Credit education
What to know about incorrect charge-off reporting
A charge-off can be reported for seven years from the original delinquency if it is accurate. Check that the balance is zero if the debt was sold, that the status reflects any payment or settlement, that late marks stop at the charge-off date, and that the delinquency date matches your records.
Negative reporting
Four fields to check on every charge-off
Balance, status, payment history after charge-off, and the date of first delinquency.
An error in any one of them is disputable.
The short answer
A charge-off can be reported for seven years from the original delinquency if it is accurate. Check that the balance is zero if the debt was sold, that the status reflects any payment or settlement, that late marks stop at the charge-off date, and that the delinquency date matches your records.
What a charge-off is
A charge-off is the lender's decision to write the debt off its books as a loss. The debt may still be owed and may be sold. The charge-off itself is not an error if it reflects what happened.
When it is inaccurate
Balances reported after sale, continued late marks, wrong dates, and failure to reflect settlement are the common problems.
Common questions
Should a sold charge-off show a balance?
No. The original lender should report a zero balance once it no longer owns the debt.
Primary sources referenced on this page
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Charge-off error help
How we pursue correction of charge-off reporting.
Incorrect collection accounts
Collections that are not yours, are duplicated, or report the wrong balance.
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