Settled Charge Off Still being Reported as "Late"

[Bandicoot8658]

Hi all,

 

In April 2020 I settled a charge off for a car loan that I got behind on (2019 was a rough time financially as a result of business losses - story for another time, but I am in repair mode now). The loan was with a credit union. The car was repoed, but I was able to scrape enough $$ together to settled the account and get the car back. The account's status was changed to "Settled - less than full balance" shortly after and reflects a $0 balance; however, the account's status continues to be updated monthly as "charged off," as recent as February 2021. Is this correct? Should this account, which was settled a year ago, continue to be updated as a CO?? I have attached an image of my payment history for this account from Equifax for reference. 

 

I have seen some debate regarding this practice in some other forums, but don't seem to have a clear answer as to why a settled account continues to be reported as a CO. Also, isn't the CO required to be reported within the "180 late" period? Based on the account history, it is not clear to me when that "180 late" period was reached since the first CO was reported 5 months after the "120 late" period in November 2019. 

 

Maybe I am looking at this totally wrong. Any advice would greatly appreciated!

 

[BV80]

Where did you get this information?  Was it from annualcreditreport.com?

[Bandicoot8658]

Yes, I verified this information through annualcreditreport.com. Equifax is reporting a "R" for March 2020 and" CO" for each month, starting in April 2020 till February 2021. TransUnion is reporting only one "C/O" for March 2020 and no reporting after. Experian is reporting "R" for March 2020, "CLS" in April 2020, and no reporting after.