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03-20-2017 07:22 AM
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.
03-20-2017 11:10 AM
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.
06-06-2017 11:18 AM - edited 06-06-2017 11:19 AM
If an OC sells a debt, they are requried to promptly update the debt balance reported on the OC account to $0.
REporting of $0 balance on a OC account does not necessarily signify that the debt was paid.
It simply means that no debt is now owed to them.
They have no requirement to (or means for) thereafter obtain any update from the new owner as to whether or not the debt is paid to the new owner. The debt balance owed to the OC is already zeroed out at time of sate, and the OC does not monitor or report any subsequent history on the debt.
06-06-2017 11:33 AM
Just an update....there was no collection company involved. I paid the OC the full amount due. It took about 2 months, but they eventually updated the account to Paid $0 balance. It was my last baddie and I really wanted it to be taken care of. Plus side, my scores went up about 25 points after this.
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