was charged off that it sort of froze things where they were at.

[willingtocope]

Nope...afraid not. Charge off is just an accounting term that means the OC has moved it from one bucket to another in their P&L. You still owe it, they can still charge interest (and penalty), they can still report it, and they can still try to collect.

There are some FDIC rules, and some IRS regulations that might apply...do a search on "Charge off" and you'll see what I mean...

[myscoresawful]

Can anyone help me... If an account has been charged off (about 6-7 years ago), is it legit to keep reporting balance due to the bureau every month?

One of the credit monitoring services I use (I think TrueCredit) indicates 46 late pays as a reason for such a cruddy score. If Cap1 wasn't doing this monthly, my score might not be so bad. I thought once it was charged off that it sort of froze things where they were at.

yes, unfortunately, they can report each month, updating the info and preventing your score from rising as easily if they otherwise left it alone. I have (and had) a few accounts that shows the CA has not updated in a couple of years...sort of makes you afraid to rock the boat by DVing them.

The good thing is that it's OLD. By the SOL in most states, they can continue to haunt you and try to collect, but they pretty much can't make you pay by judgement if the SOL has expired. Most judges would dismiss a debt where the SOL has expired.

Since it is that old, I would try disputing with Cap 1 first and then dispute with the CRAs a few days later.

The best thing you can do is try and get them on violations of your FDCRA rights.

If the CRAs send you confirmation that Cap 1 verified, then ask for the MOV with each one. If Cap 1 can't provide you proof, then send them an ITS letter and follow through.

[DeeT]

I am with you with Cap1

My EQ states TU EX

Date opened 3/1997, Date opened 3/1997 3/97

Credit high 1,151, High Balance 576.00 1151

Activiy Description Paid,

Items As of Date Reported 4/2007,

Balance 0, Balance 0

Date of last payment 11/2003, date paid 10/2003 CO 10/03

Date of last Activity 9/2002,

Date closed 3/2003 Closed 4/2003

Date unpaid 1/2005

EQ=Current Status-Charge off-Type of account Revolving-Type of loan-CC

Additional Information Paid Charge off;Credit card.

TU=payment after charge off/collection Remarks paid profit loss

TU

Date opened 3/1997, npaid 1/2005, High Bal $576

EX=Paid, Closed/Account charged off $1,151 written off history charge off 10/03, mar 03

I don't even remember this account this happened during my divorce I just don't understand this. Why is my High Bal different. Why does it say paid profitloss then on the other one "written off.

This is so confusing

[onthedot]

As a student of these forums, can I add to DeeT's post, another question:

If the date of last payment is 11/2003, does that mean it should go off the record on 11/2010 (give or take some months)? Is that the date used by the CRA to remove it?

[willingtocope]

Its the "date of first delinquency" (DOFD) that determines how long a thing stays on your reports. That's probably 30 days after your last payment, although the law says "went delinquent and was never brought current", so if your last payment wasn't a full payment, maybe its even earlier than that.

[Ahntara]

"...profitloss...written off..."

Two examples of the the same comment. Both are examples of the abbreviated version of "account charged (or written) off to profit and loss".