Barclay - Dispute failed. What now?

[tschaet]

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@Anonymous wrote:

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@tschaet wrote:

I understand now the differences between the phrases used (settled-less than full, paid in full, etc.).

The frustration for me is that the account was not listed as a charge off before this settlement.  It hadn't been updated in almost three years.  Now, after the settlement, it has added late payments, altered older payments, and now months and months of charge off dates.  To me, it looks as if it's much worse now than prior to the settlement.  However, that could just be the result of my own ignorance when it comes to reporting.

Also, what is this $1,493 "original chargeoff" amount?  This was never mentioned during the settlement process (when the account was not listed as a chargeoff).  The lawsuit was specificially for $1,808.31 and that is what they were asking for in our communications.  Now, suddenly the report is updated with that as the chargeoff amount.  I'm not sure where that number is coming from.

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Unfortunately, when you did the right thing and squared up your debt you woke the sleeping bear and they updated everything.

The reason it's higher than the chargeoff amount is most likely they added fees.

The good thing is on a manual review it states "paid in full" which looks so much better to a creditor than settled in full less than full amount.

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Wouldn't they still see the "settled-less than full balance" part in the remarks, though?

Thanks for all of the info so far!  You've been very helpful.

[Anonymous]

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@tschaet wrote:

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@Anonymous wrote:

---

@tschaet wrote:

I understand now the differences between the phrases used (settled-less than full, paid in full, etc.).

The frustration for me is that the account was not listed as a charge off before this settlement.  It hadn't been updated in almost three years.  Now, after the settlement, it has added late payments, altered older payments, and now months and months of charge off dates.  To me, it looks as if it's much worse now than prior to the settlement.  However, that could just be the result of my own ignorance when it comes to reporting.

Also, what is this $1,493 "original chargeoff" amount?  This was never mentioned during the settlement process (when the account was not listed as a chargeoff).  The lawsuit was specificially for $1,808.31 and that is what they were asking for in our communications.  Now, suddenly the report is updated with that as the chargeoff amount.  I'm not sure where that number is coming from.

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Unfortunately, when you did the right thing and squared up your debt you woke the sleeping bear and they updated everything.

The reason it's higher than the chargeoff amount is most likely they added fees.

The good thing is on a manual review it states "paid in full" which looks so much better to a creditor than settled in full less than full amount.

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Wouldn't they still see the "settled-less than full balance" part in the remarks, though?

Thanks for all of the info so far!  You've been very helpful.

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Under a manual review the creditor is going to look at "pay status". It shows "paid in full".

[RobertEG]

A charge-off is taken (and usually required under federal regs) at 150-180 days after the DOFD.

The date that a creditor actually takes a charge-off is NOT reported to a CRA.  It is not relevant to credit reporting, and not reported. 

The creditor can report, at any time after they have taken a CO, the fact that the debt was subject to that accounting measure.

The date of reporting is not the date they did the CO, it is only a statement that a CO was taken at some prior point in time.

The amount of the debt at the time of the original charge to profit and loss is also reported, and remains of record.

The debt can continue to increase after the date of the original CO, so the amount at time of CO can be less than the current debt.

The creditor is then required to report the DOFD to the CRA no later than 90 days after reporting of the CO.

The term "settled" means the debt is discharged.  It is usually used in credit reporting terminology to differentiate a debt that was paid in full from a debt that was paid for less than the full amount.  A settled debt is legally discharged, and thus comprises payment in full for the debt.

The final, updated reporting appears correct.

The issue is whether it accurately reflects the account, not whether it reflects additions from any prior reporting.