How long do creditors have to update a paid CO

hippychic823 · ‎03-01-2017

I had a $200 CO from Synchrony Bank for an American Eagle card that was CO in 2015 and sold to a CA called the Northland Group. The Northland Group wasn't reporting on my CR'S but the OC was and they were reporting it monthly with a 200 balance.
I PIF to Northland Group on 1/24/17 and received a letter from them stating the account was PIF. I waited patiently for the OC, Synchrony Bank, to update my CO as PIF with a zero balance. I pulled my CR'S today and it looks like they didn't report for February, account is showing as an open CO with a balance.
I called Synchrony today asking when they'll update on my CR'S and they are saying that it will show the updated status in April!??? If I mail the CRA's the letter from Northland Group showing that this account has been PIF since January would this be grounds for dispute and possible deletion due to inaccurate reporting?
It really ticks me off that they were able to update monthly on thr 23rd of every month for the last two years showing that I owed but as soon as I PIF suddenly they stop updating and won't update til April?? Seems unfair

Anonymous · ‎03-01-2017

Unfortunately, the creditor has 6 months to update information on the account. However, you CAN dispute that the account is paid in full, marking both last payment received and account balance as being incorrect. You can include your letter stating that it was paid in full as supporting documentation. It will either be updated or removed within 30 days with the dispute.

hippychic823 · ‎03-01-2017

I really don't want to dispute because I'm hoping to GW in a few months for removal. The only way I would dispute is if I were certain that the dispute would result in removal. But, if it wouldn't result in removal I don't want to dispute and risk messing up my chances for a GW deletion. It is just frustrating that they managed to update it like clockwork on the 23rd of every month for the last 2 years when I owed a balance and now that it's PIF they say the new PIF status won't reflect on my CR'S until April. I was just wanting a prompt update on my CR'S. For me, seeing the fruits of my rebuilding labor on my CR'S keeps me motivated to keep going.

RobertEG · ‎03-01-2017

Resolution of any dispute of the accuracy of reporting can be resolved by correction of the asserted inaccuracy.

Deletion is only mandated if the information cannot be verified or corrected.

Additionally, if the dispute relates to the balance, then verification/correction/deletion would only apply to that information, not the entire account or derogs reported under the account.

In the case of the current balance, deletion would not be mandated. An account must have a currrent balance.

In resolving a dispute, if the creditor fails to verify or correct, it would fall to the CRA to make that determination.

They have the power to update the balance to $0 per the assertion in the dispute without any requirment to delete other accurate reporting.

If the creditor fails to make what you consider to be a required update within a reasonable time, then you can file a formal complaint with the CFPB.

hippychic823 · ‎03-01-2017

I feel like one month is a reasonable time, especially when they've reported monthly historically. I, more than likely, will not file a CFPD report because I'm so unfamiliar with the regulations and terminology in the credit world so I would have no idea of what to say or how to say it lol and it still probably wouldn't remove the account from my CR's so I'll just wait until April and see if the updated balance is reflected then.