How is it suppose to be reported

Ohio Boy · 11-11-2007, 01:42 AM

I just pulled MYFICO to take a look see and noticed one of my CO from 2004 is reporting 38 lates, 2-30's, 2-60's and 34 continuous 90+ lates, they are updated each month and even are reporting for Nov 2007 as 90+ days late.
If it is a charge off, is this correct? They show a payment due of 185.00, a balance of 2150.00, credit line of 750.00, a past due balance of 2150.00.
This is killing my score, I used the simulator just for the heck of it and it states this c/o is worth 60 points if it was not showing current lates and a 0 balance.
Am I wrong to think something isnt correct about reporting like this? I know the payment is wrong, but the 90+ lates being updated every single month even after charge off.
It is 2 months from being out of SOL, should I just wait or go dispute certain parts of it?
Account is Applied Bank Card.

roybean · 11-11-2007, 11:59 AM

I have never pulled a myfico score report before, but other folks have posted here that the similator is nothing to be concerned about. Maybe someone else will chime in.

Ohio Boy · 11-11-2007, 12:46 PM

I am not really worried about the simulator, more the way it is reporting.
It just tells me that the way this is reporting is killing my score.

jlynn · 11-11-2007, 08:53 PM

The My FICO reports have gone downhill in the way they disseminate information of late. Before you get up in arms, you should pull the reports directly from the CRAs to see how it is reporting.

But the simulator is right - if it were reporting as a CO, you would probably see a rise in score, (but the balance won't report as -0- if you never paid it), as it is 3 years old.

Ohio Boy · 11-11-2007, 09:29 PM

Its not the balance that is worrysome, its the past due amount, the payment and the updating 3 years after C/O occured that is killing me. It shows that it is current and past due, c/o shouldnt be current and past due. I have been turned down for many TL's because they state there is a current past due account and this is the only one showing that in this report.

Have pulled from the CRA's and it matches.

Pale Rider · 11-11-2007, 10:39 PM

The charge off does not change the fact that the account is past due. CO does not eliminate the debt.

Unless you paid it.

Is that the case here?

Ohio Boy · 11-11-2007, 11:09 PM

No, it's they way it is being reported that is the issue, not the fact is is being reporting.

Qtip · 11-12-2007, 10:21 AM

Hi,

If the balance owed on the account is higher than 1k "my personal rule of thumb, not necessarily correct" I would probably wait until the account is out of sol As Pale Rider stated, charge off is an internal accounting move for the original creditor, that does not change the facts prior to the charge off.

You are so close to sol that it is not worth taking the chance. After sol is past the dispute the crap out of it

Ohio Boy · 11-12-2007, 01:05 PM

Thanks everyone for your input and help.
I appreciate it !

stargazer0725 · 11-12-2007, 01:51 PM

Jlynn and Qtip, it's my understanding that once an account has been charged off that the creditor should not be reporting the current status as "90 days past due" every month thereafter. Doesn't FICO look at this as a recent default and continuously 3 months behind?

I know that when a JDB stopped reporting "120+ days past due" my score skyrocketed by 40-50 points.