So 2 of my charfeoffs reached SOL this month but for some reason they still report every month... legal????

[Jayapresser]

I have a chance and hsbc chargeoff from 2008 but on my credit report is says CO CO CO CO for each month up untill today. I thoight they have to stop reporting after a chargeoff no???? And also ehat would be my best step to get this removed???. .

 

Thanks in advance for any help

[Jayapresser]

Sorry for typos.... Fat finger small keys on phone.... I meant chase and hsbc

[prosumer]

I had something similar from an old credit union. They investigated it and confirmed that the data they were reporting was correct, and that it had to be the way the CRA was formatting it.

[Art_Vandelay]

No just because it says CO does not mean it has to come off your report. It stays on you report till it reaches 7 yrs from DOLA. So if the date is 2008 then it will stay on til 2015 IF the dOLA is 2008.

[Jayapresser]

Yea but can they report every month for 4 years even though its charged off and sold????

[melbaro]

Sol is for them to come after "their" money. Reporting to cra's does not fall under this law if I'm not mistaken. 7 years from date of first delinquency for reporting.

 

Galaxy Nexus Tapped

[chugs102]

Creditors can't sue you past SOL but they can report you as delinquent for as long as 7 years.