Another fight with First Premier

[dtafoya]

Ok so I have been working on getting a house and im so close. The loan officer is trying to get a pre approval instead of a pre qualification. The problem is that I have a First Premier account that has not been updated since October 2013. I did pay off the debt with the collection agency because FIrst premier said they now have the debt. My question is what should I do to get it updated but not kill my score ive worked so hard on getting the last few months.

[gdale6]

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@dtafoya wrote:

Ok so I have been working on getting a house and im so close. The loan officer is trying to get a pre approval instead of a pre qualification. The problem is that I have a First Premier account that has not been updated since October 2013. I did pay off the debt with the collection agency because FIrst premier said they now have the debt. My question is what should I do to get it updated but not kill my score ive worked so hard on getting the last few months.

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If it reported in Oct 2013 updating it now isnt going to make that much of a difference in score, both dates are considered recent. If they are not reporting correct information file a CFPB complaint. If they sold the debt to that CA they should be reporting Transferred/Sold with a 0 balance due.

[RobertEG]

The OC was required under FCRA 623(a)(2) to have promptly updated the current balance on their account either immediately after they sold the debt, or if they still owned the debt at time you paid the OC, immediately after notified by the debt collector that they had received payment of the debt.

So, either way, they were under a statutory requirement to have promplty updated the debt/current balance to $0.

"Promptly" would reasonably be in their next regular monthly reporting cycle.

With that as a basis, I would first call the OC and ask for a letter stating that the debt is satisfied, which might be of sufficent basis for your loan officer as evidence of satisfaction without having to see it in your credit report, and additonally remind the OC of their responsibility to have promptly updated.

I recommend the informal firist attempt in that if you send them a diispute over the accuracy, it will likely result in a pending dispute flag in your credit file, thus screwing up your scoring until the dispute is resolved, and the flag removed.