Open Charge Off?

[JF1]

I have a 3 accounts listed with BECU as charged off. This happened almost 6 years ago. I have disputed with the CRA's and all came back verified, somehow one changed to paid closed? I'll go with it One is a repossession, the other is a Visa. So I called them today, and they said all accounts were passed onto 3rd party collection agencies. Now I have never heard from any of these CA's nor are they listed on my CR. Regarding the Repo, it is listed as open and they are updating my CR with Repo status every month. My question is how can the account be listed as open when I talked to the charge off dept today at BECU and they said it these accounts were sold, but the Repo is still listed as open and is updating every month. I have no idea where to go from here. Any help please?

[J.A.]

You should go back and review your credit report. Find out which credit bureaus are reporting the repo. Once the original creditor sells the account to a CA, the entry on your report should read "transferred to a CA" and the balance should be zero. Remember if all 3 bureaus are reporting this incorrectly, they all have to show the repo as "transferred with a zero balance."

[Lian]

I have a 3 accounts listed with BECU as charged off. This happened almost 6 years ago. I have disputed with the CRA's and all came back verified, somehow one changed to paid closed? I'll go with it
I would advise that you first check the date of first delinquency (DOFD) on the OC account. If it was charged-off 6 years ago, chances are that the DOFD will be around a year prior to that. You may soon be approaching the 7 years plus 180-day CR termination period for the CO and forany CA that still remains unreported. Was the debt in fact paid? All COs are closed, to if paid, the status would be correct.
One is a repossession, the other is a Visa. So I called them today, and they said all accounts were passed onto 3rd party collection agencies. Now I have never heard from any of these CA's nor are they listed on my CR.
If they have sold the debt to a debt collector, then the OC balance will read $0, and the status would read "assigned to collection." The debt collectors dont have to call you or notify you of their collection or post to your CR. Again, if more than 7 years plus 180-days has passed from the DOFD on these accounts, then it wont be able to be reported in your CR.
Regarding the Repo, it is listed as open and they are updating my CR with Repo status every month. My question is how can the account be listed as open when I talked to the charge off dept today at BECU and they said it these accounts were sold, but the Repo is still listed as open and is updating every month. I have no idea where to go from here. Any help please?
There are two posible codes for a repo... one is "paid, was a repossesstion," and the other is "Merchandise was repossessed, there may be a blance due." A repo status means the account is closed. I am equally perplexed at where the "open" status is coming from. It is not open. Regaridng continued reporting, that is proper. The account can be "updated" monthly, forever, as long as the reporting reflects the correct current status. It does not really "update" the date of the repo.

[JF1]

I would advise that you first check the date of first delinquency (DOFD) on the OC account. If it was charged-off 6 years ago, chances are that the DOFD will be around a year prior to that. You may soon be approaching the 7 years plus 180-day CR termination period for the CO and forany CA that still remains unreported. Was the debt in fact paid? All COs are closed, to if paid, the status would be correct.

No none have been paid, the other CO shows closed. Maybe its a mess up with their records?

If they have sold the debt to a debt collector, then the OC balance will read $0, and the status would read "assigned to collection." The debt collectors dont have to call you or notify you of their collection or post to your CR. Again, if more than 7 years plus 180-days has passed from the DOFD on these accounts, then it wont be able to be reported in your CR.

The balance does show $0 but there is nothing that shows assigned to collection on any of the accounts on all 3 reports.

There are two posible codes for a repo... one is "paid, was a repossesstion," and the other is "Merchandise was repossessed, there may be a blance due." A repo status means the account is closed. I am equally perplexed at where the "open" status is coming from. It is not open. Regaridng continued reporting, that is proper. The account can be "updated" monthly, forever, as long as the reporting reflects the correct current status. It does not really "update" the date of the repo.

Experian is the only one showing the repo with an open status. I have tried and they won't reinvestigation, they keep coming back verified. I don't know what to do on this one.