Disputed charged off account and now 50 90+ lates have been added...what to do?

[pinkbetty]

The details of my situation 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Charged-off-account-sold-to-CO-but-only-repor...

Reader's Digest version, a Capital One chargeoff which had been sold to MCM is still being reported with a balance, which is affecting my utilization.

Confirmed today with Cap One that they no longer have the account, that it now belongs to MCM (who I am paying off and who are NOT reporting it to anyone, btw)

and that in order to have the reporting corrected, I would need to file disputes with the CRAs...the account ought to be reporting with a balance of $0.

Filed earlier today with EX and EQ.

Got an alert from Score Watch an hour later saying my score had gone up from 567 to 590.

About two hours later,  get my EQ report and FICO score...and not only has my score gone DOWN to 565, the Cap One account has gone from reporting

90+ days late

3 times (May 2007, Apr 2007, Mar 2007)

to reporting

90+ days late

50 times (Jun 2012, May 2012, Apr 2012, Mar 2012, Feb 2012, Jan 2012, Dec 2011, Nov 2011, Oct 2011, Sep 2011, Aug 2011, Jul 2011, Jun 2011, May 2011, Apr 2011, Mar 2011, Feb 2011, Jan 2011, Dec 2010, Nov 2010, Oct 2010, Sep 2010, Aug 2010, Jul 2010)

      There is also a note "Consumer disputes.-reinvestigation is in progress"

What the heck happened? How do I fix this?  I haven't seen my Experian report yet but I'm afraid it's equally bad.

[llecs]

Looks like they added lates. They can add them for every month up to the month they sold it or it's paid. If the dispute comment is showing though I don't think the drop is the result of this TL. FICO is ignoring the lates. I'd look for other changes. Are you sure the report purchased from EQ includes a FICO? They sell FAKOs too.

[pinkbetty]

I bought the report and score through MyFico, so it's a FICO.

They can add them for every month up to the month they sold it 

They sold it YEARS ago, yet the lates they added are for fifty months going back from last month...long after they sold the debt.

Even if they had only sold it  say a day before I made arrangements with MCM, that would be this April...and they're showing lates beyond that.

[llecs]

Just checking on the score...

Since you have your EQ FICO report, compare the old vs. new. If the dispute comment shows on the new for CapOne, then there's something else impacting your score. BTW, did CapOne report a balance in the new? Or was it $0? Did it change between the two reports? A dispute comment will also lead FICO to ignore the balance and CL. While most folks' COs are over the limit, in some situations a dispute on a CO CC can drop their scores if the CC helped overall util. However, if it was sold as you say it was, then it would have been reporting $0 anyway. Note that even if a CA collects and insists that you pay them, it doesn't mean the CA owns the debt. If CapOne sold the debt, they should have been reporting $0 with no updates beyond that date and a CA may or may not be reporting.

[pinkbetty]

The only change in my whole report is the "dispute" note and the added lates, and until I got the Score Watch notice that my score had gone up to 590, it was 566...so that 25 point spike only lasted a few hours and the end result is I dropped a measly point, which doesn't see too significant.

If you take a quick glance at the post in my link it gives all the details, but basically I disputed because Cap One no longer owns the account but still shows a balance.

They did before I disputed and they do now...the ONLY change is that now they are not only improperly reporting a balance but 47 more lates, and those are improper too since they're for dates AFTER they sold the account.

What do I do? wait till the CRAs tell me the results of the dispute, and then if Cap One is still reporting a balance AND now improperly reported lates,  file with the BBB?

Because not only are they screwing with my utilization, now I'll  have 50 VERY recent 90+ lates bringing me down...and all of that against the FCRA rules.

[pinkbetty]

Oh, and Cap One confirmed yesterday that yes, they have sold the debt to MCM.  

[llecs]

I'd start by getting CapOne to tell you when they sold it and maybe you can get some or all of those lates rolled back. I'd get them to do it in writing. Then I'd start GWing them.

[pinkbetty]

well, I just got the results of the Experian dispute....it's STILL reporting with a balance.  Experian is not showing any "new" lates, but the balance is STILL improperly there...exactly as it was before I disputed.

I should not have to rely on GW from Cap One since they are breaking the law...it's not a matter of "goodwill", it's a violation of the FCRA to report a balance when the account has been charged off  and sold to someone else, or to report lates on an account past the date you sold it.

So who do I go to, to enforce the law?

[llecs]

The problem with disputes is that the CRA is asking the OC/CA, "Is it reporting correctly?". Without proof they'll usually verify it. Could you provide anything to the CRA in writing that it was sold?

[pinkbetty]

You're absolutely right, I'm just irritated and stomping my foot like a little baby.

What I think I'll do is wait until Monday, send an e-mail to Cap One collections laying out the situation and asking very nicely for them to update their reporting correctly.

If I have no response by Thursday, I'll start calling and doing the same thing..eventually I'll be bound to get a CSR with some common sense.