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Recently paid off the FP charge off balance. I got an email alert from myfico.com notifying me that my experian fico jumped 43 points.
First Premier reported the balance as Zero and the past due balance as zero. They, also, removed the 60 and 90 day lates.
However, they left the status and comments as "charged off account".
Any suggestions on if a GW letter will help change the status and comments to Paid in full or Closed?
Thanks,
Was it charged off?
Yes.
Account opened in 2009 and charged off in 2011. Credit limit was $250, past due balance listed as charge off was $373.
FP sent this account Jefferson Capital for collection, but I was able to cut it off before Jefferson Capital reported the account. Jefferson had this account for over 2 years and never reported to CRA.
FP Charge off journey update.....
I paid First Premier charge off in full in Nov 2014. The account still has been showing charge off status in EQ report. I dispute the status with both EQ and FP bank trying to get the account to report as Closed or Paid instead of the charge off comment in the account status area. Each time I dispute my FICO climbs a little and wthen falls back down when the dispute is competed. The account is schedule to fall off in 2018.
The kicker is this time the dispute with EQ is showing pending completion on Jan 30th 2015.....yet myfico is showing a 37 point jump.
GW letter has not worked (sent 3 GW letters over last 2 months). I am submitting a complaint to CFPB in hopes that additional pressure from them would convince FP to change the reporting status to Closed or Paid. The CFPB has referreed my complaint to Federal Reserve.
SHould I just let it ride and hope the fico score stays up....or continue to dispute directly and through CRA and CFPB?
Any suggestions....
@slund5499 wrote:FP Charge off journey update.....
I paid First Premier charge off in full in Nov 2014. The account still has been showing charge off status in EQ report. I dispute the status with both EQ and FP bank trying to get the account to report as Closed or Paid instead of the charge off comment in the account status area. Each time I dispute my FICO climbs a little and wthen falls back down when the dispute is competed. The account is schedule to fall off in 2018.
The kicker is this time the dispute with EQ is showing pending completion on Jan 30th 2015.....yet myfico is showing a 37 point jump.
GW letter has not worked (sent 3 GW letters over last 2 months). I am submitting a complaint to CFPB in hopes that additional pressure from them would convince FP to change the reporting status to Closed or Paid. The CFPB has referreed my complaint to Federal Reserve.
SHould I just let it ride and hope the fico score stays up....or continue to dispute directly and through CRA and CFPB?
Any suggestions....
Just because you pay the CO doesnt change its status, once an account is COed it is that forever, it can never again be a current paid as agreed account. What does have to be done is the balance updated to 0 and if that hasnt been done then you have a basis for dispute. They are not required to put in a comment of closed or paid as that can clearly be seen from the 0 balance due.
@slund5499 wrote:FP Charge off journey update.....
I paid First Premier charge off in full in Nov 2014. The account still has been showing charge off status in EQ report. I dispute the status with both EQ and FP bank trying to get the account to report as Closed or Paid instead of the charge off comment in the account status area. Each time I dispute my FICO climbs a little and wthen falls back down when the dispute is competed. The account is schedule to fall off in 2018.
The kicker is this time the dispute with EQ is showing pending completion on Jan 30th 2015.....yet myfico is showing a 37 point jump.
GW letter has not worked (sent 3 GW letters over last 2 months). I am submitting a complaint to CFPB in hopes that additional pressure from them would convince FP to change the reporting status to Closed or Paid. The CFPB has referreed my complaint to Federal Reserve.
SHould I just let it ride and hope the fico score stays up....or continue to dispute directly and through CRA and CFPB?
Any suggestions....
You don't have a case with the CFPB; the TL is reporting correctly. As the poster above me said, a charged off account will always maintain that status, even if it is paid after the fact. Your best bet is to try to GW First Premier to delete the TL entirely.
I disagree. The tradeline is still reporting as collection account on EX. Eperian refuses to inestigate or accept the dispute.
FP is reporting the paid charge off as a colletion account on EX. I have sent GW letters twice will no luck. First reply stated that they refuse to delete the account and that it is being reported correctly. The second response states that they will not reply to my letters, any further, regarding this account.
@slund5499 wrote:I disagree. The tradeline is still reporting as collection account on EX. Eperian refuses to inestigate or accept the dispute.
Whether you disagree or not doesn't change the fact that the TL is reporting correctly. Paying a collection account or a charge off does not make it revert to good status. The collection or charge off indicator remains for posterity.
Edit: For clarification, by "posterity," I mean until the account ages off or is otherwise removed from your credit reports.
@Leadberry wrote:
@slund5499 wrote:I disagree. The tradeline is still reporting as collection account on EX. Eperian refuses to inestigate or accept the dispute.
Whether you disagree or not doesn't change the fact that the TL is reporting correctly. Paying a collection account or a charge off does not make it revert to good status. The collection or charge off indicator remains for posterity.
Glad I know this. I'm gonna really have to bargain for deletion on the collection I'm dealing with then.