Jason Posted November 28, 2007 Report Share Posted November 28, 2007 My question is if account goes to charge off and you find out; CATCH THE ACCOUNT UP TO DATE and make payments like you should from them on; can the account be listed as a charge off when you are making your payments on time Sallie Mae sent me this below by e-mail today.The previous charge-offs listed on your credit report will not be removed. Even though payments are being made on the account, your account will continue to be reported monthly as a charge off until the account shows a zero balance. The payment received November 23, 2007 paid your loan in full. Link to comment Share on other sites More sharing options...
brokeinok Posted November 28, 2007 Report Share Posted November 28, 2007 That doesn't make any sense.... if you are paying them then they didn't charge it off!!! I'm curious to see what those more in the know have to say on this! Link to comment Share on other sites More sharing options...
Jason Posted November 28, 2007 Author Report Share Posted November 28, 2007 Yeah! Great answer!I even caught the account up to date and paid the acount several months in advance. Then just paid it off and all the months show as a charge off.I disputed several times with the bureaus- showed proof I paid them and not one change made.Then I sent a letter to Sallie Mae and still no change.Then I get this email this morning from them.It doesn't seem right. Link to comment Share on other sites More sharing options...
willingtocope Posted November 28, 2007 Report Share Posted November 28, 2007 Once a tomato turns red, you can't call it green anymore...eventually, it will turn brown.Once an account is set to CO status, it stays that way until it gets changed to "paid in full" status. In the double-speak world of credit reporting...CO is an event...and CO is a status. The event happens once...the status is forever. Link to comment Share on other sites More sharing options...
Jason Posted November 28, 2007 Author Report Share Posted November 28, 2007 Once a tomato turns red, you can't call it green anymore...eventually, it will turn brown.Once an account is set to CO status, it stays that way until it gets changed to "paid in full" status. In the double-speak world of credit reporting...CO is an event...and CO is a status. The event happens once...the status is forever.Wow! Good to know. I just was not told this from Salli Mae. I never knew they can continue reporting a charge off when you account is up to date and then pay it off before the terms are up too.That is one lesson I am glad you told me about! Thank you. Seriously;I would have probably, never know that. Link to comment Share on other sites More sharing options...
willingtocope Posted November 28, 2007 Report Share Posted November 28, 2007 To be perfectly correct, an OC could change the status back to "paying on time"...and/or they could remove the CO status marks under each reporting period over the last two years...but...they're not required to by law. But, if you were some lowerly clerk, who is really unhappy with their job, but with the power of life and death over a bunch of people who are better educated than you...would you?What they're reporting is complete and accurate according to the FCRA. Link to comment Share on other sites More sharing options...
brokeinok Posted November 28, 2007 Report Share Posted November 28, 2007 But, if you were some lowerly clerk, who is really unhappy with their job, but with the power of life and death over a bunch of people who are better educated than you...would you?The world would be a much better place if that clerk would think, "it may not be the greatest job in the world, but i do have a job and i should do it to my best and try to make things better for other." ***pulling off rose colored glasses **** Link to comment Share on other sites More sharing options...
Jason Posted November 28, 2007 Author Report Share Posted November 28, 2007 To be perfectly correct, an OC could change the status back to "paying on time"...and/or they could remove the CO status marks under each reporting period over the last two years...but...they're not required to by law. But, if you were some lowerly clerk, who is really unhappy with their job, but with the power of life and death over a bunch of people who are better educated than you...would you?What they're reporting is complete and accurate according to the FCRA.Thank you very interesting. Link to comment Share on other sites More sharing options...
Jason Posted November 28, 2007 Author Report Share Posted November 28, 2007 The world would be a much better place if that clerk would think, "it may not be the greatest job in the world, but i do have a job and i should do it to my best and try to make things better for other." ***pulling off rose colored glasses ****You are so fuuny! I agree! Link to comment Share on other sites More sharing options...
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