topic Collection activity reporting question.. in Rebuilding Your Credit

Collection activity reporting question..

makeynik — Tue, 09 Jun 2009 12:33:36 GMT

Hi everyone,

I had a First Premier bc that was charged off and went to Arrow Financial. I paid off the balance this winter, Arrow said it would not delete, and I was refinancing at the time. Recently, I went to get a loan and I was told that I had a collection --Arrow, and it showed a "0" balance. When I explained to the loan officer that it was a paid collection, she said it was showing up in the "wrong place" like it was active. I called Transunion and Arrow. Transunion told me that since it was a collection it would continue to reflect negatively. When I called Arrow, the rep changed the status to "paid." When I checked my TU today, the Arrow account isn't with other negative accounts, such as those reporting "paid after charge-off" or even with First Premeir, which says "charge off, sold to another lender" but it is down furher under a different heading "accounts seriously past due" even though it shows "paid" and "0" balance. What next? Also, do both FP and Arrow still get to report? Didn't know if it was double reporting...

Thanks!

Re: Collection activity reporting question..

llecs — Tue, 09 Jun 2009 15:00:14 GMT

Both are major derogs. Even if you pay them, they can continue to report. They will go away on their own 7-7.5 yrs from DOFD.

Whether paid or unpaid, the damage from both a CO (First Premier) and a CA (Arrow) is the same. There is no such thing as a positively reporting CA.

Send a GW to First Premier if you want it off. You want Arrow off. Send them a GW too.

Re: Collection activity reporting question..

makeynik — Wed, 10 Jun 2009 17:37:27 GMT

I know what you are saying about a derogatory report, but my real question is pertaining to a collection somehow appearing open or active...which is what it seems to appear. I do have negative "adverse" items, some cc's paid after charge-offs etc, but for some reason this arrow account in my mind and in the loan officers mind shows as something that needs to still be taken care of. The way it is worded on my TU is that it is still past due and a collection, not simply a derog. Any help with this?

Thanks!