Charge of as bleak debt? Should a credit card be showing as "charged off as bad debt"
Answers: Sad to articulate, but yes it will remain on your credit report until the Statute of Limitations on reporting to CRA's has lapsed (7 years or 7 1/2 yrs depending on how some people interpret the law).
Even though it be paid, it still affects your score.
Hope this asnwers your grill.
Yes it will.They charge it off to count it as a loss for the year. If you pay it after they charge it bad, it will still look bad on your credit...just as fruitless as if you never paid it. Sad but true.
Well, they have the right to state that it was charged past its sell-by date as bad debt. They charged it off of their books afterwards sold it to a collection agency.
You may be able to contact the credit card company and see if they will work with you and put it as remunerated - closed. Not sure.
You paid the collection agency, not the credit card company, they had already sold the details, so they charged it off. It depends - is the original creditor showing the charged bad status? You can dispute it; if you have records showing recompense made to the collection agency.
It will be showing on your credit report as "charged off as bad debt" for as long as the credit reporting agencies are not notify of the resolution. What you need to do is contact the collection agency (not the bank that issued the credit card) and request a "compensated in full" letter. That is your proof that you have paid off the report. Then send a copy to each of the three national credit reporting agencies: Experian, Transunion and Equifax. You will slickly find their addresses. By federal law they own 30 days to update your credit history to show the account as paid contained by full. If they fail to do so, by law you can request that the explanation be completely removed from your credit file.
To learn more roughly credit reporting, you can review the Fair Credit Reporting Act.
http://www.ftc.gov/os/statutes/031224fcr... It's a reporting historical fact. So, yes.
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