02-01-2013 10:27 AM
Hi everyone, I am needing a little help understanding what I need to do after paying off all of my debts. Today I called every collection agency and paid off every debt that I had with them. There was a total of 4 things that needed to be paid off and they were a total of $2,176. My first question is What is the next step I need to take after paying off all collections on my credit?
My second issue I am having is when I look at my TransUnion credit report I am seeing one thing on there twice. It is for my target credit card..There is one "account" on there stating the status as "Charge off" for $500 dollars but then two lines down I see Target again with a collection agency as the title for $640 dollars? Why would it be on there twice? And one of the statuses shows "Charge off" and the other status shows "In collection" I'm confused, I only had one credit card with them with a limit of $200.
Help me please!
02-01-2013 11:01 AM
A basic policy of the CRAs is that prior, accurate reporting is not to be delleted based on satisfaction of the debt.
The purpose of that policy is to prevent subjective deletion of information, and thus preserve the integrity of the system.
Once paid, the remaining option is to ask the party who reported the information to delete it as a showing of good-will, notwithstanding the written policy of the CRAs that such deletions should not be made. Ergo, the reluctance of may furnishers to grant PFD or GW deletions.
Credit reporting permits the reporting of multiple derogs related to the same debt. Multiple monthly delinquencies, a charge-off, a collection, a judgment, etc, while all related to the same debt, are nonetheless separate derogs, and can be reported. It is very common for a CR to show both a charge-off and collection pertaining to the same debt.
The OC reported the charge-off, and is the only one who can delete their reporting. A debt collector reports the fact that they had or have collection authority on the debt, and only they can delete that reporting.