12-19-2012 05:50 PM
The OC isn't updating the balance. I'd wait until it's paid to address this. You could dispute, but that would just update it to now, they probably wouldn't keep it up to date and you'd have the same problem when it's paid off.
12-24-2012 08:42 PM
Just a Question, if best buy charged off the 3900 shouldn't their balance read 0 as the original creditor with a charged off status and the CA should have an accurate original balance of 3900, 2000 after reflecting payments??
12-25-2012 03:02 AM
As for the OC reporting, it depends upon what they are reporting.
Charge-offs have two separate reporting codes, one for the original amount charged-off, which would not decrease, and the other for the current debt balance.
If the OC has sold the debt, there is no more debt balance to them, so current balance should read $0. However, your credit file still contains the amount originally charged off. How is the amount being reported?
Debt collector reporting reflects the amount the amount of debt they are authorized to attempt to collect. If the debt collector purchases the debt, that amount also becomes the amount of debt owed to them. The debt collector should be decreasing the debt balance as payments are made, but they often dont.
If you wish your CR to accurately reflect the current amount of the debt balance, then you can certainly dispute their failure to comply with FCRA 623(a)(2), which requires a furnisher, once having reported information, to "promptly" update that information so as to maintain its current accuracy.
12-25-2012 03:20 AM
If the OC charged off the account and assigned it to a CA, they can both show the current balance. They should also both update with new balances as it is paid down.
If the OC charged off and subsequently sold the account, then then OC has to show a 0 balance. The CA would show the current balance.
01-30-2013 06:04 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.