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why would a charge off not have a -0- balance?


mizliz1011
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Hello all,

 

When a credit card gets 180 days all, accounting rules call for it to be charged off to a value of -0- on the books of the owner of the debt. This does not mean that they cannot try to collect on it up to the SOL or sell it to a CA... But how can they report it as having a balance owing when it is on their books as -0-. Additionally, the three main CRA's sometimes report the same account in different ways. Discover and Webbank DFS (Dell) and Citibank all report it as owing money even thought they have sold or settled. Is this a violation of FCRA?

 

I need to go after these because they are haunting me, usually mostly on Experian. HELP! and thank you

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A credit report is a past history on how you have handled credit so the amount of the CO is reported to show to other potential creditors how much you cost them. It is illegal to report a CO with a balance if they (the OC) has sold the account to a JDB, it would have to be updated to CO with a 0 balance. If these COs are past the SOL I would dispute them as inaccurate if you know for a fact they have been sold, but I will also warn you if they have not already been updating monthly when they change the status of the CO the reporting date will come current and it would appear to FICO as if the CO had just happened.

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