topic Re: Collection accounts in Rebuilding Your Credit

Collection accounts

Mishwatson — Fri, 04 Jan 2013 01:10:42 GMT

Can someone tell me where collection accounts should be listed on my CR? They are all listed under accounts and say OPEN not under collections is this correct? I thought it messes with my utilization and harder on score is this incorrect?

Re: Collection accounts

raisinitup — Fri, 04 Jan 2013 01:26:39 GMT

I have the same question. I have one on my EQ listed under both the account section and the collections section. I'm sure that's killing my score since that seems like it updates every month.

Re: Collection accounts

DaBears — Fri, 04 Jan 2013 01:31:27 GMT

I have the same thing, I sent all my Credit Reports to my Consumer Attorney. He stated that the CA is reporting them as loans which is ILLEGAL and they changed the DOFD. I have 6 being removed and cash heading back my way for for violating the FCRA Act. 2013 is going to be a awesome year for me!!!!

Re: Collection accounts

Mishwatson — Fri, 04 Jan 2013 01:39:19 GMT

did your attorney tell you under what statute it states this?

Re: Collection accounts

DaBears — Fri, 04 Jan 2013 02:16:57 GMT

I live in Chicago and will listen to him then anyone else. A CA can not change the DOFD and can not change the date when it was place for collection, if they do they re-age the account which is illegal. I sent him all three credit reports and he found 6 violations in each file from the same CA. He is on the Bar association for IL and has excellent success with CA's and CRA's. He doesn't charge his clients, he gets his big dollars from the CA's when he takes them to court.

Re: Collection accounts

guiness56 — Fri, 04 Jan 2013 02:41:46 GMT

The FCRA.

Mishwatson wrote:
did your attorney tell you under what statute it states this?

Re: Collection accounts

Mishwatson — Fri, 04 Jan 2013 03:14:51 GMT

thanks, so if CAs are reporting this way I should dispute with CRA? I just recently DV 5 out of the 5 that are misreporting I figured Id give them a few weeks to respond then dispute with all three CRA what do you think?

Re: Collection accounts

raisinitup — Fri, 04 Jan 2013 03:47:27 GMT

So should we contact the OC or the CRA to get it corrected ? And on what grounds should we be disputing ?

Re: Collection accounts

Shogun — Fri, 04 Jan 2013 03:49:52 GMT

Sometimes they will list themselves as factoring companies and will show up in the OC area because they will list as open. Big grey area on this, it gives them the ability to post as the OCs can.

Re: Collection accounts

raisinitup — Fri, 04 Jan 2013 04:09:05 GMT

In my situation, it's is the OC only that's posting in both areas. No CA involved at all.

Re: Collection accounts

Mishwatson — Fri, 04 Jan 2013 04:10:02 GMT

yes they are all posting as Factoring companies and under comments says collection account. Will CRA do anything if disputed?

Re: Collection accounts

Shogun — Fri, 04 Jan 2013 04:11:04 GMT

Nope, they don't care. However complaints to the BBB, State AG and the FTC have been known to be effective in these situations.

Re: Collection accounts

maluba — Fri, 04 Jan 2013 04:35:21 GMT

Shogun, I have the same issue with both of the CAs on my report. Should I go straight to the BBB since the CRAs won't care (and probably the CAs too)?

Re: Collection accounts

LIGHTNIN — Fri, 04 Jan 2013 08:57:57 GMT

What I would suggest to do first, is to pull your CR's from ARC, that way you'll know if the CA's are reporting incorrectly or not.

Because sometimes it's just a formatting issue with these Credit Reporting companies.

Info about (ACR) annualcreditreport.com . they tend to have more info on them, then ones from a 3rd party.
The CR's from ACR, come directly from each of the CRA's. You can pull 1 Free CR from TU,EQ and EX every 12 months.Save your money and dont buy the scores, they are what we call FAKO's,for more info read The Son Of Credit Scoring 101.

Re: Collection accounts

Shogun — Fri, 04 Jan 2013 09:49:07 GMT

I've had some removed by the BBB, State AG and FTC route. Mine were paid, but the reporting was still wrong. YMMV with these, but it's wrong for them to use the glitch in their reporting.

Re: Collection accounts

hoping2rebuild — Fri, 04 Jan 2013 12:17:16 GMT

I had both Asset Acceptance and Resurgant reporting as OPEN Factoring Accounts

I filed with the BBB, My state Attorney General, and the Attorney General of their state

and the CAs deleted the accounts after that.

Re: Collection accounts

raisinitup — Fri, 04 Jan 2013 15:21:22 GMT

hoping2rebuild wrote:
I had both Asset Acceptance and Resurgant reporting as OPEN Factoring Accounts

I filed with the BBB, My state Attorney General, and the Attorney General of their state

and the CAs deleted the accounts after that.

Is there a template or an example letter we can use for these ? I'm not sure how I would word it - especially since mine is the original creditor only and not the collection agency. Should I contact the OC first ?

Re: Collection accounts

hoping2rebuild — Sun, 06 Jan 2013 17:53:32 GMT

I know I have it here somewhere, I'll PM it to you later today

Re: Collection accounts

raisinitup — Sun, 06 Jan 2013 19:15:05 GMT

Thank you - much appreciated.

Re: Collection accounts

bmblbg — Sun, 06 Jan 2013 19:19:57 GMT

hoping2rebuild wrote:
I know I have it here somewhere, I'll PM it to you later today

I'd live it if you would be willing to send it to me as well. It seems I'm going to have to engage in the same process with Portfolio :(