Reply
Contributor
Karnage146
Posts: 105
Registered: ‎06-07-2013
0

A Little Confused

I have a HSBC account that was charged off and sold to Calvary Portfolio. The thing that is confusing is that Calvary is reporting FP. I thought since it was a charged off account, that they are not able to report anything like this, only the original company was. Can anyone shed some light on this please, thanks!

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: A Little Confused


Karnage146 wrote:

I have a HSBC account that was charged off and sold to Calvary Portfolio. The thing that is confusing is that Calvary is reporting FP. I thought since it was a charged off account, that they are not able to report anything like this, only the original company was. Can anyone shed some light on this please, thanks!


What do you mean that Calvary is reporting FP? First Premier?

 

On reporting of CAs and OCs....When you open an account the OC will report and will report your payment history. If the account goes bad, you'll usually see a 30-day, a 60, 90, and eventually they'll charge it off. The OC can report as a charge-off and can report that monthly with a balance and added lates. This can continue up to the point the OC gets paid off by the debtor or until the OC sells the debt. Once they sell the debt or you pay it, then they must report $0 and added lates must stop at that point but can still show the lates prior to that point even though it was charged-off. The CA that bought the debt can decide to report if they want to and if they do both can report at the same time on your CRs, though only the CA would show a balance.

Contributor
Karnage146
Posts: 105
Registered: ‎06-07-2013
0

Re: A Little Confused

HSBC last reported on January 2012. But Calvary is reporting Failed to Pay since March 2012. HSBC is no longer reporting anything. I thought that the only thing the CA can report is that the account is in collections, I wasnt aware that they can also report lates and things of that nature.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: A Little Confused

They cannot report lates.  They can report the worst delinquency of the OC account.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: A Little Confused

They can't report monthly lates.  They are a CA and can only report as such.  They cannot report as the OC.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Contributor
Karnage146
Posts: 105
Registered: ‎06-07-2013
0

Re: A Little Confused

So are they able to file "Failed to Pay"? If not, how do I get them to remove it. I haven't contacted them/paid them yet. I was hoping to do a PFD on this one, does this give me any leverage?


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}