topic Credit reporting in General Credit Topics

Credit reporting

Anonymous — Tue, 16 Sep 2008 20:53:31 GMT

Did I read somewhere here that it was illegal for a business to report a payment history for any month after the debt was paid? Ex... a charge off being reported for June 07 on an account that was paid and closed in Sept 05. I've tried to find the post, but I can't seem to locate it.

Thanks!

Re: Credit reporting

Anonymous — Wed, 17 Sep 2008 21:20:31 GMT

bump

Re: Credit reporting

Anonymous — Thu, 18 Sep 2008 20:31:51 GMT

I hate to be a pest, but does anyone know the answer to this?

Re: Credit reporting

haulingthescoreup — Thu, 18 Sep 2008 23:26:04 GMT

Are you able to copy/paste a report here? (Be sure to mask out any identifying info.)

I'm not sure that I'm reading your post correctly. All derogs are reported for 7 years after they happened (10 years for some biggies.) So yes, the charge-off should continue to report, but it should have the older date on it.

Sorry if I misunderstood your question.

Re: Credit reporting

Anonymous — Fri, 19 Sep 2008 04:25:52 GMT

Sorry if I was babbling lol What I mean is this.. DH has a BofA account that went to a CO in 2005. It is listed as a charge off for several mths in a row - but those charge off's are also being counted as 90 day lates. The account was paid in Sept 05, but they have a CO continue to list for the mths of Oct, Nov, Dec 05 - and also in June 07.

I tried to copy and paste here, but it all came out as jibberish for some reason, but I have it posted here :

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=27230&view=by_date_ascending&page=1

This particular copy doesn't show the June 07 CO listing because it is reported that way on experian. To break it down in english..

I guess I have two main questions:

1. I know the account will always be a CO - but should they continue to report CO status for months after the debt was paid?

2. If they report a CO for say Sept 05, can they also report that as a 90 day? Shouldn't it be one or the other?

Message Edited by tidbit1 on 09-18-2008 09:25 PM

Re: Credit reporting

haulingthescoreup — Fri, 19 Sep 2008 10:59:04 GMT

@Anonymous wrote:

...I guess I have two main questions:

1. I know the account will always be a CO - but should they continue to report CO status for months after the debt was paid?

2. If they report a CO for say Sept 05, can they also report that as a 90 day? Shouldn't it be one or the other?

Message Edited by tidbit1 on 09-18-2008 09:25 PM

1. Yes, they will continue to say CO like that. This isn't saying that they're charging it off, every month, but that it went into charge-off status on X date, and that's where it remains.

2. I know it's nauseating to see all those 90's listed, but what counts for scoring is the most severe/ most recent. So he doesn't really have a dozen 90's and an 120 and repeated charge-offs on that account, he just has a charge-off.

The thing that you want to make sure is accurate is that it displays the 09/2005 date. Having it show "status date June 2008" doesn't sound right to me, but the EQ is always a bit funky about how they display their dates. We need a more experienced rescuer on this one --Timothy? sidewinder? and the others? help!

And finally, it's also good to remember that graphic displays often confuse the issue. What's important is to make sure that the text part is correct.

(I'm now taking my limited understanding of this and getting out of the way, so that the experts can clean up what I just said. )

Re: Credit reporting

Anonymous — Fri, 19 Sep 2008 13:25:03 GMT

OK. Thanks for trying to help me understand. I thought the CO should stop at Sept 05 (when it was paid) and stay there instead of reporting CO for Nov & Dec too - and God forbid in June of 07.