should I dispute this?

[Anonymous]

This is how this appears on my TU report:  I feel like the way it reports makes it seem like it is more recent than it is.  By the way it is for a CO(4/2007),  andi t is scheduled to drop off 4/2014. so it's not reaged.

BALANCE:  $252                                                                        PAY STATUS:  >Collection Account<

DATE UPDATED:  04/2010                                                       ACCOUNT TYPE:  Open Account

HIGH BALANCE: $555                                                              RESPONSIBILITY:  Individual Account

COLLATERAL:  12 IDT HSBCORCHARD                            DATE OPENED: 01/2009

                             STANDARD MCS

PAST DUE: >$252<

LOAN TYPE:  Factoring  Company Account

REMARK:  >Paying partial payment arrangement<

ESTIMATED DATE THAT THIS ITEM WILL BE REMOVED: 04/2014

[leah5570]

To the lenders and your score it does look recent. It was probably with another CA before, they removed themselves to make room for a new CA to report in Jan '09. That's why when it gets sent back to the OC or in transition to another CA, it's best to pay it ASAP otherwise you feel feel the weight of a "recent" CA added. It will still remove itself in 2014, looks like the DOFD was April 2007 or November 2006. Hope this helps.

ETA: It's completely legal. Until they are paid or settled, the account can be sold many times over, each time making it look recent, as it would be recent; a CA trying to collect on the account. It's happened to me quite a few times. I've since paid off the smaller accounts that had a habit of being resold over and over again, to stop it. Now working on GW letters to remove the last reporting collector with no luck. Life in the repair stages....lol.

[guiness56]

Nothing wrong in the way it is reporting.  Whenever it does update, whether every month, or every 3 months, it makes it look like a new CO.   

It does not even matter if it is a new CA or not.  The current CA can update each month.  Each month it will appear to be a new CO.

[Anonymous]

that really sucks.  Well, I only have two more payments,  will it seem better after that? working on my gw letters right now

[MarineVietVet]

---

@Anonymous wrote:

that really sucks.  Well, I only have two more payments,  will it seem better after that? working on my gw letters right now

---

Unfortunately no. A paid off CO or collection hurts just as much as an unpaid one.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[RobertEG]

Everyting you have provided is info reported only by the CA.

None of that controls the DOFD on the OC account, which establishes when any and all CAs on the debt must be delteted (7 1/2 years from the DOFD on the OC acount). Do you have account records with the OC to establish your DOFD?  Dont rely on a CRA to accurately report this.

No CA can post to the OC portion of your credit file, and thus cannot update your DOFD.

Your DOFD, with some state exceptions for later payments or offers to pay, also usually establishes your date of commencement of your state SOL, should legal action occur at some point.

[Anonymous]

On this forum, I have witnessed several people saying that a paid chargeoff is just as bad as an unpaid chargeoff.  However, from my personal experience, I would like to add that my scores jumped about 40 points after I paid an $1100 chargeoff. 

[guiness56]

Even though a paid CO hurts just as much as an unpaid one, they should not be updating monthly once it is paid and closed.

[Anonymous]

okay, once the monthly updating stops, how long will the CO severely damage my credit?  I realize that it will hurt for seven years, so I guess my question is when does the damage begin to lessen?

p.s. it is very frustrating that actually doing the right thing hurts more than not doing the right thing

[guiness56]

Since it is a major derogatory, it will continue to do damage for most of the 7 years.