Help needed on Verizon account reporting

[Anonymous]

My Verizon account is reporting under revolving when I pulled myFICO report.  It shows all three under revolving; however, one shows "open" and "collection account" with a $0 balance and the others show "closed" and "payment after chargeoff/collection" with a $0 balance. Is this right for them to do?  Working on rebuilding and would love if someone could help me out! 

Account 14 of 17

Profile

COMPANY	Verizon Wireless/Sou	Verizon Wireless - South	Verizon Wireless
LOAN TYPE	Unknown	Phone	Unknown
ACCOUNT NUMBER	-	XXXXXXXXX	XXXXXXXXXX
ACCOUNT HOLDER	Individual	Individual Account	Individual
DATE OPENED	Sep, 2009	Sep, 2009	Sep, 2009
Status   STATUS DATE Jun, 2015 Feb, 2014 Feb, 2014 CONDITION Open Closed Closed LAST ACTIVITY Jul, 2011 Jan, 2014 Not Available BALANCE $0 $0 - STATUS Collection account Payment after charge off/collection Account legally paid in full for less than the full balance

[RobertEG]

There appear to be incosistencies in reporting, but they are clearly correctible.

All inforamtion appears to correctly reflect past history, and the issue is whether it correctly reflects the current status.

The account was apparently delinquent, then charge-off and referred to a debt collector, and then settled for less than the full amount.

Correct updating should now show that the account is closed, that the current status is paid, and optiionally, that it was settled for less than the full amount.

It is no longer delinquent, so current status, which is only a snapshot as of their last reporting, should show paid, and optionally could add the additional special comment that it was paid for less than the full amount.

REference to the charge-off or collection is proper, as it remains in your history profile, but should no longer show as current status.

You can dispute and get it consistent, but it will not require deletion of the account or any of the information, only an update to correctly show its curent status with each CRA.

It is more a formalilty at this point than a matter of substance......

[Anonymous]

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@RobertEG wrote:

There appear to be incosistencies in reporting, but they are clearly correctible.

All inforamtion appears to correctly reflect past history, and the issue is whether it correctly reflects the current status.

The account was apparently delinquent, then charge-off and referred to a debt collector, and then settled for less than the full amount.

Correct updating should now show that the account is closed, that the current status is paid, and optiionally, that it was settled for less than the full amount.

It is no longer delinquent, so current status, which is only a snapshot as of their last reporting, should show paid, and optionally could add the additional special comment that it was paid for less than the full amount.

REference to the charge-off or collection is proper, as it remains in your history profile, but should no longer show as current status.

You can dispute and get it consistent, but it will not require deletion of the account or any of the information, only an update to correctly show its curent status with each CRA.

It is more a formalilty at this point than a matter of substance......

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@Anonymous @RobertEG!  Should I see a change in my score once it is reporting correctly across all bureaus? I've disputed this before and it still wasn't corrected.  So I'm really uncertain as to what I need to do next.

[RobertEG]

No.

Derogs, such as any charge-off or collection, continue to be included in your credit report.

They will still be picked up by FICO and continue to be scored.

Current status is the issue here,and FICO does not remove derogs from scoring once the current status is updated from a delinquency status to a non-delinquent, paid status.

Thus, it is not a substantive issue as per your credit scoring.

[Anonymous]

Thanks @RobertEG! That's good to know! I'm still going to have it corrected on my report, one way or another!