Need Advice: Is this a good TL update?

[Aspireto850]

I would like your advice but a little background first.

I had a credit card ( dept store) that CO'd in 2009 and was sold to a CA. I paid the CA in full earlier this year and was able to,get the CA TL deleted off my CR. 

I contacted the OC two weeks ago and they agreed to removed reference to CO and This is how it's reporting now:

NEW:

Status: transferred

Pay status: current, pays as agreed

High Balance: $0 ( the old reporting showed $1397)

Opened: 11/97

Date of Last Pmt: 12/2007

Date Updated: 8/12

Date closed: 2008

Comments: purchased by another lender/transfer sold

81 month history still showing CO from 2008-2009 even though account has changed from CO to current. 

Is this a good reporting or should I also ask for the historical reporting to be updated? Also, is the Date Updated affecting anything negatively?

Thanks

[RocketChick]

I would like to know also. To me it seems like it would be good, since there is no reference of the chargeoff. But Im not an expert, Im still learning about this credit repair thing myself . ...

@Aspire850 I do have a question for you, when you contacted the OC about the chargeoff, did you ask for removal of the TL or just that they update it to show it was paid?

[Aspireto850]

I asked if they could remove the CO and the Representative said she didn't see it as a CO in her system and then said she would correct it. 

[RocketChick]

oh wow...

[RobertEG]

It's a good update, but is only half a loaf of bread.

When you paid the debt, its current status was required to be updated to paid, and the debt balance updated to $0.

So, to that extent, they only did what was required, and was no "favor."

Once a current status is updated to reflect paid, the level of account delinquency prior to its new current status is still retained in a separate code called your "payment rating."

In your case, that would be its prior status as a CO.  I am assuming, based upon the new reporting, that they deleted the prior payment rating code.

However, they did not update in a manner to fully remove the reporting of the CO by not additionally removing it from your payment history profile.

One reviewing your CR and looking only at the current status and lack of prior adverse status would surmise that no delinquency occured on the account.

However, review of your payment history profile would show them otherwise.

[Aspireto850]

RobertEG,

Thanks so much for ur insight. If I can get the OC to remove the CO from the payment history will this help? Should I expect any kind of score increase with this change?

Thanks

[Dapper_Dan]

---

@RobertEG wrote:

It's a good update, but is only half a loaf of bread.

When you paid the debt, its current status was required to be updated to paid, and the debt balance updated to $0.

So, to that extent, they only did what was required, and was no "favor."

Once a current status is updated to reflect paid, the level of account delinquency prior to its new current status is still retained in a separate code called your "payment rating."

In your case, that would be its prior status as a CO.  I am assuming, based upon the new reporting, that they deleted the prior payment rating code.

However, they did not update in a manner to fully remove the reporting of the CO by not additionally removing it from your payment history profile.

One reviewing your CR and looking only at the current status and lack of prior adverse status would surmise that no delinquency occured on the account.

However, review of your payment history profile would show them otherwise.

---

WOW.  That's news to me!  I did a search on "payment rating" and came across some interesting info to explain that even further:

http://www.spendonlife.ca/guide/credit-payment-ratings

If I was to send a GW letter, I can now include the code I'm looking to receive!  Thanks a ton, RobertEG!