How should this tradeline be reporting?

[Anonymous]

I had an account that charged off and I made payment arrangements with the OC (well below what I originally agreed with the loan) AFTER it charged off.

The history is screwed up on 2 of my reports (EQ and EX), TU does not show a payment history at all.

chargeoff was a few years ago and I have not missed one payment, nor was I late on any of them so far. They are not showing the 30, 60, 90, 120, C/U marks on my reports at the time the account /actually/ was charged off. Instead they made these notations just recently making the chargeoff look as though happened this month.

The payment arrangements I have made were agreed apon by the OC and I even have a copy of the letter they signed approving the agreement that I wrote out.

As I know this account should show as a previous C/O, but as the terms of the original agreement were changed (payments), should this be reporting as if I am now current on payments and still have the C/O listed? I'm just trying to figure this out because I'm at my 623 dispute and I feel they will not come through with correcting the dates so I just want to make sure on how the account should be listed in total, not just the corrected dates.

[RobertEG]

Your CR can show each of the individual 30/60/90+ monthly derogs, plus the CO made by the OC

Status of an OC account can be updated to reflect current payment status, but this does not affect or remove the CO

The monthly derogs will remain in your CR for 7 years from each of their individual dates, and the CO will remain until after 7 1/2 years from the DOFD on the OC account, regardless of whether or not it is paid.

[Anonymous]

Yeah but my issue is not that they are reporting 30, 60, 90, 120 days late, but that it is 2 years after when it /should/ have been reported.

So the payment history for the past 2 years should be 'ok'  except for the correction of when the lates and C/O were supposed to be reported?

would this be listed as a "KD" ?

another question, any chance showing current will help my score out at all or will the account being a C/O override the fact that its current?

I have contacted the OC by phone and talked to the person that handles reporting tradelines and disputes with the CRA's and they flat out refuse to correct anything not iniciated by a dispute with the CRA even when they failed to correct it WITH disputes to EX/EQ. my only hope is they ignore my 623 letter then the fun will begin

[RobertEG]

There is no provision that specifies when a late has to be reported, only that when it is reported, it must be accurate.

Update of a CO to paid status wont itself improve your FICO score.  FICO is primarily a record you having become delinquent.  Payment does not erase prior delinquency.   

Yes, CRAs provides fields to report current payent status, but this is not used by FICO.  Getting a CO payment status updated in your CR is primarily for the purpose of improving your report should a creditor do a full manual review of your CR.  Obvioulsy, showing you paid a debt can be important to a creditor or potential creditor.

As for your "dispute" under FCRA 623, what spedifically did you dispute, and under which of the dozens of paragraphs/sub-paragraphs of section 623?

[Anonymous]

Alright I guess you misunderstood me.

01/2008   30days past due

02/2008   60 days past due

03/2008   90 days past due

04/2008   120 days past due

05/2008   C/O

That is what it is correct

...Now this is how it looks on EQ/EX

01/2010   30days past due

02/2010   60 days past due

03/2010   90 days past due

04/2010   120 days past due

05/2010   C/O

[RobertEG]

Oh!  Thanks for clarifying.  I guess I read it wrong.  Sorry.

No, they cannot update the status of delinquency to now report a date later that when it actually occured!  That resets its 7 year drop off date.  A defninte no-no!

[Anonymous]

Ok so I sent my FCRA 623 dispute letter to them almost a month ago (CMRRR) and I just checked my experian and they changed the dates again.

now its reading this:

02/2010   30days past due

03/2010   60 days past due

04/2010   90 days past due

05/2010   120 days past due

I'm guessing they are doing the same to Equifax because they usually lag behind Experian by a couple days.

They made it appear ANOTHER 30 days newer than it is, even after my disputes with the CB's and the 623 letter. Do I now file a court complaint? Is that my next step here?