Incorrect Chargeoff notation

[Ladynred]

TN here.

I just received a copy of my credit report from Equifax. On it, it shows a "Charged off" for a retail store that went bankrupt about 2 years ago. When the store chain (Gantos) went belly-up, all payments started going thru some company and showed up as 'drop box payment' on the statements. I had been late a time or two, but never seriously, and the balance wasn't much. Last year, the ENTIRE remaining balance, about $150 was PAID and the account was current at that time.

So.. how can they show this as 'charged off' when the account was paid in full and in 'current' status at the time I paid off in full ???

I'm guessing that I can dispute this entry on my credit report, even though the retail store is out of business. Do I ask that it be removed or ask them to verify it ? What should I do first to get this erroneous entry removed ??

Thanks !

Once you dispute the debt, Equifax has 30 days to validate the entry. That wont happen if they are out of busness, and the file will be removed. You might check the other two major reporting agencies too.

[Ladynred]

Ok, thanks. When I was laid off, I wrote to all 3 CRA's to get a copy of my report, just haven't gotten the other 2 yet. Won't surprise me in the least if Equifax is the only one with this notation, I've had problems in the past with them reporting incorrect information.