Not Reported Status on Credit Report

[Anonymous]

Hello everyone,

  I have a quick question.  I posted this in Credit Cards and didn't get a response.  I figured I'd put my post in the wrong topic.  I managed to dispute a defaulted credit card debt (it's been a little more than five years and they have sent me a 1099-C about two years ago and I done all the appropriate stuff on the taxes for it) and it now shows as Not Reported.  So it shows all the previous good history and the charge off and for this month it show NR.  Does this mean that if I try to get something (let's say a house mortgage) that it will still show up?  That was the only thing left I had to correct so the bank would approve my mortgage.  Does anyone know if I go back to the bank now they will see it as a good thing, a bad thing, or something that no longer matters?  If it's a good thing, then I'm going to have to dispute it on the other two credit reporting agencies, but that is a great problem to have really.  =)

  Thanks!

[Revelate]

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@Anonymous wrote:

Hello everyone,

  I have a quick question.  I posted this in Credit Cards and didn't get a response.  I figured I'd put my post in the wrong topic.  I managed to dispute a defaulted credit card debt (it's been a little more than five years and they have sent me a 1099-C about two years ago and I done all the appropriate stuff on the taxes for it) and it now shows as Not Reported.  So it shows all the previous good history and the charge off and for this month it show NR.  Does this mean that if I try to get something (let's say a house mortgage) that it will still show up?  That was the only thing left I had to correct so the bank would approve my mortgage.  Does anyone know if I go back to the bank now they will see it as a good thing, a bad thing, or something that no longer matters?  If it's a good thing, then I'm going to have to dispute it on the other two credit reporting agencies, but that is a great problem to have really.  =)

  Thanks!

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I'm not an expert on CO reporting; however, NR simply means they didn't get an update from the reporting agency when they reasonably expected to get one is my understanding of it based on my own credit reporting vagaries.

Open collection I had: assigned, NR, NR, NR.... CLS when I paid it as an example, am guessing the CO still has a balance and isn't satisfied on the credit report?

[MarineVietVet]

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@Anonymous wrote:

Hello everyone,

  I have a quick question.  I posted this in Credit Cards and didn't get a response.  I figured I'd put my post in the wrong topic.  I managed to dispute a defaulted credit card debt (it's been a little more than five years and they have sent me a 1099-C about two years ago and I done all the appropriate stuff on the taxes for it) and it now shows as Not Reported.  So it shows all the previous good history and the charge off and for this month it show NR.  Does this mean that if I try to get something (let's say a house mortgage) that it will still show up?  That was the only thing left I had to correct so the bank would approve my mortgage.  Does anyone know if I go back to the bank now they will see it as a good thing, a bad thing, or something that no longer matters?  If it's a good thing, then I'm going to have to dispute it on the other two credit reporting agencies, but that is a great problem to have really.  =)

  Thanks!

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Hi there.

I went ahead and removed your duplicate post.

[RobertEG]

Yes, NR simply signifies that they received no reporting for that month.

Your credit report will continue to show the account until the creditor either reports its deletion or the account has been closed for approx 10 years, at which time the CRA will delete as their houskeeping measure.

The CO will continue to show until it has reached its exclusion date.  It must be excluded no later than 7 years plus 180 days from the DOFD, but the CRA will normally exclude at approx 7 years from DOFD.

If the creditor sent a form 1099c, that means they cancelled the remaining debt, so your credit report should now show a $0 balance.

However, update to $0 could have occured as a result either of discharge of the debt, or as a result of their having sold the debt to another.

Thus, you want the current status to be updated to report paid or discharged.

Absent the update of the status, one reviewing your CR would not know if the debt was still delinquent.