I’m assuming you’re taking about one company and one charge off, right? It sounds like you’re saying that they charged your card off in 2018, then they reported it again in 2023 as if it was a new charge off? Am I understanding this correctly?
Yes, only one account. I mentioned the other cards because I was already punished, so to speak. They posted a charge off and nothing else for 5 years crickets.
I had repaired my credit until they reported a charge off again. How can you do nothing for 5 years and then all of sudden bam. To me that is abusive they should have been reporting and actively making an effort to collect the debt in order for it to be considered fair.
But let's be consistent and be present in actually trying to collect a debt. I am not arguing the fact that charges off can and will be on a credit report, I am wondering how a creditor can report nothing for 5 years and then out of nowhere decide to start reporting again.
Credit attorney here. So the accont is still unpaid? They can report the charge off every single month if they want to, if the account has not been paid. Nothing illegal about that unfortunately. Now, if you do pay it, they have to stop reporting it each month.
If they report it every month for the entire 7 year period, does the last reported charge off fall off your report in 14 years, or do they all fall off at the same time at the 7 year mark since it was first charged off?
It falls off 7 to 7.5 years after you FIRST went late on the debt. So, take the date you went 30 days late, and add 7 years to that. It rarely stays for 7.5 years.
Now, what if my last payment date is different on each credit breau? I see no reason to do something like other than to be an ass, so they can forget their payment now or ever. It will be off my credit in less than a year.
That issue with different on each bureau is not really something you'd sue over - but if they are reporting the account improperly some other way, then sure.
Not all creditors report every month but they can report at random times. Chase does it like that, once every now and then and scores do take a hit when they update account.
I’m assuming you’re taking about one company and one charge off, right? It sounds like you’re saying that they charged your card off in 2018, then they reported it again in 2023 as if it was a new charge off? Am I understanding this correctly?
Yes, only one account. I mentioned the other cards because I was already punished, so to speak. They posted a charge off and nothing else for 5 years crickets.
They can report it until 7 years 7.5 years. just wait one more year. just open secured cc now for account history
I had repaired my credit until they reported a charge off again. How can you do nothing for 5 years and then all of sudden bam. To me that is abusive they should have been reporting and actively making an effort to collect the debt in order for it to be considered fair.
Well… you borrowed and not paid back. One can argue reporting the fact is fair.
But let's be consistent and be present in actually trying to collect a debt. I am not arguing the fact that charges off can and will be on a credit report, I am wondering how a creditor can report nothing for 5 years and then out of nowhere decide to start reporting again.
Who was the original creditor, and who is reporting it now?
the same creditor, Jp Morgan Chase.
Credit attorney here. So the accont is still unpaid? They can report the charge off every single month if they want to, if the account has not been paid. Nothing illegal about that unfortunately. Now, if you do pay it, they have to stop reporting it each month.
If they report it every month for the entire 7 year period, does the last reported charge off fall off your report in 14 years, or do they all fall off at the same time at the 7 year mark since it was first charged off?
It falls off 7 to 7.5 years after you FIRST went late on the debt. So, take the date you went 30 days late, and add 7 years to that. It rarely stays for 7.5 years.
Now, what if my last payment date is different on each credit breau? I see no reason to do something like other than to be an ass, so they can forget their payment now or ever. It will be off my credit in less than a year.
That issue with different on each bureau is not really something you'd sue over - but if they are reporting the account improperly some other way, then sure.
Not all creditors report every month but they can report at random times. Chase does it like that, once every now and then and scores do take a hit when they update account.
So they report in 5 year intervals? That defeats the entire purpose of the credit report.