What a charge-off looks like on your report
A charge-off often shows up twice: once from the original creditor ("charged off," sometimes with a balance) and again if the debt was sold to a collector. Lenders look closely at both, and especially at whether a balance is still reporting.
When can a charge-off be disputed?
- The balance is wrong, or a sold account still shows a balance with the original creditor
- The dates, including the date of first delinquency, are inaccurate
- The payment history before the charge-off is reported incorrectly
- The account is reported by more than one company in a way that double-counts the debt
- The account isn't yours, or the reporting period has expired
What about paid charge-offs?
A paid or settled charge-off should update to a $0 balance. If it doesn't, that's an inaccuracy worth disputing. Paid, closed accounts that still show prior late payments are also something we review closely, because the history has to be reported accurately month by month.
The Credit Lion disputes information that is inaccurate, incomplete, outdated or unverifiable. Accurate, timely information can't legally be removed, and results vary by file.
