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Should I dispute this notation on my report?

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New Member

Should I dispute this notation on my report?

I had a citibank credit card with a large balance that went into charge off status when I lost my job. First CO date was June 2016, then every month consecutively for 2 years it keep updating the account as a charge off. So when I pulled an Experian CR you see all of these red COs on it.  I had to settle the account because Citibank was singlehandedly trying to destroy my credit. So I filed complaints with the CPFB due to unfair reporting  because they did not report that I paid $9000 in the settlement. Now all of the COs have been removed my CR but the $9000 I paid still isn't on the report and there is an "N" written on the last month I made the final settlement payment. I've never seen an "N" before, and in the legend it says that it stands for negative, so what does this mean exactly? Is it just as bad as having CO, how bad is it? What is my recourse at this point? Should I file a complaint to have the N changed to current because I made a payment that month? Who should I complain to?

Message 1 of 11
10 REPLIES 10
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Super Contributor

Re: Should I dispute this notation on my report?

Good question I’ll be interested in hearing answers myself
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:



 

 

 

 




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 2 of 11
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Super Contributor

Re: Should I dispute this notation on my report?

Does it have a notation that it was paid? I’m not sure they have to state the amount.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:



 

 

 

 




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 3 of 11
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Valued Contributor

Re: Should I dispute this notation on my report?

If I were you I would leave it alone now unless it is still updating monthly, Here is what should have happened; Ever month you missed until the settlement should say CO. Then, the final month should say "settled for less than full balance". Then every month after that should be blank. That would allow the negative information to age. What you got from CFPB complaint was much better imho, by getting them to remove all the CO. If it is still udating monthly with the "N" then yeah, continue to fight it. Its a negative account so you will never get it to not impact your score unless you let it age. Hope this helps

Message 4 of 11
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Moderator

Re: Should I dispute this notation on my report?

@Penelope1  your N does not mean Negative. It can represent current, or no data.

In your case, it's no data because account stopped reporting. That's how you'd want it to be. 

Here is an image from Experian's Glossary 

 

Screenshot_20200123-052656_Drive.jpg

 

 

 

Message 5 of 11
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New Member

Re: Should I dispute this notation on my report?

Hello. I wished  N= No info in my situation, but it doesn't. I'm thinking that Citibank didn't appreciate the fact that I filed a CFPB complaint, so they put in one last ding before settling the account. Just my thoughts. 

 

 

 

 

Message 6 of 11
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New Member

Re: Should I dispute this notation on my report?

Yes. It says "Legally paid in full for less than the full balance".

Message 7 of 11
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Established Member

Re: Should I dispute this notation on my report?

I'm going through the same thing as you only with Captial one.  The N on my report also means Negative It was a charge off in Feb 2018 and until a few months ago i didn't realize they were still reporting a N... so now it says i have 24 Charge off on this account.  Thankfully i settled this account  last month and hoping it will stop reporting as N although they never updated my info (even after a dispute) to a $0 balance and it still say balance due /past due balance is $113.

Message 8 of 11
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Super Contributor

Re: Should I dispute this notation on my report?

You need to make sure the balance is updated otherwise it’s hurting your score even worse.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:



 

 

 

 




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 9 of 11
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Legendary Contributor

Re: Should I dispute this notation on my report?

Once a creditor reports their account to a CRA, they therafter are required to "promptly" update that reporting as necessary to maintain the current accuracy of any reported information.  FCRA 623(b).

No explicit period, such as 30 days, is specified.  The "promptness" requirement is a bit subjective, and it is common for complete financial and credit reporting updates to extend for a couple of months.

 

When you pay a delinquent debt, the current status must be updated from a delinquency status, such as 120-late, CO, etc., to a non-delinquency status, such as Paid, or Paid/settled for less than the full balance, AND the current, remaining debt balance must promptly be updated to $0, as there is no longer any remaining delinquent debt.

 

It is common for creditors to delay past the next regular reporting update to finalize settled accounts by updating the debt balance to $0, but they are required by statute to do so.

 

Yes, you can dispute if they fail to update the current status to a non-delinquency status, and/or fail to update the current balance to $0 in their next reporting.

However, since it is common for complete updating to be delayed past the next regular updating, I would recommend delaying a formal dispute until after the next monthly update cycle.

Message 10 of 11
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