Account listed as "Open Status"

[acrylic51]

Curious as to how an account would be updated if paid in full.....The account is currently listed as "factoring company" an as an open account.  The account isn't listed under collections even though it should be, but it's listed in with my accounts.  I'm thinking that technically they would have to update the account as paid and would it continue to report as paid......

[Shogun]

It's due to the fact that they are reporting as a "Factoring Agent".  They use this to bypass the FDCPA. 

[acrylic51]

Might just have to sit back a wait and see what response I get from the AG....

[acrylic51]

I'm also curious as to everyone that has encountered this type of reporting is it isolated to a particular CRA???

[RobertEG]

Is the term "open" being used to define the type of credit/account, or is it being used to define the current status of the account?

And if so, is the status in reference to an account of the creditor, or a collection reported by the debt collector?

Unfortunately, the term "open" has quite different meanings depending upon its context.

The fact that it is being reported by a factoring company does not define its status.  It means that the factor has purchased the debt.

If their purchase of the debt occured while the account was in good-standing (not delinquent), they are not a debt collector, and thus not subject to the FDCPA.

They would not report a debt collector collection.  That appears to be your situation, as they are not reportind a third-party collection.

If closed and paid, the current status would be updated to only one status... Paid.  If the account is closed to further consumer use, that status as closed is separate from the delinquency/payment current status.  If the account is paid back into good-standing and still open to consumer use, its status would be pays as agreed.

[Shogun]

It just seems one CA got away with it, so others are doing it too.  

[acrylic51]

---

@RobertEG wrote:

Is the term "open" being used to define the type of credit/account, or is it being used to define the current status of the account?

And if so, is the status in reference to an account of the creditor, or a collection reported by the debt collector?

Unfortunately, the term "open" has quite different meanings depending upon its context.

The fact that it is being reported by a factoring company does not define its status.  It means that the factor has purchased the debt.

If their purchase of the debt occured while the account was in good-standing (not delinquent), they are not a debt collector, and thus not subject to the FDCPA.

They would not report a debt collector collection.  That appears to be your situation, as they are not reportind a third-party collection.

If closed and paid, the current status would be updated to only one status... Paid.  If the account is closed to further consumer use, that status as closed is separate from the delinquency/payment current status.  If the account is paid back into good-standing and still open to consumer use, its status would be pays as agreed.

---

No the account was not in good standing when they bought it, so it obvious they are using "factoring company" to side step things......The thing about it and my other argument it's an old Tribute card that should have never been reported or collected on.

[llecs]

OP, keep sending PFDs.

[09Lexie]

Today I just opened my email from BBB in response to a complaint I filed online 3 days ago! Yes, Asset Acceptance, wrongfully was listing my charged off collection Target account as an open, factoring, installment account responded as follows

..'In the interest of resolving this matter, and even though we believe this to be a valid debt, we will close the account, cease all collection activity and will request the removal of our trade line with topographies credit reporting bureaus.'

I followed the advice from a poster and sent in the complaint to BBB- it worked 

[Shogun]

Absolutely!!!  Congrats!