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cbass4

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Credit Card Charge Off Reporting on Credit Report
I had a credit card debt that was last paid in 2009. I received a 1099 in December of 2012 for the debt. My credit reports are now showing this as as Charge/Off (accurate). I was wondering though, since I got the 1099, shouldn't it just be closed now? It still shows recent activity and the total of the charege off is reporting against my total amount of debt owed. I'm not sure how that all works. Should it report against my total debt owed now, and should it still be reporting as recent activity on my report?

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As far as I know, they are still allowed to show a balance even though they have written it off. They can keep updating the account. The good news is that we are heading into year seven for the debt, remember the "seven year credit reporting time period" and also do some reading on "EARLY EXCLUSION' it may be helpful to you right now!!

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