OC verified balance on account they no longer own Help!

[ndkblondie]

I have a charge off with US Bank that is reporting a balance when they no longer own the account.  I spoke to US Bank on the phone they said it had reverted back to the SBA (it is a Small Business Administration company loan that was personally guaranteed by us) and that they can't accept payment on it but they are reserving the right to report the remainder of the balance.  They said they charged off half of it and were paid the other half by the government because SBA loans are federally insured.  They are reporting 13,675 as a balance.  I told them that I have letters from the SBA and from a collector the SBA is using to collect the full amount of 23k and that they can't report a balance because I can't owe this same debt to all three of them.  They said they would continue to report it.

I disputed with Experian online and it came back verified with the Balance of 13,675 and to make it worse, they made a mistake in the Status section, it now says that $113,675 was past due on June 2013.  Yes, no typo, they said ONE HUNDRED THOUSAND instead of thirteen thousand.

What can I do when this already came back verified when it should be 0 and now they are showing a hundred thousand dollars more due than they should?  I feel this "error" was done on purpose to make things more difficult.  

Part of the problem is that the SBA and it's collection agency aren't reporting to the credit bureau but that doesn't change the fact that they US Bank can't legally report a balance on debt they don't own does it?

[RobertEG]

It appears that they are saing that they are still the "owner" of the debt, and that SBA is the guarantor, and thus has an interest?

If so, they would apparently still have an interest in the debt that would not require them to report a debt balance of $0.

Regardless, they have veirfied that they still consider themselves as the owner, and thus the dispute is concluded.

The dispute process is an administrative process that requires only that they conduct a reasonable inestigation, and based on that investigation, either notify the CRA that it has been found to be accuarate, correct so as to make it accurate, or notify the CRA that they cannot vefity the accuracy, resulting in deletion by the CRA.

If you still disagree, there is no "appeal" under the dispute process.  The dispute process has no requirement for the furnisher to document or "prove" their finding.

You can seek further action by other means, such as bringing civil action and requriing them to produce ther factual basis, or filing a complaint with the FTC.

[ndkblondie]

What about the fact that they put 113,675 instead of 13,675 in the status section of the tradeline?

[ndkblondie]

SUCCESS after much prodding and many complaints.

TU         Deleted

Exp        Deleted

Equifax  Updated to 0 balance  (come on, really?  Just take it off already!)

))  First big win on the journey!

[klondike]

Can you provide some more details on what worked for you?

[ndkblondie]

Sure,

I missed a step that I should have done right away, the 623 dispute, this made things a lot more difficult.  I am still learning so it was definitely a choppy road but here is what I did.

I started with calling the OC and when they wouldn't budge I went to the CRA's.  

First attempt cra's:  TU Deleted one because they were double reporting but then later reinserted it, Exp and EQ verified

Next I went to the CPFB and filed a complaint against the OC, their response to me was to go kick rocks with a total lack of respect for CFPB.

I then filed a CPFB complaint against TU for allowing a reinsertion and Exp for shenanigans like changing the balance from 1300 to 13k to 113k.  They both deleted.

Finally, I filed another dispute with EQ with all the documentation from the above process and they updated the tradeline to a 0 balance but wouldn't delete.  I actually think it turned out better with the 0 balance instead of the deletion score wise because suddenly my EQ score is highest and it was the lowest before.  I don't understand utility yet but thinking it has something to do with that.

Hope that helps, each one is it's own animal.  I'm working on lvnv and portfolio now and they are their own beasts, the process is different for each one I think.

[ndkblondie]

UPDATE:

Equifax deleted after I complained they are lame for simply updating the balance to 0 and that TU and EXP both deleted.  WOOOHOOO!

This is my first deletion across all three cra's!  Thank you myfico friends!