11-14-2012 01:11 PM
I had a First Premier account charged off back in November of 2007. I started receiving notices from First National Collection Agency (?) at the first of the year. I called First Premier and they told me they no longer had the account. The CA was not reporting on my CBR, so I agreed to settle with them in March in hopes they would not show up on CBR. Within a few weeks, the original First Premier charge off was updated to show settled, and I got a nice score bump (utilization went down). I have not seen my EQ report since then (had to cancel scorewatch for a bit), but today I reactivated scorewatch and was surprised when it said one of the negative factors affecting my score was recent lates. First Premier apparently went back and changed every month prior to March to show 120+ late. My score has stayed about the same since March, even though I have added some credit cards (only 1 in March) and a collection fell off. I have not had any late payments on anything since the original First Premier charge off in 2007. Can they do that? If they sold to CA can they continue to report late? Seems a bit fishy to me.
11-14-2012 01:29 PM
First Premiere is complete scumbags. I had a deal where they are continually rolling over a late payment showing that I've had recent lates even after I settled with the collection agency. I have worked throught the credit bureaus with no success. I worked through the BBB and they did amend the mistake. I felt like they owed me for making me chase them for four months and asked them to remove, but they are so rightous and they refused. My goal is to see them blacklisted on this forum and have members stop using them as part of their rebuild. There is strength in numbers.
11-14-2012 01:49 PM
The fact that they took and reported a charge-off is immaterial to continued delinquency on the debt, as a charge-off removes the debt from their internal assets, and not from consumer oblitation to pay the entire debt.
Thus, provided they still owned the debt, it was permissible for them to continue to report your level of continued delinquency with them.
When did they actually sell the debt? Once sold, no, you no longer can have reportable lates with them, but they can go back and update delinquencies while the debt was still owed to them.
If they sold the debt prior to its payment, which is apparently the case, then they were required at that time tohave reported $0 debt balance on their account. that terminates their obligation. Later settlement with the new owner would then become irrelevant to them, so I suspect their reporting was one of having sold the debt, not of its later settlement with the new owner.
11-14-2012 05:12 PM
Yes, they can report the lates up until the time it was sold to the CA. Why they went back and reported all those lates? Seems sometimes it's out of spite. The unfortunate part is, it's not inappropriate. Send GWs to First Premier. Good Luck.
11-15-2012 10:58 AM
I guess I need to find out when it was actually sold to the collection agency. I know it was sold to them before March, because the CA sent me a few notices before I ever contacted them. FP is reporting 120+ lates up until April, so that is definitely incorrect. I think I am going to write a letter to FP requesting the dates it was sold to CA and go from there. I have two paid judgements from (2008 and 2009) and this FP account as my only negatives left. I will likely have to wait for the judgements to age off since I have no good reason for them to be vacated, but it least there is already a few years since they happened so their impact on my score is maybe not as bad. Now this FP crap makes it look like I have been super late recently which is probably really hurting my score. Ugh.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO