Cavalry is slow to update

Anonymous · ‎07-21-2016

I was served with court papers in January for a Cap1 CO for $3,600.00 by a law firm acting on behalf of Cavalry. I was able to call the firm and negotiate a settlement for monthly payments equaling the entire amount. If I defaulted on the agreement they would get a judgement against me. This paperwork was all filed at the local courthouse, and I have copies of it. I paid off the entire amount way ahead of schedule after moving some funds around and made 3 payments last monday to finish off the remaining $2k. They have transferred all but $480 to Cavalry which shows my balance due on their website. I have tried emailing the law firm and Cavalry and am getting nowhere.

I just want the balance to show 0 by the next time it's reported to the CRA's, which in past months has typically been around the 27th. I need to buy a car in the next month and don't want to have to wait until the next reporting cycle. I should mention I re-read the paperwork and I was also responsible for $138 in court filing fees, which I paid 3 days ago. Do they have to file something at the court? I know I'm being impatient but everytime I made a payment in the past it was reflected in my balance due within a few days. I'd just like to know what is keeping them from updating my account to a 0 balance with this last payment.

Has anyone else experienced this?

RobertEG · ‎07-21-2016

They apparently filed a civil action, but you reached a pre-trial settlement prior to trial?

If so, the civil complaint should have been dismissed, and no judgment entered.

The court case should apparently have been closed based on your settlement, and no judgment posted to the public record.

As for update, FCRA 623(a)(2) requires any party who has reported information to a CRA to "promptly" update that reporting so as to reflect its current accuracy.

While to specific period in days or weeks is set forth in the statute, they should have updated at least in their next regular reporting cycle to the CRAs.

It is not unreasonable or uncommon for such regular updates to take a month and a half or so.

Anonymous · ‎07-21-2016

@RobertEG wrote:
They apparently filed a civil action, but you reached a pre-trial settlement prior to trial?
If so, the civil complaint should have been dismissed, and no judgment entered.
The court case should apparently have been closed based on your settlement, and no judgment posted to the public record.

As for update, FCRA 623(a)(2) requires any party who has reported information to a CRA to "promptly" update that reporting so as to reflect its current accuracy.
While to specific period in days or weeks is set forth in the statute, they should have updated at least in their next regular reporting cycle to the CRAs.
It is not unreasonable or uncommon for such regular updates to take a month and a half or so.

Thank you for your reply!

That is correct, we reached a pre-trial settlement. No judgement has been entered as of this point and no judgement should be entered based on them accepting my final payment. I just want them to finalize any paperwork and acknowledge that I have satisfied the terms of the agreement. They updated my balance so quickly for past payments and now with this last payment they are taking their sweet time. I'd like to have them do one last reporting for a 0 balance to the CRA's so I can start to see the CO fade into the distance in my rear view mirror.

I believe based on the DoFD this should fall off my reports in about 30 months. I'm not exactly sure how it will impact my scores but I'm sure once they stop reporting and there is 0 past due it can only help them go up with each passing month. Especially since this CO is pretty old at this point. The only other baddie on my report is a late from a student loan that is due to fall off in 20 months.