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HELP!! Can they do this? CRA Reporting CO and Collections as Delinquent

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Ladybugz
Valued Member

HELP!! Can they do this? CRA Reporting CO and Collections as Delinquent

Hi myFico Family. Here's my question with backstory...

 

After a period of long-term unemployment and now under-employment, I have 3 baddies on my reports. 

  1. Auto Loan CO; Bal 0.00; Acct Status: Closed; Pmt Status: Charge-off (No DFD listed but 8/2012)
  2. Collection resulting from the Auto Loan CO; Bal: 8,000; Past Due: 8,000; Date Opened: 6/2015; Account Status: (Blank); Monthly Pmt: 0.00; Pmt Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department; Terms: 1 month
  3. Collection; Bal: 10,000; Past Due: 10,000; Date Opened: 6/2015; Account Status: (Blank); Monthly Pmt: 0.00; Pmt Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department; Terms: 1 month

Experian is reporting:

Late payments: 3
Time since late: 7 month(s)
Public records:0
Collection accounts: 2
 
I only have student loans and 3 credit cards that are paid on time every month with util 3-25% (thanks myFico Forum).
 
EXP says the late payments are for my collections.  How can they be late if I've never paid and don't have payment arrangements with any CAs? Can they do this?  I don't have any payment arrangements with the CAs. I couldn't find the relevant areas of the FCRA that addresses HOW they should report.  Please help!! Thanks for reading this. I will tackle their removal but still wanted to know if they can do this.
 
I have purposefully kept my debt low so I can qualify for FHA loan.  Turns out if collections are outstanding, FHA requires that 5% of the amounts be added to DTI.  I simply cannot afford that Smiley Sad

 


Starting Score 4/10/15: EQ 627; TU 629; EX 666
Current Score 12/1/15: EQ 711; TU 647; EX 650

Mortgage Score 7/9/15:
EQ 694; TU 682; EX 610
Immediate Goal: Mortgage Middle Score: 680

Message 1 of 6
5 REPLIES 5
RobertEG
Legendary Contributor

Re: HELP!! Can they do this? CRA Reporting CO and Collections as Delinquent

You dont have monthly delinquencies with a debt collector.

Monthly delinquencies are reportable based on being delinquent on billing from a creditor.

 

There are no codes for recording any reporting or monthly delinquencies by a debt collector.

Commercial credit reports will often make reference to events and items that occured under an OC account when formatting the collection.

Any collection is, by definition, based on a delinquent debt.

Message 2 of 6
Ladybugz
Valued Member

Re: HELP!! Can they do this? CRA Reporting CO and Collections as Delinquent

Thanks for responding RobertEG.

 

I didn't think so either. Again, I have one student loan payment and 2 CC and 1 Store card - Never ever late and 3% utilization - except for Christmas statement at 24% Smiley Happy).

 

So I called EXP - twice. I said I am not lodging a dispute I need you to tell me which accounts are reporting late payments so I can take it up with the furnisher. One rep looked over my report with  hemmed and hawed then as if  a light bulb went off, said, "It's the collections". I asked the same questions of him that I'm asking here, how can I have late payments if I don't have a payment agreement with them and have never made a payment. His answer was jumpled but I just thought I hadn't gotten that far in the FCRA yet, LOL.

 

Can you offer any recommendation as to how I proceed from here?  Do I request that they report them correctly? Anything else? And direction would be greatly appreciated.  Thank you.


Starting Score 4/10/15: EQ 627; TU 629; EX 666
Current Score 12/1/15: EQ 711; TU 647; EX 650

Mortgage Score 7/9/15:
EQ 694; TU 682; EX 610
Immediate Goal: Mortgage Middle Score: 680

Message 3 of 6
Anonymous
Not applicable

Re: HELP!! Can they do this? CRA Reporting CO and Collections as Delinquent

The collections could be updating each month which would show up as recent derogatories.
Message 4 of 6
RobertEG
Legendary Contributor

Re: HELP!! Can they do this? CRA Reporting CO and Collections as Delinquent

Please post a copy of the payment history reporting of your credit report that shows the alleged delinquencies, by month and year of the assered delinquency.

Message 5 of 6
Ladybugz
Valued Member

Re: HELP!! Can they do this? CRA Reporting CO and Collections as Delinquent

Alas! I have not contributed enough to the Forum Smiley Sad  to warrant use of the image feature - and rightly so.  I will start chiming in in areas where I think I can add value to the conversation.  If I may describe the account summary and payment  history to you, please. Here goes!

 

Summary 

Installments (car icon)

Delinquent : 1

 

Collections (palm open with $ above it)

Delinquent: 2

 

24 Month Payment History:

CA: History from 2/2014-1/2016 - All ND's with CO's at 3/2014, 5/2014, 3/2015, 4/2015, 7/2015, 11/2015, 12/2015, 1/2016

Auto CO: History from 7/2013-6/2015 - All CO's except OK at 6/2015 (when loan transferred/sold to CA (below)).

CA (from auto CO): History from 1/2014-12/2015 - All blank thru 8/2015 then CO at 9/2015, 11/2015, 12/2015; ND at 10/2015

 

I hope you can picture what I am describing.  What do you think I should do from here? If you point me to the Regulation and Section I would try to understand it :/ 

 

Has anyone else ever heard of this kind of CRA reporting and what did you do about it?  Any input is appreciated.  Thanks

 

 

 


Starting Score 4/10/15: EQ 627; TU 629; EX 666
Current Score 12/1/15: EQ 711; TU 647; EX 650

Mortgage Score 7/9/15:
EQ 694; TU 682; EX 610
Immediate Goal: Mortgage Middle Score: 680

Message 6 of 6
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