[Screenshot] Account Reported 90 Days Late 26 times?

[Anonymous]

I have an old First Premier account listed as a charge off on two of my reports.  They list me as being 90 days late 24 and 25 times even though the account is several years old... I recently paid a settlement to them to settle the account for less than the full balance.  Are they allowed to report this way?  Is my score getting dinged as if I was just late on that account 90 days ago?

They are my last baddie on the reports and I am trying to get them off!  DOFD was back in 2011 so I am still a few years away from the account falling off.

Any thoughts on how to proceed?

http://imgur.com/a/97Yjg

[RobertEG]

They are permitted, even though charged-off, to continue to report its level of delinquency each month.

The issue is when did you pay the debt, thus terminating its delinquency?

[Anonymous]

Only a few months ago... Feb of this year

[RobertEG]

Then I would advise leaving it alone.  They are actually reporting a lower level than could be reported..

Each monthly update informs others that the account remains delinquent, and is permitted.

They could actually  have increased the delinquency each consecutive month, up to 180+ days late.

Any dispute woud likely result in their updated posting of the progression in the first six months from 30 up to 180+, and 180+ for each moth thereafter.

[Anonymous]

but why would it remain deliquent if OP settled. So if you settle it doesnt count and they keep reporting monthly or so and that is okay? Is the only way to stop them from reporting paying in full?

[RobertEG]

Once paid, regardless of whether paid in full or settled for less, there is no longer a current delinquency statusd for which they can report contnued delinquency.

Additionally, CRA policy instructs furnishers to cease regular reporting on paid, closed accounts.

The only additional reporting should be if any changes occur that mandate an update to maintain the current accuracy of the account, as required under FCRRA 623(a)(2).