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New Contributor
Posts: 60
Registered: ‎01-11-2017
0

Paid Charge Off

I had one last baddie on credit reports, a $450 charge off from quite a while ago. I wanted to pay it down to $0, because it was showing I was using 100% of my credit on that account. I tried for PFD multiple times with no luck. So really I just wanted to show the debt was paid, it's a legitimate debt. 

 

I paid this debt in full to the OC 3 weeks ago. Balance is still reporting as $450. Can I (or should I) dispute the balance with CRAs to force either a) a balance update in the next 30 days or b) the OC doesn't reply in their allotted time, and then the account would be removed (I assume)?  I didn't know if this is acceptable or if there would be any negative ramifications I have not considered? I would only be disputing the balance. Thanks as always for the help and advice. 

Starting Score:Low 500s in 2013
Current Score: TU: 681 EX: 674 EQ: 698
Goal Score: 740 Across the Borad

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Established Contributor
Posts: 1,043
Registered: ‎08-25-2016

Re: Paid Charge Off

Give it another week or 2, updating isn't always immediate.
Valued Member
Posts: 34
Registered: ‎07-19-2008

Re: Paid Charge Off

I've had success having paid collections removed by disputing directly with the CRA.

Community Leader
Epic Contributor
Posts: 28,009
Registered: ‎03-19-2007
0

Re: Paid Charge Off

Give them time to update.

The FCRA 623(a)(2) requirment stipulates only that they must "promptly" update when necessary to reflect the current accuracy.

No explicit period is required. 

Give them at least one month.

 

As for a dispute, if your dispute relates to the accuracy of the current balance, then lack of verification would apply only to that information.

It would require either verification or correction of the balance.

Lack of verifcation or correction would NOT mandate deletion of the entire account, as the accuracy of the account and other info reported thereunder is not under dispute.

 

Dont expect dispute of a single item under an account will mandate deletion of the entire account.

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