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Original Creditor reporting a charge off on a monthly basis, for over 3 years?
I know, that creditors will report a charge off if you don't pay it off and all of that. But I thought that a charge off is a one-time occurrence? This creditor has reported "CO" every month for over 3 years now. I have never seen anybody else report an item on a credit report this way. Not even past creditors who have placed charge offs on my credit reports reported them monthly as a charge off. Wouldn't this actually make it seem as though they are charging off the balance owed each and every month, when in fact they are not?
And by the way, each time they report it as CO, it is being counted as a missed payment on my credit report, which it is not.
IT IS counted as a missed payment on my Equifax report. I know, I see it every single week when I check it. I have three charge offs, everything else is paid on time. One of these charge offs is reporting every month CO. Thus, that bureau for whatever reason is counting it as a missed payment.
2 Answers
- Anonymous6 years ago
You're misunderstanding your credit reports. They are not reporting a "new charge off" every month. What you see is simple a monthly update of the report - which all creditors do. It is NOT being "counted as a missed payment." Missed payments don't even apply to charged-off debts.
- StephenWeinsteinLv 76 years ago
No, it would not actually make it seem as though they are charging off the balance owed each and every month. It would make it seem as though they did it only once, and they are reporting every month that the status of it still hasn't change. Each report does not indicate a new charge-off. It merely indicates that the status is still the same as it was at the last report.
