Lates Reported After Acct Was Closed.

[Anonymous]

Is it possible to report lates on an account a year after that account was closed?

[Anonymous]

Yes. As long as the OC holds the account and there is an unpaid balance, you are expected to continue your payments, whether its open or closed. Most of the time they will stop monthly reporting when the account is charged off.

This is the reason Charged Off credit cards are so damaging to your credit. Not only is the CO a major derog, the lates are also a major derog, and when it goes to collection its a third major derog.

[Anonymous]

Ok, that clears some things up for me. My situation is a little diffrent though, let me explain a little more. I have a loan that was closed and transfered to another office. The new loan with the company that picked up the debt from the OC had a payment and reported on time for Oct. However, the company that transfered the loan reports 120 days late for Oct out of the blue. There was no activity on the account since the company transfered it. This all appeared after I disputed the account last year. Prior to that Oct did not have a late on it, only after the dispute was verified did the late appear.

[Anonymous]

What was the reason for the original dispute?

[RobertEG]

Kinda confusing as to what "transferred to another office" meant or involved.

If the OC sold/transgerred ownership, they were no longer the owner, and thus had no debt owed to them. Thus, they would no  longer report continued delinquency with them.  If the debt was delinquent when sold, the new owner would be a debt collector. They would not report that you were either delinquent or on time with anything dealing with the OC account.

Who owned the debt in October?  If it was still the OC and the account was delinquent at the time, then their reporting would be accurate.

The date when they later reported would not be relevant to whether the reporting is accurate.

[Anonymous]

These are student loans. I had defaulted on them and went through a student loan rehab program. I was under the impression that after the rehab was complete, all derogatory trade lines would be removed. I know now that is not the case and its really just luck of the draw as far as getting old trad lines removed. So, after the rehab was completed I disputed all of the old trade lines. Sallie Mae verified them as accurate and left me with a nice little 120 days pd for October of 2013. Meanwhile, January through October 2013 I was paying the CA handling the rehab. Sallie Mae picked up the loan again after the rehab was complete in Oct or Nov 2013. 

The he reason I question the whole thing is that I was paying on it and this late just popped up out of the blue. 

[RobertEG]

The issue is whether it was delinquent in the month they reported it to have been delinquent, not when they reported it.

There is no required period after occurence of a delinquency in which it is required to be reported to a CRA.