topic Re: CreditOne Reporting Question (Sold to another lender) in Rebuilding Your Credit

CreditOne Reporting Question (Sold to another lender)

Anonymous — Fri, 08 Jul 2016 17:48:21 GMT

Is Credit One reporting wrong? Credit One reported charge offs in 10/15 and 12/15. It was sold to Midland Funding. Midland has been reporting on that account since March 2013. ALSO, If you notice on the Credit One Clip, there is no "On Record Until" date. Is that right?

Something just seems weird about this.

Click to see How CreditOne is Reporting

Click to see how Midland is reporting

Thanks in Advance,

Solo

Re: CreditOne Reporting Question (Sold to another lender)

RobertEG — Fri, 08 Jul 2016 18:00:23 GMT

When a creditor sells a delinquent debt, they are required to update the balance in their reporting to $0.

They are instructed per CRA credit reporting policy to then discontinue further, regular updates that are not necessary to correct accuracy of their reporting.

If their continued reporting is only an "update" that was not required to correct information, and was thus merely a reiteration of prior reporting, it is not inaccurate reporting per se that violates the reporting provisions of the FCRA, it is reporting that is not in compliance with CRA reporting guidelines. If they have already updated the debt balance to $0, it is likely not having any substantive effect on your scoring.

I would contact the CRA and request that the reporting be removed/discontinued.

As for showing of the exclusion date, a creditor is requried to report the DOFD to the CRA no later than 90 days after having reported the DOFD.

It is likely in your file, but the commercial credit report has omitted the showing of the DOFD and/or the projected exclusion date that is calculated from that DOFD.

You can usually find the DOFD by obtaining a copy of your credit report from annualcreditreport.com.

Re: CreditOne Reporting Question (Sold to another lender)

RonM21 — Sat, 09 Jul 2016 21:48:04 GMT

Hard to add to what Robert said. He's right. I'd would, however, recommend if these are paid, try giving a GW deletion letter a shot. Your dates are showing 2015, and that is a long time they'll be on there dragging down your score. If you can get them to be removed, that would help you a lot.