Can Collectors still report Late even after Charge off?

[siccrydas]

I have a bill from 2005 and Charged off on March 2006... They been reporting late each month since then to this day. Let me add that i PAID IN FULL on June 2010... But they reported late in july and august of this year. So i know they're messing up somewhere. So can i dispute late payments removed even after the charge off in 2006?

[RobertEG]

Payment does not ever, in and of itself, remove the fact of prior delinquenies, be they monthly account delinquencies,charge offs by the OC,or collections reported by a debt collector.

Once the OC did a CO, then the account was closed.  So no further monthly account deliquencies were possible.

The CO and CA, and any lates posted prior to the CO, wiould remain.

[siccrydas]

Sooooo... Ur sayin they can't report late payments after a charge off? But anything before will remain right

[IOBA]

Yep - I believe that is what Sir RobertEG is saying.

[RobertEG]

That is it, exactly.

When an OC does a CO, they must, under IRS regs, post it as bad debt on a closed account in order to take the IRS tax benefit oft the CO.

Then they can challenge the unpaid debt itself, by collection activities.

But the account is closed, and no further monthly delinquencies can occur, or be reported.

Collection activiities can then occur, but they dont, and cant, report delinwuencies on the OC account.

There is ABSOLUTEY no reporting code that any debt collector/CA can use to report ANY monthly delinquencies on an OC account,.

They are not the same accounts in your credit file. One for delinquencies on an open account, ant the other is for the posting of subsequent collection on alleged bad debt.  Apples and oranges. CA accounts dont provide for any such privisons for reporting delinquencies on an an open, OC account.

[siccrydas]

Thank you, this should bring my score up major

[Anonymous]

yeah they can report you as long as you are unpaid.  However you can monitor atleast your eq to see if you are being dinged post PIF. IME it doesn't happen ... also check to see if your last late or reported key derogatory is being updated if you dont have other negative accounts reporting currently and again IME it doesn't happen.  It shouldn't but I would check anyway.  I'm a little cautious though.

This will help eleviate your concerns about July, August, and possibly September n such.

If you are not being dinged and they are not updating your last late/negative report then I wouldn't worry about.  Once again it shouldn't on either account but I would just give a glance over.

[RobertEG]

I would only add one point of clarification.

You can NEVER succesfully dispute the fact of accurate reporting by either an OC or a CO to a CRA,  based  on expiration of so-called "drop off" dates as set forth in FCRA 605(a).  That is not what FCRA 605(a) is all about.

FRCA does  NOT prohibit accurate credit reporting, or mandate its deltion..  Any creditor or debt collector can report forever.

FCRA 605(a) is only a prohition on the credit reporting agencies,and not upon those who do credit reporting to them.  It says that a credit reporting agency, is normally,. but not always (see FRCA 605(b)), prohibited from inclusion in any credit report that they provide, based on their credit file, from including that information in a subsequent credtt report that they issue affer the dates which we all know and love..... such as monthly account delinquencies after 7 years from their recorded date of occurance, or a CA or CO after 7 1/2 years from DOFD on the related OC accoung.

Take a look at FCRA 605(b).  Your reported credit file and history can live forever.  So can ANY item of past delinquency, forever.

And, under excpetions specified in FCRA 605(b), also continue to be included in your credit report, forever.