180 Days Late On Charge-Off

[ldk007]

Hello everybody. I have a simple question.

Does anybody know if a creditor can keep reporting a charged off account as '180 days late' each month to the credit bureaus AFTER they have listed the account as 'charged off' on the credit report?

I have seen charged off accounts on numerous credit reports before where a creditor will report a charged off account as a 'CO' (charge-off) each month. But this is the first time that I've seen a creditor report '180 days late' AFTER the account has been listed as 'charged off'.

What I don't understand is how can an account be 'late' when it's been charged off? To me, this doesn't seem justified—especially when no payments have ever been made to revive the account. But then again, I don't know.

[willingtocope]

Charge off is just an accounting term that means "charged against accrued income for profit and loss purposes".

It has no meaning for you. They still own it, you still owe it, they can still try to collect it, and, if the orginial contract said so, they can still charge penalty and interest.

And, "180 days late" is a status. Think of it as a color. Once it turns blue, it stays blue until you do something to make it something else...like pay it off.

[valorman]

Hello everybody. I have a simple question.

Does anybody know if a creditor can keep reporting a charged off account as '180 days late' each month to the credit bureaus AFTER they have listed the account as 'charged off' on the credit report?

I have seen charged off accounts on numerous credit reports before where a creditor will report a charged off account as a 'CO' (charge-off) each month. But this is the first time that I've seen a creditor report '180 days late' AFTER the account has been listed as 'charged off'.

What I don't understand is how can an account be 'late' when it's been charged off? To me, this doesn't seem justified—especially when no payments have ever been made to revive the account. But then again, I don't know.

Basically this reporting according to FCRA is correct .A charge off means that the permission to charge an account is off.So they are reporting it that after 180 days they prohibited this account to charge.Now if you didn't act faster or try to make a payment plan with the OC this account will show written off from the OCs books and will be sent to collection after couple of months.

[willingtocope]

Basically this reporting according to FCRA is correct .A charge off means that the permission to charge an account is off.So they are reporting it that after 180 days they prohibited this account to charge.Now if you didn't act faster or try to make a payment plan with the OC this account will show written off from the OCs books and will be sent to collection after couple of months.

Ahhh....welllll...sorta...kinda...

Charge off means what I said.

And, yes, the account is closed....meaning you can no longer charge anything on it (not the same thing).

Written off is something used to mean the same thing as charge off....and sometimes, if it also says "sold to another lender" and the balance is $0, then they've sold the account to a junk debt buyer.

You can negotiate with the original creditor right up until it is sold. Don't let the accounting terms mislead you.