topic Re: First Premier Updated my account - but why? in Rebuilding Your Credit

First Premier Updated my account - but why?

daisyduke — Fri, 15 Jan 2010 15:21:26 GMT

Hi all,

I just pulled my credit report via True credit - First Premier updated my account information - - the status changed...I don't know why they would re report.

Old comment: Payment after charge off/collection, paid profit and loss

New Comment Charged off as bad debt, profit and loss written off

This account was PIF I think as of June or July of 09. I can't understand why they would report again to make it look more current? Is this legal? how can a former creditor "update" my account when nothing changed, I mean numbers? Did this also kill me because it was updated, making it look more recent? I realize this is just accounting language, but i think because they "updated" the account it makes it look more recent??

Any help or advice?

Re: First Premier Updated my account - but why?

llecs — Fri, 15 Jan 2010 15:30:51 GMT

They can update for as long as they report. Did you send any letters, disputes, etc.?

Score damage? I've been told no, but I'd argue otherwise. If your FICO score changed, let us know.

Re: First Premier Updated my account - but why?

daisyduke — Fri, 15 Jan 2010 15:47:55 GMT

Thank you Illecs - so as long as they are on my credit report, they can update as much as they want to - i get it - there's no legality in updated closed, paid accounts...

I don't know if my score changed on TU - and I'm not about to buy another report until some balances go down.

Re: First Premier Updated my account - but why?

kiea — Fri, 15 Jan 2010 16:47:43 GMT

A credit agency can update your credit as often as they want but if you have a paid account if should show as paid. The comment should be paid or Payment after charge off/collection, paid profit and loss. You should make sure it says paid.

Re: First Premier Updated my account - but why?

daisyduke — Fri, 15 Jan 2010 16:58:14 GMT

HI Kiea,

the comment section does not state paid profit and loss, payment after CO - that is the comment that they updated...prior to today, the used the previous language. But where it counts is marked "paid".

Re: First Premier Updated my account - but why?

llecs — Fri, 15 Jan 2010 18:29:57 GMT

daisyduke wrote:
HI Kiea,
the comment section does not state paid profit and loss, payment after CO - that is the comment that they updated...prior to today, the used the previous language. But where it counts is marked "paid".

I think that a lender would still see that as a paid CO. Per FICO scoring, FICO would still score it as a CO. Paid or unpaid, it doesn't matter per your score.