Fair Credit Reporting: 4.3.9.2 Problems in the Reporting of Charged-Off, Transferred, and Closed Accounts
A number of courts have held that it is not inaccurate to report a balance or a scheduled payment for a debt that is charged off, reasoning that such information is historical in nature, and thus not inaccurate or misleading.565 These cases have all held that the failure to follow the Metro 2 format,566 which requires that the scheduled payment amount be reported as “$0” for charged off accounts,567 did not render the reporting inaccurate.