Charge off reporting late payment

[RobertEG]

Payment history showing in a CR is most likely taken from the OC segment of the credit file, as there are no payment history profile reporting codes for collections.

Again,it might well be a formatting issue rather than reporting actually made of delinquencies of non-existent billing on a collection.

All collections have a currrent status of Open until the collection is terminated, either by termination of their collection authority, payment of the debt, or sale of the debt.

I would not dispute the current status of Open as an inaccuracy.

[guiness56]

If it is hurting their score when a late is reported each month, it has to be more than the OC portion.

[Crossdivided]

Done x3. Ill let ya know.

[jason4]

So what should i do to get rid of it? File another online dispute?

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@guiness56 wrote:

No, a CA cannot report lates.  I bet you they are reporting as a factoring company.  They are trying to report as an OC and that is a no no.

A CA is a CA not matter what they call themselves.

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[jason4]

I made a call to Equifax to dispute the recent missed payment by the collection account. They told me on their end it does show they posted a late, just some codes that mean collection account. All my other accounts are in good standing, so that recent late payment must be from them posting 120+ late on January. I pulled my Transunion report and its completely different, its listed in the collections section and I have no recent late payments. Im so confused

[Shogun]

Here is my take on this situation.  Sometimes the information gets "skewed" when pulling from certain places. Although it may show up as a late on a certain report, it might actually have been reported that way and is not showing up on your actual CR from the actual CRA.

Now here is my problem with this.  With the reporting as a factoring agency, there is the possibility of this information "accidently" being reported incorrectly in this manner. But I feel that if they were to report as they should, as a CA then this wouldn't happen.  I do not like the game that the CAs play in this type of reporting.  I expect them to play by the rules but alas, that just doesn't happen.

[guiness56]

I agree information gets skewed.  But, if and when the skewing causes scoring issues something needs to be done.

They are not a factoring company in the true sense of what a factoring company is.  They are debt buyers, plain and simple.  A debt buyer is a CA.  In the reporting resources a debt buyer, factoring company and CA use different codes for the type of company they are.  In my opionion, they all should use the same code, that of a CA.

I don't recall until they started using the factoring company identity having any issues with a collection being reported.  They were always in the collection section, no lates anywhere on the report etc.  So this is causing issues.

IMO, every one should make copies of their reports and send those with a letter to the FTC with complaints about how they are using the factoring company to get around reporting as a straight out collections.

CAs generally don't play by the rules but this is getting out of hand.

[fishbjc]

Go get em Tiger!  Let us know the updates, will ya?  It helps everyone!