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There was a charged-off account on my credit report. I have paid off the charged-off account in 2012. I checked my credit report recently. The charged-off account is still there on my credit report. In fact, the amount has increased. Should I sue the collection agency?
Did you receive a discharge letter from the concerned collection agency? If not, then this might be the reason for your debt increasing, even though you've repaid the full loan amount.
Charged-off account is still there
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Dispute it with the credit bureaus immediately and request them to remove this inaccurate information from your credit report. The credit bureaus will take the necessary step after investing this matter properly.