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Question By
BatCat12

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Settled Collection/Charge off
I'm so confused. I settled a credit card payment and it has been showing as $0 balance account status closed/paid. The open date is Sept 2008. The closed date is Oct 31, 2010. Last reported date says July 16, 2014. Which date am I looking at for the 7 year fall off? The Open date,Closed date, or last reported? I would like to have this removed if I understand it being from the closed date it will fall off by November of this year?? Can I contact them to ask them if they would consider removing it for me since it's settled and paid? Please help!

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The seven years starts from the DOFD (date of first delinquency). The DOFD is one month after you made the last payment on the account before it became delinquent. My question here though is, is this actually a delinquent account? Is "charge off" listed on the reported or just "paid/closed". If it is just "paid/closed" it is probably not a negative account. If there are late payments with the account, they would be removed 7 years after they occurred. Really look at this account and determine if it is actually negative, it it isn't, then you probably don't want to remove it. If you determine it is a negative account, I don't advise contacting the lender, but instead contact the credit bureaus and ask for an "early exclusion" when you get to that time. Transunion will sometimes remove six months prior to the seven year mark, Equifax and Experian sometimes three months early. If in doubt about when it will be removed, you can contact the credit bureaus and ask them. If it is a positive account, it will be scheduled to remain for ten years from the closed date. Transunion, Equifax and Experian all have websites with info on how to contact them. Remember, removing accounts that were closed in good standing will usually damage a person's credit, so really look at this account.

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Thank you-Here is some info

Thank you for your response. This is the info on the report. Will this shed some light to answer the question to me??

Thank you for your response. This is the info, so maybe you could tell me if it is negative or if it will be falling off soon? 

Last Reported 

Jul 16, 2014

Creditor Name 

******

Account Type 

Credit Card

Account Status 

Closed - Paid

Opened Date 

Sep 11, 2008

Closed Date 

Oct 31, 2010

Limit 

$2,350

Term 

--

Monthly Payment 

$0

Responsibility 

Individual

Balance 

$0

Highest Balance 

$2,577

Payment Status 

Collection/Charge-Off

Worst Payment Status 

Unknown

Date of Last Payment 

Jul 16, 2014

Amount Past Due 

$0

Times 30/60/90 Days Late 

0/0/0

Remarks 

Payment after charge off/collection

Settled - less than full balance

Top Contributor
7259 Contributions
1399 People Helped

That is definitely a NEGATIVE account, so you will want to try to get it removed as soon as possible. Did you make payments after the "closed date"?  What is the last payment in 2014 all about? Was that just a single payment paying off the negative account or were you making payments between the closed date and 2014? If you were making payment during this time, it could possibly cause you trouble. Hopefully though The DOFD will be in 2010, and that should make the account eligible for "early exclusion" with the credit bureaus in the coming months. You may need to call up the credit bureaus now to see if you can get this removed now or see what they say as far as how long the account is supposed to remain.

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