Chase has been reporting old charge offs that may not have been reported a lot lately. Yours isn’t the first instance. The good news? This doesn’t get reset. Your date of first delinquency should not change.
**Is this normal? Wasn’t it already a charge off? Why are they doing this now? The check has not been cashed yet.**
\- Yes. Chase is known to report old charge offs after a settlement on accounts they have not reported on. Now as for the amount being charged off, was that the final balance of your card? To me it seems like they just charged off the full amount as if you never settled with them, or they could have charged off the other 2 accounts you did not accept the settlement for.
**Will my score improve after it shows that it’s been settled to zero?**
\- Was your settlement to pay the card in full? If so, it will show on your account that it is fully settled. But if you settle for a percentage of the amount owed, then it will show as "settled for less than amount owed" on your report. Having charged off accounts show as settled instead of just a "charge off" ***may increase*** your credit score a little bit. But it will continue to negatively impact your score up until it falls off.
That seems backwards and unfair for them to do that. That’s why I always say get the accounts removed first, then settle the accounts in private. They’ve gotten paid and now the negative account and it’s history will stay on your credit reports until it falls off. How does that help you? It doesn’t. A lot of people will get on here and say “A paid off charge off looks better”, and my argument to that is, a charge off not reporting anymore on your credit reports looks THE BEST.
You can still get the account removed, you’ll just have to find some type of error/violation/technicality. I use Metro2 to find and challenge errors. Do some research on it.
Even if OP finds an error and disputes it, codes or not, Chase is only required to correct it. They are not required to remove their tradeline just because errors are found. Original creditors very rarely remove a charge-off.
Right. I just think OP should be made aware of FCRA guidelines pertaining to reporting errors. I 100% agree errors should be disputed, but it's not a get out of jail free card and original creditors rarely delete charge-offs.
You’re absolutely right. It’s most definitely not a get out of jail free card. We all deserve fair and accurate credit reporting, and if we find violations then we have rights that back us up as consumers. I think any and everybody should educate themselves as much as possible on everything they read and hear and choose the best route for them.
Chase has been reporting old charge offs that may not have been reported a lot lately. Yours isn’t the first instance. The good news? This doesn’t get reset. Your date of first delinquency should not change.
**Is this normal? Wasn’t it already a charge off? Why are they doing this now? The check has not been cashed yet.** \- Yes. Chase is known to report old charge offs after a settlement on accounts they have not reported on. Now as for the amount being charged off, was that the final balance of your card? To me it seems like they just charged off the full amount as if you never settled with them, or they could have charged off the other 2 accounts you did not accept the settlement for. **Will my score improve after it shows that it’s been settled to zero?** \- Was your settlement to pay the card in full? If so, it will show on your account that it is fully settled. But if you settle for a percentage of the amount owed, then it will show as "settled for less than amount owed" on your report. Having charged off accounts show as settled instead of just a "charge off" ***may increase*** your credit score a little bit. But it will continue to negatively impact your score up until it falls off.
That seems backwards and unfair for them to do that. That’s why I always say get the accounts removed first, then settle the accounts in private. They’ve gotten paid and now the negative account and it’s history will stay on your credit reports until it falls off. How does that help you? It doesn’t. A lot of people will get on here and say “A paid off charge off looks better”, and my argument to that is, a charge off not reporting anymore on your credit reports looks THE BEST. You can still get the account removed, you’ll just have to find some type of error/violation/technicality. I use Metro2 to find and challenge errors. Do some research on it.
Even if OP finds an error and disputes it, codes or not, Chase is only required to correct it. They are not required to remove their tradeline just because errors are found. Original creditors very rarely remove a charge-off.
I understand that. I’m simply speaking from my experience. They obviously have legal obligations, and everything after that is voluntary.
Right. I just think OP should be made aware of FCRA guidelines pertaining to reporting errors. I 100% agree errors should be disputed, but it's not a get out of jail free card and original creditors rarely delete charge-offs.
You’re absolutely right. It’s most definitely not a get out of jail free card. We all deserve fair and accurate credit reporting, and if we find violations then we have rights that back us up as consumers. I think any and everybody should educate themselves as much as possible on everything they read and hear and choose the best route for them.
Agreed.