The MOST REDICULOUS!!!!

[yankeedoodle]

Three years ago I fell behind on a Chase credit card. It went to he 120 day mark and Chase hired a debt collector to colect the money. Two and half years ago I started making payments monthly on time as an automatic transfer on a specified date each month. Last week I looked at my credit report and noticed that EVERY month for the past 2 1/2 years that I've been making the payments on the date established Chase has reported my payments 120 late. Month after month after month just continuous reporting of 120 lates. Chase maintained the account and all of my payments are sent to chase.

Question - Can they do this or will I win a dispute if I show (which i actually have) the canceled check each month for that time period?

Question - I have some older collections (3) that are over 2 years old and my fico score currently sits at 615 and 605. If I can get the 120 lates removed or reflected acurately will that improve my score? By how much? I'm just wondering if it's worth the fight if my score wouldn't improve anyway.

Any and all advice or knowledge will be greatly appreciated.

Thanks in advance!

[RobertEG]

If I am reading the post correctly, you reached 120 late with the creditor, then entered into a payment plan to satisfy the delinquent debt?

If so, the account remains delinquent until the unpaid debt is satisfied. A payment plan forcloses legal action as long as it continues to be complied with, but would not change the fact of its status. 

It appears they are continuing to report that delinquency status, and could do so until no longer delinquent.

[yankeedoodle]

I understand that thought process, however, how is it still delinquent if I have more than caught up on my payments I was behind on?

Every month I get dinged. Its like I'm being penalized beyond what should have been. I understand that falling behind has consequences, but catching up and staying ahead shouldn't also.

[Walt_K]

You say you more than caught up on your behind payments.  What were the details?  For example, let's say your monthly minimum was $100.  Since you were 120 days late, you were $400 in arrears, along with another $100 coming up. Did you do something to pay off that $400 or did your agreement with them just indicate that you would start paying $100 again? 

Typically, in order to bring the account current, you have to pay everything that is in arrears.  It's not enough to just resume making payments.  Not unless there's a specific agreement to roll the past due balance into the principal or something like that.  I've been burned by this before.

[yankeedoodle]

My minimums were appx 45. While back so can't remember. I have since been paying 142 per month for over two years. That's why I figure I'm more than caught up.

[QAMngrGirl]

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@yankeedoodle wrote:
My minimums were appx 45. While back so can't remember. I have since been paying 142 per month for over two years. That's why I figure I'm more than caught up.

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Unless what you are paying has been credited towards the past due amount, it doesn't bring your account more than 120 days past due. Do you have your payment arrangement details? Was bringing the account current a part of this payment arrangement? What was the balance if you went from a $45.00 minimum payment to $142.00 monthly? 

[yankeedoodle]

I think I was required to bring it current but cant rememver. It was a while back. The balance was 3,000. My minimum was apprx. It jumped so high because as part of the repayment plan I had to pay it off in 30 months. I have two payments left. I have to think that I am current on the past due amount from that long ago.

[QAMngrGirl]

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@yankeedoodle wrote:

I think I was required to bring it current but cant rememver. It was a while back. The balance was 3,000. My minimum was apprx. It jumped so high because as part of the repayment plan I had to pay it off in 30 months. I have two payments left. I have to think that I am current on the past due amount from that long ago.

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Problem is, if you don't remember your agreement - or have any of your arrangements in writing you cannot be sure it is current. You feeling it should be and it actually being current are two different things. When will it be paid in full? Is the arrangement to pay it in full, or is it a settlement?

[yankeedoodle]

Agreement is for full paid. No settlement. Two payments left.

[tcbofade]

so make the two payments...then it will be pif and will stop reporting you as 120days late.