I recently found out that one of my old checking accounts got flagged as "charged off" for a $300 overdraft about which I was unaware. The bank also informed me that the account was closed about eight months ago. This is my first time hearing of this phrase. I want to know if this will show up on my credit report? If it does, after I pay the debt, will it still show on my credit report? It's only a check card, luckily not a credit card.
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If the bank charged off the overdraft, it is very likely that the bank has reported that fact to at least one credit reporting agency, ChexSystems. It may have reported it to one of the big three credit bureaus, as well.
You should have been aware of the overdraft if you had been reviewing your bank statements. Banks attempt to notify customers before charging accounts off. Could it be that you relocated and bank correspondence was not forwarded to you?
Arrange to repay the charged-off amount as soon as possible. Specifically ask that the bank update whatever information it may have sent to ChexSystems or another credit bureau, to indicate that the debt was satisfied.
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If the bank charged off the overdraft, it is very likely that the bank has reported that fact to at least one credit reporting agency, ChexSystems. It may have reported it to one of the big three credit bureaus, as well. 