CRA vs. CA vs. OC

[dresnoone]

If you enter into an agreement with an original creditor (OC) or collection agency (CA) for payment and a particular status update for an account thereafter receipt of payment, if the credit reporting agency doesn’t update that status to read what you and the CA or OC agreed upon can you dispute it and have them update the account?

[llecs]

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@dresnoone wrote:

If you enter into an agreement with an original creditor (OC) or collection agency (CA) for payment and a particular status update for an account thereafter receipt of payment, if the credit reporting agency doesn’t update that status to read what you and the CA or OC agreed upon can you dispute it and have them update the account?

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I wouldn't dispute and that's because it is the OC and/or CA that updated the info in the first place to the CRAs. It's the OC or the CA that would have failed to uphold their end of the deal. I'd call the OC or CA or fax over the agreement and kindly remind them. Also, some CAs or OCs only update 1x/month so in anything, give them 30-45 days to make those changes.

[dresnoone]

Thank you for responding, here's what I've found. I spoke with someone from Transunion who said that despite the creditor (OC or CA) telling them how to update the information, they update it according to their specifications. Example, if BOA says they want to report a charged-off account as settled in full, Transunion reserves the right to update it as Paid charged-off. Also, if you submit supporting documentation they don't have to consider it, there's certain criteria that the documentation must meet unbeknownst to the consumers before it's considered with your dispute. Equifax is the same regarding updating an account or payment status, they'll us their own terminology and place whatever the creditor and consumer agreed upon in the additional information or comments section.