Charge Off Question

I did receive a letter from the bureaus but they only said they were verified..they didn't give me any infomration what so ever about the account. And while all that info may be verified, why would it say date reported 1-2006, when we looked at it in december is said reported 12/2005. Also, they have papers in there that say the only thing we can do is write a statement on our report about this account, not get any inof about it. It's like every month they are changing the dates.. why would this be? can they do that? I thought they have to ahve to have the exact dates of when everything defaulted and they don't. And this is all updated on all 3 reports.

Kchriste, do you have any such document to prove that the credit bureau is showing the date incorrectly. Your last copy proving the date of the account has been modified will be helpful here. You can take some advice from a lawyer that specializes in FCRA violations.

are you guys saying that if i pay off a negative item that has been a charge off that it won't disappear after i finished paying it off? or after 7 years? and that my credit score will get a little better?

Once you have paid off a charged off account, it will be shown as 'paid charged off' in your credit report. Although it is a negative remark, but a paid status slightly brings some improvement towards your credit scoring.

After 7 years from the date of reporting, this account will be removed from your credit file permanently.

The date of status changes when you dispute an item and it remains unchanged. Assuming you disputed this account in December or early January, the act of disputing updates the status. Also, there is an issue with Experian and FICO that penalizes you for disputing an unpaid charge-off. Experian doesn't provide FICO with the date of initial delinquency, so FICO uses the most recent date of status to calculate your FICO score. The result is that your dispute makes the account look like a brand new charge-off to the FICO scoring model. Depending on circumstances, this can lower you score by a 100 or more points.

Wow, Adam..Where did you find this information? I'd like to read more about that!