Incorrect or Correct Reporting?

[AllyDais]

I have a charge off on my credit report. It states that my last payment was $0 on specified date. In the terms field it states the terms are $0 for 34 months. I told the reporting agency to update the inaccuracies. They said it has been verified as accurate. Any insight? Is this really reporting correctly? 

[GZG]

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@AllyDais wrote:

I have a charge off on my credit report. It states that my last payment was $0 on specified date. In the terms field it states the terms are $0 for 34 months. I told the reporting agency to update the inaccuracies. They said it has been verified as accurate. Any insight? Is this really reporting correctly? 

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I mean, unless you've literally never made a payment on it, your last payment being $0 is probably not accurate, but also probably not being corrected without comprehensive evidence or getting the OC to do it themselves 

is there still a balance on the CO? 

are you planning to pay it off or is it already paid off/settled?

[AllyDais]

There is still a balance reporting. I was planning to pay it soon before it becomes a collection or something. The problem is I don't think the creditor is understanding what I'm trying to explain. And the credit bureau said it's all verified and accurate. I really don't think it is.

[markbeiser]

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@AllyDais wrote:

There is still a balance reporting. I was planning to pay it soon before it becomes a collection or something.

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A charged off acount with a balance is way worse on your report than a collections account.

[AndySoCal]

@AllyDais  I would suggest you go to annualcreditreport.com and pull your credit report from them. ou will get a more detailed report with information.  Regarding last payment depending on when the account was charged off and the payment history before that the last payment amount maybe too old to be reported. With a charge off account the terms are balance in full.  I would guess the account type for the charge off is open. The open account type has nothing to do with the account being open or closed.  One of the uses open account is for charge cards that the balance is due in full each month like some Amex cards. Another use is for charge off and collection accounts .  If the last payment on the account is over seven years  ago it is too old. Also the reporting on charge off and collection accounts can change when they are in a serious derogatory status.

[AllyDais]

It was charged off at the end of last year. They are still giving me "get back on track" options, but they refuse to give me the agreement in writing so I haven't gone through with anything yet. Last payment was September 2023.