why do my creditors keep reporting charged off!!

[onlineuse]

What is Metro 2?

The reporting date should not go beyond the filing date. I do believe you are 100% right, the lates and other status prior to BK can stay, it just cannot show a balance, be past due, have a balance etc AFTER the filing date. What Bank of America will do is report the account past due again after the CRA's have corrected it. They just did this again on 1/24 to me.

4 months after filing they've listed $1k plus past due and the full balance with no limit. This is great for scores, it took MyFico down 80 points. Certified letters have been sent, we'll see what happens.

Just as important as 0 due, 0 past due is the DATE reported. By rule it cannot exceed your filing date. If it's showing IIB as of 2/07, you look like you just had a negative report in the last 30 days -very bad.

[HHM]

FYI, Metro 2 is credit reporting software that companies use to report to the CRA's.

I think there is a difference between reporting historical late payments and Charge-Off. The "Charge-Off" entry is reported in the status and/or remarks section of your credit report. That area of the credit report is typically used to show the current status of an account. Therefore, I think a fair argument can be made that continuing to report a Charge-Off after the debtor filed BK, misrepresents the status of the account. Moreover, the charge off entry implies that the debt still has some validity. Strictly speaking, a charge-off is the bank accepting the account as a loss for tax purposes and the account is transferred or sold. Whereas, IIB, clearly and accurately states the status of an account once the debtor is discharged.

I think I am going to make some inquiries to see why the policy change at the creditors and see if there has been a recent court case on the issue.

[riverlady]

A link to Metro 2 - good read for everyone!

http://www.cdiaonline.org/files/PDFs/2006CRRGWholeManual.pdf

>>The reporting date should not go beyond the filing date.<<

This is correct! Once something is completed there should be no additional dates of reporting for any reason. IF the data furnisher has reported inaccurate information and needs to update to accurate information the reporting date should still reflect the last activity on the account. Activity to an account references payments or a final charge off or a settlement or a BK. Prior inaccurate reporting does not count as "activity"!

TC in it's "Credit Reprt Guide" states that "reported " the last date when any activity for this account was shown. activities include payments, credit card billings and changes in your terms. ...."

The history of the account can stay as long as it is accurate...

>>What Bank of America will do is report the account past due again after the CRA's have corrected it. They just did this again on 1/24 to me.<<

BOA is not the only one doing this. I have 3 data furnishers and 3 cra's in court over inaccurate reporting and you will never guess what is happening.... they are still reporting and updating even after service of suit and even after answering suit and even after being made award of the continued inaccurate reproting.... go figure!

AND the CRA's are allowing it! I do place the blame on the CRA's as much as the Data Furnishers because the responsibility on what the CRA's report is with the CRA's.

>> This is great for scores, it took MyFico down 80 points.<<

Keep this information for possible external force intervention....

>> By rule it cannot exceed your filing date. If it's showing IIB as of 2/07, you look like you just had a negative report in the last 30 days -very bad.<<

Especially when they state under their comments: "Debt included in Chapter 13 BK on Jan 20, 2006" and there is no BK on this date or any other date since 1998... and this mortgage was not even in existance when the prior bk was??? grrrrr

Congress set out certain guideleins for the CRA's and the Data Furnishers to follow... Metro 2 includes most, if not all, of the informaiton needed to comply with the issues of accuracy and completeness.

So why do consumers have to jump through hoops and seek external forces to achieve complate and accurate reporting?