topic Re: Collections being reported correctly? in Rebuilding Your Credit

Collections being reported correctly?

scorpiostinger07 — Wed, 26 Dec 2012 10:47:03 GMT

Can someone tell me if these Collection accounts are being reported correctly? Something just doesnt seem right for accounts that are almost 7 years old. These are just 2 I have more reporting the sameway from the same agencys.

Credit AccountLvnvfundg

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Scheduled Payment Amount [?]Industry

Dec, 2012

Jan, 2007

May, 2006

$4,853

Open Account

Individual

Factoring Companies

Descriptions [?]

Consumer disputes this account information
Collection account

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]

$8,270

120+ days past due

$8,270

Seven year payment history [?]30 days late60 days late90+ days late

0 times

Worst Delinquency [?]

None Reported

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

Credit AccountMidlandmcm

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Dec, 2012

Jun, 2010

Apr, 2006

$5,058

Open Account

Individual

Factoring Companies

Descriptions [?]

Consumer disputes this account information
Collection account

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]

$6,914

120+ days past due

$6,914

Seven year payment history [?]30 days late60 days late90+ days late

0 times

1 time (Oct 2012)

Recent payment history [?]12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 112010 2011 2012

Legend:	Currently paid as agreed
	120 days late

Worst Delinquency [?]

120+ days past due

Re: Collections being reported correctly?

scorpiostinger07 — Wed, 26 Dec 2012 10:52:28 GMT

here is another

Credit AccountMidlandmcm

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Dec, 2012

Nov, 2008

Aug, 2006

$294

Open Account

Individual

Factoring Companies

Descriptions [?]

Consumer disputes this account information
Collection account

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]

$394

120+ days past due

$394

Seven year payment history [?]30 days late60 days late90+ days late

0 times

4 times (Oct 2012, May 2012, Apr 2012, Jan 2012)

Recent payment history [?]12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 112010 2011 2012

Legend:

Re: Collections being reported correctly?

Anonymous — Wed, 26 Dec 2012 12:55:49 GMT

I don't see anything wrong with them. Do you have a specific concern?

Re: Collections being reported correctly?

Shogun — Wed, 26 Dec 2012 14:44:17 GMT

Actually I do see something wrong with them. They are listing late information in the monthly payments. They are CAs and can't do that. They have listed themselves as a Factoring Company to bypass the proper reporting. You don't have a payment agreement with them, how can you be late on it?

Re: Collections being reported correctly?

RobertEG — Wed, 26 Dec 2012 17:49:41 GMT

However, I would not necessarily conclude that the debt collector reporting was that of a delinquency on thier collection.

Was the OC account 120 days late when placed for collection? It may simply be an update of the current delinquency status on the OC account.

Commercial credit reports frequently list OC account information under the collections headings.

I would contact the CRA and determine what exactly was reported, a new delinquency or the currrent delinquency status of the OC account.

Re: Collections being reported correctly?

Anonymous — Wed, 26 Dec 2012 17:57:10 GMT

Then, technically, there is nothing incorrect in the way they are reporting. As long as they show up as a collection account, the fact they list themselves as a factoring company really means nothing.

Re: Collections being reported correctly?

RobertEG — Wed, 26 Dec 2012 18:47:16 GMT

Factoring companies are legitimate business concerns.

What crosses the line is the current practice of some debt collectors to report that, based on their status as a factor, their collection becomes an account with the consumer.

There are many examples of one debt collector reporting their collection as an installment account with the consumer.

When a debt collector reports that they are a factoring company, that is an alert to check the remainder of their reporting, and determine whether they have additionally reported their account to be as a creditor, and the debt as an installment account agreement directly with them.

Re: Collections being reported correctly?

llecs — Thu, 27 Dec 2012 02:52:56 GMT

For whatever reason, some CAs do report in the Accounts section of your FICO report as opposed to the Collections section. IMO, it's OK. Whether in Accounts or Collections, FICO still scores it as a CA. Under a manual review by a lender, that lender will still see it as a collection. There's no difference. I also think it's a CRA-thing as opposed to the CA intentionally reporting that way. I've had collections like that show in Accounts on EQ but report in collections in EX and TU.

If I had that, I would send a PFD or just wait until the 7-7.5 years expire.

Re: Collections being reported correctly?

scorpiostinger07 — Thu, 27 Dec 2012 04:46:48 GMT

Thanks for the replies everyone. The only reason Im worried about the collections is that when they reported the Current 120 days late it droped my eq fico of 541 to 462. All accounts reporting on TU are listed as collections with no 120 day notation and my credit score is 585. Thats a huge difference in scores.