topic Re: Legality of continued reporting in Rebuilding Your Credit

Legality of continued reporting

heirophant — Fri, 23 May 2008 02:32:26 GMT

I had a CO for a BOA Visa back in 2005. It was sold to LVNV funding and I settled with them back in December. It reports every month as a CO still on my TU and EQ reports and I fear that this report of a CO every month is either hurting my credit score or not allowing it to improve like my EX score is. They stopped reporting in December to EX. It just has one final CO and in each of the reports it has a 0 balance and in the comments says Settled for less than full amount.

So on to the meat of the issue, I called LVNV funding to seed why they continue to report and if they could just stop reporting now and was told that they would report to the CRA's every month until 2011 when it will fall off as required by law. Now, no other CA reported after I had paid except to update the report to say it was paid (didn't know about GW letters until this forum, so they weren't deleted, although I have disputed some of them away), so I asked her what law said this because none of the other companies seem to be following this law. She couldn't tell me this statute, but again just said that they will report until 2011 as required by law. I then had a few choice words to say to her and hung up.

So, is this legal? Can they report every month? What should I do? Anyone here a lawyer in the state of Nevada? I feel like I'm getting punished for not paying in full.

Message Edited by heirophant on 05-22-2008 07:31 PM

Message Edited by heirophant on 05-22-2008 07:32 PM

Re: Legality of continued reporting

shreco — Fri, 23 May 2008 02:48:20 GMT

I don't think they are bound by law to report at all. They like to say they can't delete but the truth is they can delete any time they wish it a voluntary reporting system.

However anyone that does report is bound by law that what they report is ACCURATE.

IANAL but that is how I interpret the regulations.

Re: Legality of continued reporting

heirophant — Fri, 23 May 2008 03:04:08 GMT

While it is accurate that it was a CO, the CO was paid in 12/07. It is no longer a CO every month, thereafter, it is a settled account. I don't see how reporting every month as a CO is accurate. Here is a screenshot of how it is reporting from True Credit.

Re: Legality of continued reporting

Timothy — Fri, 23 May 2008 03:31:38 GMT

I don't think they can report monthly as a CO after it's paid-

That is like marking a late payment when you did not have a payment due-

legally it is not a CO anymore- so the reporting is inaccurate

Re: Legality of continued reporting

shreco — Fri, 23 May 2008 03:38:35 GMT

If I were you I would dispute all those inaccuracies. However first you should obtain your true credit reports which have more details. Get them from the source each CRA.

If you haven't used your freebies this year now is a good time. If you have they are like 10 bucks each.

Then dispute the inaccuracies. There is good information all over on the common willful errors these CA's inject in your reports just to poison your scores.

Goodluck

Re: Legality of continued reporting

heirophant — Fri, 23 May 2008 03:57:57 GMT

Another thing I don't quite understand now that I think about it is how can a CA call this a CO? I thought only the OC could charge off an account? I also think it is odd how ununiform the reporting is accross all 3 agencies. Looking at EQ more closely it is reporting 120 days overdue every month on a 0 balance. These guys are evil. That's probably why my score is lowest with EQ.

Message Edited by heirophant on 05-22-2008 08:57 PM

Re: Legality of continued reporting

sidewinder — Fri, 23 May 2008 11:05:43 GMT

I'd dispute it. With EX you need a report number to dispute online. TU will give you a CR for disputing. EQ I don't know, b/c I have to deal with CSC, and you don't have to have a CR to dispute online with them.

Re: Legality of continued reporting

heirophant — Fri, 23 May 2008 17:31:34 GMT

sidewinder wrote:
I'd dispute it. With EX you need a report number to dispute online. TU will give you a CR for disputing. EQ I don't know, b/c I have to deal with CSC, and you don't have to have a CR to dispute online with them.

What exactly is CSC?

Re: Legality of continued reporting

R8RDude — Fri, 23 May 2008 19:42:04 GMT

Someon correct me if I am wrong, but a CA can report the account as CO if the CA does not own the account, and just collecting for the OC? If I am incorrect than I apologize in advance, but that is the way I understand it to be.

Re: Legality of continued reporting

jaybee — Fri, 30 May 2008 04:14:00 GMT

heiro, I would start writing EQ asap. That current pay status is very incorrect. It would only be 120 days late if you indeed still have a balance. That IS why your score is low because it is showing as a recent derog.

Re: Legality of continued reporting

sidewinder — Fri, 30 May 2008 06:44:15 GMT

heirophant wrote:

What exactly is CSC?

In some areas of the country you have to deal with CSC for your EQ disputes. If you go to www.csccredit.com and put in your zip code it will tell you. I think you can do that on EQ's website as well. Mainly those of us in the central/midwest region.

ETA: It is rumored that LVNV"s policy is not to respond to disputes on paid accounts. No personal experience with this though. Another forum member stated that LVNV told them this.

Message Edited by sidewinder on 05-29-2008 11:44 PM