Must payments made to a charged off account (loan or credit card) be updated with the credit bureau to show the balance reducing accordingly?

Or must we only report a charged off account as being paid to a $0 balance once it has been paid in full?

Thanks in advance!

In what field would you report the declining balance? You have to report the original charge-off balance. There is no field for the declining balance of which I know.

My understanding is that you do report the declining balance... if you look at the Field Definitions for the Base Segment of the Metro 2 Guide under the Original Charge-Off Amount, it instructs that for Status Codes 64 & 97 "report the
original amount charged to loss, regardless of the declining balance. Report whole dollars only.
If payments are received from the consumer, report the outstanding balance in the Current Balance and Amount Past Due fields."
Once the debt is paid in full you would adjust the codes to reflect that.

Yes - I see that now. Thanks.

Do you update this information using an AUD in eOSCAR?

Yes, we update the declining balance via AUD. But you'd want to make sure no updates are going from your core system that would later override your AUD.