@Anonymous wrote:I have a credit card that was closed and sent to collection on October 2013. SInce that time I have been making monthly payments to the collection company that have been coming out directly from my bank account. I just got access to myFICO to checkmy scores because I want to refinance and on this account it is listed as a charge off but it shows that I am 120+ days late on all the payments(over 25 in total) I have been making since it went to collections. Does this seem accurate or is this something that I should dispute?
Which account is showing the late payment information? I'm assuming from your post that it's the installment agreement with the collection agency?
As a quick example, if you are behind on your payments, and become late, if you never catch up can continue to be marked the entire way with whatever the late status is; it sounds as though you got behind by 5ish payments, and then the autopayments are just pulling out current month payment and so you never catch up. Which, sucks.
The remediation is to just kick the extra payments to them, catch up on the payment and it'll turn to OK's from there on out from there, but you'll need to dig a bit to see what's what. If you're current on your payments it's wrong, but if you're 4-5 payments behind where you should be, even with the installment autopays, it's correct.
@Anonymous wrote:It is showing under Chase fot the late payments, but I am corresponing with a collections company. Listed below is what it says when you look at the dot signifying the late payment.
Payment Status
Charge off on 2/2016
Nowhere on the report does it show the name of the collection agency.
Any suggestions. I am going to call today and follow up, I just wanted some suggestions on how to proceed. Thanks!
Oh, I'm not an expert when it comes to CO's, but as I understand it they can indeed keep reporting the current state if the CO has a balance effectively identical to the example I gave. Essentially when it gets paid to $0, it stops updating. That's what I've seen from numerous reports on this forum, RobertEG likely has better information on that.
Not the most consumer friendly manner of doing it, but technically correct to keep the last status repeating while the debt is still outstanding.
I would post over in Rebuilding Your Credit for ideas how to proceed as there will almost assuredly be people who have experience with it... this particular board isn't nearly as well travelled and doesn't specialize in resolution.
