Negative account on CR shows up after one year and status is Pays as Agreed

[cafenatir]

Hello,

I pulled Equifax and found that I have 1 Negative Account - which happens to be a closed account with status - Pays as Agreed. This was for a car loan through a credit union - ACU. The Date of Last Activity (accurately listed on CR) was 02/2014 - which is around the time I paid them off. They are showing all payments ON TIME except for one - May 2013, which was 30 days late.

Although the account was paid off 2/14, the CR shows on time payments through Feb. 2015 - this is incorrect as I paid in full Feb. 2014 and no additional payments were made.  According to the CR, this account was reported on 03/31/2015.

As a note - I had called the creditor to indicate I was going to be late that month and was 'verbally granted' a pardon. Now, one year after the account was paid in full and paid EARLY, they report as negative account based on that ONE 30 day late event.

My questions:

1. Can I dispute this account based on the incorrect report that the account was active a year after last date of activity? Is that even wise when I want it to be removed altogether?
   
   
2. Is there a time frame creditors have to work within to publish negative information?
   
   
3. Any advice on how to remove this negative account?

[gdale6]

---

@cafenatir wrote:

Hello,

I pulled Equifax and found that I have 1 Negative Account - which happens to be a closed account with status - Pays as Agreed. This was for a car loan through a credit union - ACU. The Date of Last Activity (accurately listed on CR) was 02/2014 - which is around the time I paid them off. They are showing all payments ON TIME except for one - May 2013, which was 30 days late.

Although the account was paid off 2/14, the CR shows on time payments through Feb. 2015 - this is incorrect as I paid in full Feb. 2014 and no additional payments were made.  According to the CR, this account was reported on 03/31/2015.

As a note - I had called the creditor to indicate I was going to be late that month and was 'verbally granted' a pardon. Now, one year after the account was paid in full and paid EARLY, they report as negative account based on that ONE 30 day late event.

My questions:

1. Can I dispute this account based on the incorrect report that the account was active a year after last date of activity? Is that even wise when I want it to be removed altogether?
   
   
2. Is there a time frame creditors have to work within to publish negative information?
   
   
3. Any advice on how to remove this negative account?

---

I would not dispute it, could end up with some unitended consequences or its complete removal a 30 day late typically impacts Fico for the first 2 yrs then is lessens greatly. Individual lates in a closed or open paid as agreed account remain on file for 7 years and the way to go after that late is with a GW letter to the CEO asking for forgiveness.    http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

[gdale6]

---

@cafenatir wrote:

Hello,

I pulled Equifax and found that I have 1 Negative Account - which happens to be a closed account with status - Pays as Agreed. This was for a car loan through a credit union - ACU. The Date of Last Activity (accurately listed on CR) was 02/2014 - which is around the time I paid them off. They are showing all payments ON TIME except for one - May 2013, which was 30 days late.

Although the account was paid off 2/14, the CR shows on time payments through Feb. 2015 - this is incorrect as I paid in full Feb. 2014 and no additional payments were made.  According to the CR, this account was reported on 03/31/2015.

As a note - I had called the creditor to indicate I was going to be late that month and was 'verbally granted' a pardon. Now, one year after the account was paid in full and paid EARLY, they report as negative account based on that ONE 30 day late event.

My questions:

1. Can I dispute this account based on the incorrect report that the account was active a year after last date of activity? Is that even wise when I want it to be removed altogether?
   
   
2. Is there a time frame creditors have to work within to publish negative information?
   
   
3. Any advice on how to remove this negative account?

---

I would not dispute it, could end up with some unitended consequences or its complete removal a 30 day late typically impacts Fico for the first 2 yrs then is lessens greatly. Individual lates in a closed or open paid as agreed account remain on file for 7 years and the way to go after that late is with a GW letter to the CEO asking for forgiveness.    http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

[cafenatir]

Thanks for the advice gdale6.  I will try a GW letter; I had not even thought about that as a possible alternative before.

[RobertEG]

+1

There is no time period after which a derog occurs in which it can no longer be reported.

The only requirement for reporting is that it must not knowingly be inaccurate.

Disputes, even on closed accounts after the fact, can result in addition of previously unreported derogs.