I have a problem with CreditOne bank. They are reporting an account as charged off - not paid. It has been two years since they've reported on the account and it's now showing up as a late payment withing the past 30 days on every CRA. This has done some serious damage to my credit scores!
Two years ago I paid off the debt through a DC that they sold the account to. The status on the CreditOne account was changed to Charge off - Paid and the DC removed their entry on my credit record. Now, for some reason CreditOne is reporting that it is not paid. I do not understand why.
I filed a dispute with all of the CRA's and they are saying the entry is valid.
I then contacted CreditOne and asked why they are putting false information on my credit report.
They said they can't change it back because they dont own the account anymore as it has been sold.
I countered that they are the ones reporting on it and can indeed change the status back. But they won't budge.
I asked to file a 623 Dispute and they told me they won't investigate any dispute I have because it's not their account anymore.
I called the DC that I paid the account off through and they told me that they cannot change how CreditOne is reporting the account, but that they should not be updating the account anymore because I paid it two years ago.
They DC is sending me a letter stating that I paid the charge off in full and they suggested that I update my disputes with the CRA's and include the letter they are sending me.
I'm stuck on what to do exactly because CreditOne specifically told me they won't honor a dispute request because it's not their account anymore, and the CRA's claim the account IS owned by CreditOne and is a valid entry.
Does anyone have any advice for me?
I have had great experiences going straight to the EO at Credit One. They have recently removed a CO for me and goodwill adjusted two late payments for my wife. PM me and I can send the email address.
I'd suggest filing complaints with the BBB and CFPB. That will put some pressure on them to do the right thing and you'll often see the result you're looking for within a week.
I had the same experience as @Gehrig88
I had a Credit One account go to collections. Then I was sued for it, so that one account was showing up THREE times on my credit report
I disputed the collection agency with the 3 credit bureaus as being a duplicate since it was also showing as the lawsuit (a long shot but it worked). After that I only had the two on my report. The original account (showing as charged off) and the lawsuit.
Not long after that there was a change to the law (not sure if it's just my state or national) that they cannot report private judgements on your credit report. At the same time that law was making it's way through, I had paid off the lawsuit and sent a letter to the law firm asking them to delete their reporting.
Then that was gone. I'm not sure if they stopped reporting it or if the change of law is what made it disappear, but it was gone and I was thrilled. After that I was left with just the original reporting from Credit One.
Last month I sent an email to Credit One requesting they stop reporting the TL due to the account having been paid off for years. Two weeks later, it was gone.
I now have zero evidence of that whole debacle on my credit report.
As long as it has been paid, I would suggest sending them an email and politely ask they remove it. Send them confirmation of it being paid, and specify that you're sure there has simply been a miscommunication regarding the payment status. Emailing them worked for me and many others. If you need the email address PM me. I'd be happy to share it.
edit to add: In my experience, if you are friendly, polite, and honest, creditors are more willing to work with you. If you come at them fists up and swinging, they're not going to be as receptive. Just something to keep in mind.
A few clarifying bits of information are necessary to evaluate the correctness of the reporting of the charge-off, and/or to determine exactly what is being reported incorrectly, such as the Current Status, the Payment Rating, the Payment History Profile, or the Current Balance.
1. Did the debt collector own the debt when you paid it off, or were they only the assigned debt collector?
2. In the reporting by the creditor, CreditOne, what is shown as the current balance?
3. Is the CO being reported as the Current Status in their last reporting, or was it shown as the Payment Rating status?
4. Is the CO showing in the payment history profile for any months after it was paid?
If the OC still owned the debt when it was paid, the correct Current Status should show as Paid, and can additonally include the added statement that it was Paid after Charge-off.
The Payment Rating, which is the highest level of delinquency prior to the account being reported as non-delinquent (Paid), can show Charge-Off.
The Current Balance should show $0.
If the debt was sold to the debt collector prior to your payment of the debt, the OC account can show the Current Status, which is the status of Charge-Off at time of their last reporting, and must show a current balance of $0.
The current balance of $0 is not due to the ultimate payment of the debt, but would be requried due to their sale of the debt.
After their sale of the debt, they are not required to monitor whether the debt is subsequently paid, or to update their reporting to show Paid.
Sale of the debt terminates their reporting involvement once they update the current balance to $0.
Thank you for the insight Robert.
The account was sold to MCM and I did a PIF for MCM to delete their entry, which they did, and they also sent a request to CreditOne (even though they did not have to) to update to show PAID. Within 45 days after paying MCM, CreditOne did indeed report the balance as $0, Paid Charge Off. Now for some reason, two years later, the tradeline was updated to show that I owe appx $700 on the account even though I paid in full to MCM. My Credit Reports all now show 26 months straight of Failure to Pay.
I called them when I saw my Fico tank by nearly triple digits. They said they had no record of the account being paid to MCM.
I called MCM and was told they have my payment, and it was paid in full over two years ago and they are mailing me the copy of the agreement between us.
CreditOne is not offering me any remedy to the account even though they are reporting Failed to Pay. I asked specifically how I reconcile the account and was told its not possible because they dont own it anymore, and that the TL will continue to reflect FP until it ages off in 16 more months.
I did just this with Credit One after reading other posts on this very matter. They tried to tell me the same thing and I filed a complaint with the BBB and within a few business days they responded that they were going to remove everything from all 3 CBs.
Can you tell me how you contacted BBB? I have an issue with Credit One Bank and would like to file a complaint.
A couple of questions when you paid the debt was it balance in full or was it settled? Are you sure Credit One sold loan and did not assign the loan to a debt collector?
Contacted CreditOne via EO E-Mail and received a reply stating that all entries will be removed from Exp, TU, Eq, and Innovis.