Q: Can a charged off loan continue to report late payment every month? It's been 4 years.
Navient Private student loan. The loan was closed (charged off) 4 years ago, but every month they report it late. My score dropped over 100 points when it was charged off and I have been able to increase it a little bit but the monthly late payment report from them continues to hurt me.
I have another charge off and it is still on my report but they don't report a late payment every day. It's just there
A: So, charge off means essentially, they are no longer trying to collect or believe they can and then typically, they sell it to someone for pennies on the dollar, who specializes in collecting bad debts like this one. What it does not mean is that you no longer owe the money or that you no longer are late AND because it is a student loan, that is a special category of debt, that is WAY harder to ever get rid of, short of paying it...
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