topic Re: Please check the pic for any reporting errors... in Rebuilding Your Credit

Please check the pic for any reporting errors...

HigherFico — Wed, 12 Mar 2014 14:55:11 GMT

Please check for any reporting errors...

Here is how Value City is reporting:

Status as of	Aug, 2013
Date opened [?]	Jul, 2007
Date of last activity [?]	Jan, 2012
Largest past balance [?]	$1,200
Account Type [?]	Revolving
Account holder [?]	Individual
Scheduled Payment Amount [?]	$69
Industry	Complete Dept. Stores

Descriptions [?]

Account transferred or sold
Charge

No contact information provided by Equifax

Balance [?]	Current Status [?]
$0	Pays account as agreed

Seven year payment history [?]

30 days late	7 times (Oct 2011)
60 days late	7 times (Nov 2011)
90+ days late	8 times (Apr 2012, Mar 2012, Feb 2012, Jan 2012, Dec 2011)

Here is how the the charged off acct is now reporting with Portfolio Recovery.

Status as of	Dec, 2013
Date opened [?]	Aug, 2013
Date of last activity [?]	Oct, 2011
Largest past balance [?]	$1,956
Account Type [?]	Open Account
Account holder [?]	Individual
Industry	Factoring Companies

Descriptions [?]

Collection account

No contact information provided by Equifax

Balance [?]	Current Status [?]	Past Due Amount [?]
$1,956	120+ days past due	$1,956

Seven year payment history [?]

30 days late	0 times
60 days late	0 times
90+ days late	0 times

Does anyone see anything wrong with the reporting? Also when value city fall off? Thanks a bunch.

Re: Please check the pic for any reporting errors...

Anonymous — Wed, 12 Mar 2014 15:43:11 GMT

I don't see any errors on either one.

Can't really say when the DoFD is. Not enough information. But it looks to be sometime in 2011.

I don't see anything wrong with the collections account other than a past due balance which a CA cannot have.

Re: Please check the pic for any reporting errors...

NWintellectual — Wed, 12 Mar 2014 16:25:54 GMT

For one, there is no DOFD (Date of First Delinquency) listed anywhere, so the following is a bit of speculation. But based on the payment history (lates) it looks like the account went delinquent 30 days in Oct 2011 and never returned to positive status. That would make Sep/Oct 2011 the DOFD. This means that the item can stay on your report until Mar/Apr 2019, also called the CRTP (Credit Reporting Time Period). CRTP = DOFD + (7 years + 180 days).

With regard to the collection, it is my understanding that collection agencies are not allowed to report late payments. Have they been reporting this information on a regular basis (e.g. monthly)? If so, that might be grounds for a dispute. I believe that they are allowed to report the same status as the OC with regard to degree of lateness (e.g. 30-60-90-120 days, etc) but cannot report monthly payment history. You may need to get an official CR direct from each of the CRAs to find this info out.

But don't quote me as truth on Portfolio's shenanigans, there are members here much more senior than I, who can weigh in with their sage-like advice (seek out RobertEG and Guiness on these matters). I hope that at least I have given you a possible vector for attack.

Just tread carefully on this one because this item is still within the SOL of most, if not all, states. This means that even if you succeed in getting Portfolio or Value City to remove, unless you pay or settle the item, the next letter or communications you may receive from them could be a court summons. With that in mind, I would suggest to send a PFD request over to Portfolio offering a settlement before trying to get deletions with reporting issues. (You can always dispute the inaccurate info after you settle.)

Re: Please check the pic for any reporting errors...

NWintellectual — Wed, 12 Mar 2014 16:36:30 GMT

Guiness, thanks for weighing in here. What law/regulation/rule states that CA accounts cannot report past due balances (I already knew this to be true), and can you provide a link. This will prove to be very valuable with about three of my CA baddies.

Thanks in advance

Re: Please check the pic for any reporting errors...

Anonymous — Wed, 12 Mar 2014 16:41:33 GMT

CAs by definition, you cannot be late with. They are due all at once on one date.

As far as the regulation, there really isn't one, it is in the credit reporting resource guide as to how they can report and what they can report. It is online.

Re: Please check the pic for any reporting errors...

HigherFico — Wed, 12 Mar 2014 17:15:42 GMT

In the boxes it says late 0 times for 30, 60, and 90 days lates. So I thought that that was the part that HAD to say zero ( I am referring to Portfolio) As lonmg as they do not report monthly lates...Am i wrong? .

I live in Maryland so I believe the SOL is 3 years. I am trying to figure out what to do with this acct. I do not want the acct to update since the SOL is coming up possible this year????

What shoud I do because I know they are not going to do a PFD. Also, I received notification last month from Equifax that this has been removed from my report. I did not try anything with transunion but i know that this is still on Equifax.

What should I do?

Also if I make payments or settle the account, will it update and reflect as a new debt and lower my score???

Re: Please check the pic for any reporting errors...

HigherFico — Wed, 12 Mar 2014 17:00:10 GMT

So can they report 120+ past due as the current status?

Re: Please check the pic for any reporting errors...

Anonymous — Wed, 12 Mar 2014 17:20:26 GMT

A CA can report the account status from the OC when they acquired the debt. If it was 120 days late, then yes. But, they cannot report monthly lates.

Once paid the 120 day late would become the worst delinquency and not current delinquency, if they report correctly.

Re: Please check the pic for any reporting errors...

HigherFico — Wed, 12 Mar 2014 18:00:47 GMT

@Anonymous wrote:
A CA can report the account status from the OC when they acquired the debt. If it was 120 days late, then yes. But, they cannot report monthly lates.

Once paid the 120 day late would become the worst delinquency and not current delinquency, if they report correctly.

So will my score go down if i pake payment on it?

Or will it go down if I settle it?

Re: Please check the pic for any reporting errors...

Anonymous — Wed, 12 Mar 2014 18:19:57 GMT

Paid or unpaid, a collection scores the same. What could happen is if it has not reported in awhile and you pay it, it will appear new and drop your score.

Re: Please check the pic for any reporting errors...

NWintellectual — Wed, 12 Mar 2014 18:58:48 GMT

@HigherFico wrote:
What should I do?

Also if I make payments or settle the account, will it update and reflect as a new debt and lower my score???

Whatever you do, do not agree to monthly payments. Making a payment, if less than the full or accepted settlement balance, WILL restart the SOL and could potentially reset your DOFD clock. All or nothing is your goal here.

Guiness is right that FICO-wise a collection is a collection is a collection and it will be calculated as such, paid or not just the same. If you can't afford the lump sum now, wait until you can. This is a collection account, the balance isn't likely to change much if you have to wait 3 months vis a vis today.

That said, particularly when applying for anything major (auto, home, higher limit CC, etc), it is very likely the potential creditor will do a manual review of your credit report and not just look at your score. Therefore, if deletion is out of the question, you want to shoot for "PAID IN FULL" rather than "SETTLED FOR LESS". This shows that despite the untimeliness of repayment, you still paid them back in full and didn't "stiff" the creditor (in their eyes) for some of the debt. Either of those statuses will look better than unpaid. For most mortgages, according to these forums, you will have to resolve this matter before underwriting will approve your loan.

Re: Please check the pic for any reporting errors...

Anonymous — Wed, 12 Mar 2014 19:02:56 GMT

@NWintellectual wrote:
@HigherFico wrote:
What should I do?

Also if I make payments or settle the account, will it update and reflect as a new debt and lower my score???
Whatever you do, do not agree to monthly payments. Making a payment, if less than the full or accepted settlement balance, WILL restart the SOL and could potentially reset your DOFD clock. All or nothing is your goal here.

Guiness is right that FICO-wise a collection is a collection is a collection and it will be calculated as such, paid or not just the same. If you can't afford the lump sum now, wait until you can. This is a collection account, the balance isn't likely to change much if you have to wait 3 months vis a vis today.

That said, particularly when applying for anything major (auto, home, higher limit CC, etc), it is very likely the potential creditor will do a manual review of your credit report and not just look at your score. Therefore, if deletion is out of the question, you want to shoot for "PAID IN FULL" rather than "SETTLED FOR LESS". This shows that despite the untimeliness of repayment, you still paid them back in full and didn't "stiff" the creditor (in their eyes) for some of the debt. Either of those statuses will look better than unpaid. For most mortgages, according to these forums, you will have to resolve this matter before underwriting will approve your loan.

No, making a payment will only restart the suing SOL. Nothing changes the DoFD of an account already sent to collections. It will still be removed based on the DoFD of the OC already reported.

It also depends on your state laws. There are 18 states where making a payment will not restart the SOL. It would have to be a written agreement.

Re: Please check the pic for any reporting errors...

HigherFico — Wed, 12 Mar 2014 20:25:55 GMT

So what advice? Should I pay it? I finally got my score above 600 and I really want to keep it there

Re: Please check the pic for any reporting errors...

HigherFico — Wed, 12 Mar 2014 20:27:41 GMT

Oops...I just saw my advice sorry

Re: Please check the pic for any reporting errors...

Anonymous — Wed, 12 Mar 2014 21:38:24 GMT

If the account has not been reported for over a year any payment you make will make it appear as a new collection and drop your score.

Have you tried a PFD?

Re: Please check the pic for any reporting errors...

HigherFico — Wed, 12 Mar 2014 22:01:46 GMT

I have never sent a PFD because first I sent a DV. From Portfolio I receieved a letter starting wth this:

Re: Verification Information Concerning Portfolio Recovery Associates

Acct Reference/ NUmber:

Seller:

Merchant:

Original Creditor:

The following information is being provided in response to your recent communication concerning the acct references above....At the time of the sale, the seller provided an electronic file of its business records concerning this account. According to the seller's records, there was due and payable from ( My name) to the seller in the sum of $1956.38 with respect to the acct, as of 8/27/2013, there being no known un-credited payments, counterclaims, or offsets against this account at the date if its sale.

Here is a summary of additional information listed in the electronic file:

Acct holders name

Acct holders soc. security # (last 40

Date acct opened with seller

balance at date of Portfolio's purchase

Interest:

Cost/fees:

Then it says if I wish to dispute sent the letter to them...

That is all I received in the letter. I also received a settlement paper to settle for about $300 less or pay it in full.

I live in Maryland as far as the SOL goes and the updating of dates.

Re: Please check the pic for any reporting errors...

HigherFico — Fri, 14 Mar 2014 15:49:37 GMT

Since it says status as of augusts 2013, does that mean it han't reported since august? Should i pay this since it is only one my Equifax report?

Re: Please check the pic for any reporting errors...

Anonymous — Fri, 14 Mar 2014 16:16:24 GMT

Yes, that is what it means.

Your score will probably drop if you make a payment.

Re: Please check the pic for any reporting errors...

HigherFico — Fri, 14 Mar 2014 23:41:26 GMT

Thanks,

This is tough. I woud love nothing more than to keep my money in my pocket but I just don't want it to reappear or turn into a judgement. I need to really find out when the SOL runs out but I don't even want to contact them.