Does a collection/chargeoff have to show $0?

rastoma · 04-22-2008, 01:37 AM

If an account by the OC shows as collection/chargeoff, shouldn't the balance show as $0?

Past due shows $0. It shows a high balance and current balance of a little over $9k

SOL has NOT expired and I haven't heard anything from them in at least a year or longer.

Should I let a sleeping dog sleep or lie or whatever the saying is

or is that something the CRA could adjust?

Does having a balance showing cause more negative than if it were to say $0?

Hedwig · 04-22-2008, 02:12 AM

I'd leave it alone. You do owe them money. A charge-off is an accounting term meaning they have declared it uncollectible on their books. They can easily "write it on" again if they ever collect. It does not mean there is no balance due them or that it has been paid off.

If they sell or assign it to a CA, then they should report 0 balance and "sold or transferred." Then the CA could have a separate tradeline with the balance.

In my opinion, it's reporting correctly.

rastoma · 04-22-2008, 02:15 AM

Gotcha...