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reporting question

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Anonymous
Not applicable

reporting question

this may be a dumb question but here goes- as far as reporting, dont the CA's and the OC' have to report the same info as far as balances owed? example, the CA's are all reporting a balance owed on an old charge off i disputed as $500.00.. in multiple correspondences with the OC, and as of 2014,  they are reporting $500.95.. isnt this a violation?

normally id let it ride, but i disputed it and the OC is now reporting a balance that they were not before and lowered my score by 35 points or so. i had disputed the account with two different collection agencies who both dropped the account with letters stating the same and no collection activity being pursued. i disputed with the the OC and they sent back print out of charges, with no signature, and a paragraph stating that its their policy to report " fair and accurate" information. do i have any thing else i can do here? i just tried to dispute again on all three reports but thats all i can think of at this point.

 

 

 

 

Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: reporting question

If the OC has sold the debt to the debt collector, then they should have promptly updated the debt balance to $0.

If the OC still owns the debt, then they should promptly update the debt balance to show any increased debt due to assessment of interest.

However, they may either cease assertion of additional interest, or simply be negligent in updating. 

Lack of timely update is technically an inaccuracy that can be disputed, thus requriing update.  However, it is not basis for requring any deletion, and if they correct, it is not basis for bringing any civil action for violation.  FCRA 623(c) excludes accuracy of reporting from private civil action by a consumer.  It becomes actionable only after you file  dispute, and they verify.  You can then bring civil action as to the reasonableness of their investigtion of the dispute.

 

Debt collectors can assess interest or other amounts provided they are authorized in the account agreement that created the debt, so the balance under collection often increases.  Issues of consistency with reporting by the creditor can also be addressed by way of dispute, but again, it not basis for requring deletion of the collection per se.

It is only basis for seeking correction of the reported balance.

Message 2 of 3
Anonymous
Not applicable

Re: reporting question

thanks alot for the response- been out of the loop for a while- what if its just the OC reporting the debt with no CA involved. the OC is consistatly reporting one amount but on  all offical correspondence they are reporting more, and the amounts never change. its first premier if that matters at all.. we disputed on the fact of inccorect information being reported and it came back as ' updated' but nothing has changed.its an older debt, out of SOL.the first time it was disputed it began reporting a balance and tanked the credit score in a big way..

is there any other way of getting this removed? its an old charge off, my friend is 99% sure its legit not his..

 

thanks!

Message 3 of 3
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