Paid Judgement, Now What?

[dbunyip]

I have a loan with ford credit that defaulted on june 2006 with no data entered between then and feb 2012 showing a charge off. They got me on a judgement on June 2008 and that has been paid off as of 3/16/2016. The Judegment has already fallen off my credit report but ford still shows I owe $12k. What is my best course of action with them? It would have fallen off already if I hadn't been doing the lexingtion law thing back in 2012..... I just don't want to make that mistake again and make it worse. I've turned my credit around with a 711 as of today with sights on buying a house as soon as I can.

[RobertEG]

First, when it shows $12K, is that the current balance, or the amount of the charge-off?  Different reportings,, with the current balance requiring update as paid, but the amount of their CO being a sticky that does not.

Second, what is the DOFD, which would require exclusion of any reference to the charge-of after no later than 7 years plus 180 days from the reported DOFD.

If the current balance, it is required per FCRA 623(a)(2) to have been promplty updated as it was paid down (or paid off) so as to accurately reflect its current amount.

You can thus dispute its accuracy by way of either a direct dispute or a dispute via the CRA, both requiring completed of investigatin within 30 days.

If the CO amount, then if the credit report exclusion date has expired, notify the CRA of their lack of compliance with the exclusion provision of FCRA 605(c).

[dbunyip]

"Account charged off/Never late. $7,069 written off. $11,735 past due as of Feb 2012"

"This account is scheduled to continue on record until Nov 2018.
This item was updated from our processing of your dispute in Jun 2005."

That is what experian shows for it

The actual DOFD was June 2006

I started paying the judgement around July 2014 but nothing ever showed that on my credit report

[dbunyip]

Do I contact the CRA or Ford about about the DOFD being incorrect?

[RobertEG]

Either.

You can either file a direct dispute with the furnisher of the disputed information, or file your dispute with the CRA and let them forward to the furnisher.

Be sure to include whatever evidence you have that shows what you consider to be the proper DOFD.

If the DOFD is corrected to a value that is greater than 7 years plus 180 days ago, it must then be excluded from your credit report.

Also include in your dispute the lack of update of the current debt balance to $0 as a separate issue requiring update in the event that the DOFD is not updated.