topic Re: Question about Equifax reporting in General Credit Topics

Question about Equifax reporting

Sadie5150 — Tue, 11 Dec 2018 00:45:15 GMT

On an Equifax credit report, if an account shows up in the "closed accounts" section and is PAID, shouldn't the actual "status" report as PAID? For example, a revolving account that went to internal collections and was paid in full after charge off, showing in closed accounts, with Charge-off in the status column, but then in comments it states: Paid, Charge off.

2nd Derog account is listed as an installment loan in account type, but the "status" says : collection account ... (account has a zero balance and was PIF in August 2018). CRA shows "CA" for Sept, Oct, and then added 120 for November 2018. The way this one is being reported seems a bit contradictory as it says it's an installment loan, but then a collection account as well.

So, I guess my main question is.... Shouldn't both show an actual status as PAID, and not reporting and further monthly updates as CA or 120?

Re: Question about Equifax reporting

Pikaboo-icu — Tue, 11 Dec 2018 03:42:54 GMT

Hopefully Robert will be along and post more details but those seem to be reporting correctly.

If they did get charged off, it will report as a paid CO. A loan that went to collections will also report as such.

It was once 120 days late? yes? If so that is correct info on their part.

Paying the lates & CO doesn't require the reporting to change back to paid, as that wouldn't reflect the actual status of what occurred with the accounts.

Sorry but I believe both of those are correct per the details you provided.

But check for a reply by RobertEG- he's the reporting Guru around here..

Re: Question about Equifax reporting

Sadie5150 — Tue, 11 Dec 2018 04:20:47 GMT

Thanks for your response Pikaboo...

I was just confused how an account can show that is an installment loan and listed under closed accounts, but then listed as a collection account in status. A collection is the correct account type that it is, and from 2013. It was changed by OC and now reports an installment loan with 36mo of on time payments, although there were never any payments made, then updating it in August as paid, then FP for Sept and October, THEN 120 day late in November. It just seems that if the account was reporting as a collection, they wouldn't be able to continue reporting FP after it was paid. I don't know what would cause my FICO more harm at this point either.

Re: Question about Equifax reporting

RonM21 — Tue, 11 Dec 2018 13:12:20 GMT

I think to add to what Pikaboo was saying, more or less it is reporting a certain way so that it would be correct on the report. For instance, a account that was a collection, then paid in full, can show collection and paid at the same time. It shows the history that it "was" a collection and that is "was" eventually paid.

It can get confusing at times, but I think you are wanting to make sure your report isn't damaged any further, and that is okay. It never hurts to make sure the info is reporting correctly.

Re: Question about Equifax reporting

Sadie5150 — Tue, 22 Jan 2019 04:22:57 GMT

bump

@robertEG

Do you have any of your good advice to offer. I literally have 2 derogs on my credit reports that are haunting me. Both of which, I feel are being reported wrong. Have disputed to CRA's and also directly to OC with results coming back as verified and correct.

Re: Question about Equifax reporting

RobertEG — Tue, 22 Jan 2019 07:57:21 GMT

The CRA reporting manual ("Credit Reporting Resource Guide") provides codes that permit a creditor to update the current status of an account that was previously charged off to either simply "Paid," or to optionally report the more detailed status as "Paid, was a Charge-off."

Both reflect a current status that the account is no longer delinquent, with the second including the special comments information that it was charged-off at the time it was paid.

Either is acceptable reporting.

As for the reporting of CA by a creditor, if the collection is being done by their own internal collection department, then they are not a debt collector, and thus their "collection" is internal, and not a third-party collection being reported by a debt collector.

They are only reporting that the loan was being pursued internally for collection, and it is not a debt collector collection.

Re: Question about Equifax reporting

Sadie5150 — Tue, 22 Jan 2019 18:14:22 GMT

@robertEG

So, are you saying that the above is being reported accurately then? My concern is that DofE is stating that this is a collection account and not an installment account. I've verified over the phone. Is this hurting my credit further, by reporting these very current derog payments and topping it off with a 120 day late in Nov 2018? I had the understanding that a collection account is reported and can be updated each month until paid, but didn't show 30,60,90,120 day lates etc. Like I said, I only have 2 derogs on my report now, and both seem to be reporting incorrectly. This one being the most incorrect. Bottom line is what will hurt more? The way its being reported now? Or a Collection reported 2/2013 for $183 and being paid in full in 8/2018? Thanks for your input. I really do appreciate it.

Re: Question about Equifax reporting

Anonymous — Tue, 22 Jan 2019 19:18:09 GMT

It’s incredibly irritating that they get away with that garbage. It happened to me when Ford updated after I paid off my repo. They flipped my reporting upside down and made it look like the repo was in 2014 instead of 2012 when it happened and I never succeeded in getting it fixed. Since it didn’t change my DoFD though I just decided to stop fighting it (I got EE from TU this month and gained 54 points for it and I am going to ask EX in April).

Re: Question about Equifax reporting

Sadie5150 — Tue, 22 Jan 2019 19:31:27 GMT

I just don't see how this is accurate reporting. I never signed or agreed to a 36 mo installment loan, and for them to report it that way seems illegal.

According to the DoFd, It should be dropping off of my reports on 12/2019. What are the requirements for the EE with CB's?

Re: Question about Equifax reporting

Anonymous — Tue, 22 Jan 2019 19:47:29 GMT

@Sadie5150 wrote:
I just don't see how this is accurate reporting. I never signed or agreed to a 36 mo installment loan, and for them to report it that way seems illegal.

According to the DoFd, It should be dropping off of my reports on 12/2019. What are the requirements for the EE with CB's?

You can ask TU 6 months in advance, EX 3 months in advance, and EQ 1 month in advance.

TU was dead simple. I went online and filed a dispute for them with reason code other, typed in I was requesting an Early Exclusion, got an email 3 hours later (on a Saturday no less) that they had deleted the 3 accounts.

As for the incorrect reporting, I’m sure RobertEG or someone else who is well versed in these things will weigh in on your picture.

At least they didn’t change your DOFD. On my EQ, my ACS student loans that I paid in full in 2014 have a DOFD of 3/2014 because they reported it as a new delinquency instead of a continuous one from 2012 when I first went delinquent because I was fighting for disability and couldn’t pay a dime. I disputed it because the dates are wrong and it’s currently off my report but I’m preparing for the next step when it comes back. Hopefully ACS agrees that it was delinquent in 2012 as I complained and it stays off.

Re: Question about Equifax reporting

RobertEG — Tue, 22 Jan 2019 21:18:21 GMT

The CRA reporting manual provides for a current status code 93 that includes both internal and external collections.

Yes, it is proper for a creditor to report that their installment loan is currently under internal collection, even though there is no third-party debt collector.

However, once the loan is actually paid, its current status can no longer be reported as any delinquency status, such as CO, CA, or 180+ late.

Similarly, the payment history profile should not show any continued delinquency status for any prior month after the month in which the debt was paid.

The basis for a dispute should thus be the inaccurate reporting of current or prior monthly delinquency status for any month after the debt was paid.

Re: Question about Equifax reporting

Sadie5150 — Wed, 23 Jan 2019 02:20:33 GMT

@robertEG

My concern though, is that it was never an installment loan in any capacity. Rather, the $183 was an overpayment of a grant I was given, and then withdrew from the class a month early, generating a partial refund due to the college. Does this make any difference? I never had any type of loan with the college or Dept of Educaiton.

Re: Question about Equifax reporting

RobertEG — Wed, 23 Jan 2019 07:09:23 GMT

Then it would likely qualify as Open type credit (not to be confused with an open account), which is a third type or credit that is due when billed.

You can certainly dispute the reporting as an installment loan, which is a type of credit that repays debt in equal installments at set periods.

However, that will not result in removal of the reporting of other information on the account.

It may have some scoring impact when moved from scoring as an Open type credit as opposed to revolving or installment, but it may be negligible.

Dispute the type of credit if you wish to get it corrected, but dont expect any deletion of the account or of other reported information.