topic Re: CA - Paid, Reporting to OC? in Rebuilding Your Credit

CA - Paid, Reporting to OC?

Helena_313 — Tue, 10 Jun 2008 19:09:21 GMT

So...I'm in the credit toilet but slowly coming up. I've been reading here and been encouraged by people who were once like me, and I finally got up the gumption to ask a question here.

I had a checking account with Bank of the West. Near the end of 2006 I was unable to supply a positive balance of funds - it was the end of the semester, and over Christmas break sometime they closed my account.

Well, not learning my lesson, I let the negative balance (with my unpaid overdraft) sit and eventually they sent it to collections.

I finally graduated from college last December, and started working a real job (tm) in January. I made arrangements to pay it off because they had been calling me and sending me letters. I made a settlement (before I knew about PFD, etc) and they agreed to report me as Paid in Full to the OC. The payment was made on February 4.

I hope this isn't a stupid question, but should the CA report to the OC that the account has been paid in full? Nothing has been reported to them at all, in spite of the payment being made 4 months ago.

I disputed the account status (with a balance, still) with Bank of the West and it came back as verified...this is where I get confused...if I paid it through the CA, do they still get to report it with the balance or should they update their records? I have the letter verifying that the account has been Paid in Full - do I sent that to the OC? Should I also include verification that the account was Paid in Full as of February?

Message Edited by Helena_313 on 06-10-2008 08:01 AM

Message Edited by Helena_313 on 06-10-2008 12:09 PM

Re: CA - Paid, Reporting to OC?

Anonymous — Tue, 10 Jun 2008 15:59:17 GMT

An OC and CA can report at the same time....especially if the account was ASSIGNED to collections....instead of SOLD to the CA...send a GW letter to the OC...asking for removal...

Re: CA - Paid, Reporting to OC?

Helena_313 — Tue, 10 Jun 2008 18:44:03 GMT

Okay, and that makes sense. But how do I know if it was "assigned" to them rather than sold?

And can they report different things? As in, one paid, and one with a balance?

And especially now that the CA has dropped off my report, shouldn't they have updated the OC?

And...(I'm sure you all think I'm nuts by now) if I sent them a GW, would I include the Paid in Full letter?

Message Edited by Helena_313 on 06-10-2008 11:44 AM

Re: CA - Paid, Reporting to OC?

Anonymous — Tue, 10 Jun 2008 18:43:40 GMT

Usually on the bottom of the TL...it says transferred(sold)...but if not...you would have to contact the OC...to find that out...

Re: CA - Paid, Reporting to OC?

Anonymous — Tue, 10 Jun 2008 18:44:29 GMT

But...if the account was SOLD to the CA...the balance MUST show a $0 balance...if not both the OC and CA...can report a balance...

Re: CA - Paid, Reporting to OC?

Helena_313 — Tue, 10 Jun 2008 18:55:47 GMT

So assuming it was transferred (I'm probably going to have to call) can Bank of the West report a balance indefinitely? Even after I pay the CA?

I am so stupid at this stuff. I'm sorry.

Re: CA - Paid, Reporting to OC?

Anonymous — Tue, 10 Jun 2008 18:59:01 GMT

If it was SOLD...they OC MUST show a $0 balance...but if it was ASSIGNED...they OC can report a balance until the amount is paid...or the TL falls off...

If the account is ASSIGNED...always try and deal with...and pay the OC...not the CA...unless the OC tells you...you have to deal with the CA...

Re: CA - Paid, Reporting to OC?

Helena_313 — Tue, 10 Jun 2008 19:01:23 GMT

Okay. I get it now. I'm sorry.

I need to determine whether it was sold or assigned. Either way, though, I don't think they should show a balance since I did pay it. It just seems the CA didn't update the OC.

Would it even be worth it for my credit report to try to get the OC to update their records?

Re: CA - Paid, Reporting to OC?

Anonymous — Tue, 10 Jun 2008 19:03:52 GMT

I didn't read...where it was paid...who did you pay???...the CA...if so..dispute the OC balance as incorrect...send a GW letter to the CA...asking for removal...if you paid...none should be reporting a balance...

Re: CA - Paid, Reporting to OC?

Helena_313 — Tue, 10 Jun 2008 19:08:50 GMT

I paid the CA. Whenever I've talked to the OC they can't access my account. I tried to dispute the OC balance, and for some reason it came back as verified. What's the next step? I will try to GW the CA...

Re: CA - Paid, Reporting to OC?

Anonymous — Tue, 10 Jun 2008 19:17:21 GMT

GW the CA for removal...just like the letter you send for the removal of lates....just take out the paragraph for the lates....and include...making a goodwill adjustment to you credit reporting...and consider deleting account from records...and stop reporting to the CRAs...something like that...

Re: CA - Paid, Reporting to OC?

Helena_313 — Tue, 10 Jun 2008 19:19:59 GMT

And do nothing with the OC who still reports a balance?

Re: CA - Paid, Reporting to OC?

Anonymous — Tue, 10 Jun 2008 19:26:35 GMT

Dispute as incorrect balance...then after it's updated...GW for removal...if the account comes back verified...with no change...send them the OC DV letter...