topic Re: help please in Rebuilding Your Credit

help please

afbar1114 — Sat, 28 Apr 2012 22:42:58 GMT

looked at my report today and notcied this what does it mean: Payment after charge off/collection
Canceled by credit grantor

Re: help please

RobertEG — Sat, 28 Apr 2012 22:49:19 GMT

They apparently closed the account after doing a charge-off of the debt. Normally, the term closed is used rather than "cancelled," so I dont know what was "cancelled."

I also dont know what "payment" means. Did you simply make some payment after their charge-off, or did you satisfy the debt?

Are they still reporting a balance owed? Does the current status read "paid?"

Re: help please

afbar1114 — Sat, 28 Apr 2012 22:49:28 GMT

i have been disputing it with the CRB's because som info was wrong. so i called cap1 and emailed the EXCE office and thats what came up today

Re: help please

RobertEG — Sat, 28 Apr 2012 22:51:08 GMT

What did you dispute? What was the resolution of the dispute?

Re: help please

afbar1114 — Sat, 28 Apr 2012 23:08:51 GMT

i disputed it becasue it wasnt saying paid or closed and it said open

Re: help please

RobertEG — Sat, 28 Apr 2012 23:17:44 GMT

What was the resolution? Does it now show paid and closed?

I am having a hard time understanding the issue.........

Re: help please

afbar1114 — Mon, 30 Apr 2012 17:09:13 GMT

I spoke with a very nice gentlemen with cap1 exec office. he said they found an error reporting on EQ dating back to 6/2011 and one in 4/2012. it was reporting late and not paid. so they updated and back dated from 3/2010. so i am hoping for a nice score jump in the next couple of months.

Re: help please

AZHeather — Mon, 30 Apr 2012 17:16:38 GMT

The way that I would read it is that your account went to collections and was charged off. You paid the balance AFTER it went into collection and was charged off. The creditor was the one that cancelled the account as opposed to the debtor (you) closing the account. It is my understanding that having a creditor close the account is viewed as negative (lowers your score, but not sure by how much), as is the collection and charge off, of course. However, if viewed by someone reviewing your CR for a loan, they may see it as you being responsible for an outstanding debt and paying it. They may overlook the fact that you allowed it to go into collection in the first place. It just depends on the lender.

Re: help please

afbar1114 — Mon, 30 Apr 2012 20:28:46 GMT

@AZHeather wrote:
The way that I would read it is that your account went to collections and was charged off. You paid the balance AFTER it went into collection and was charged off. The creditor was the one that cancelled the account as opposed to the debtor (you) closing the account. It is my understanding that having a creditor close the account is viewed as negative (lowers your score, but not sure by how much), as is the collection and charge off, of course. However, if viewed by someone reviewing your CR for a loan, they may see it as you being responsible for an outstanding debt and paying it. They may overlook the fact that you allowed it to go into collection in the first place. It just depends on the lender.

it went into collections and everything i paid it in full plus fees. it wasnt reporting right for the past 2 years on EQ so its being fixed by cap1 and the CSR said sorry for it.