Once a party has reported information to a CRA, they are then bound by the statutoruy requirement to "promptly" update any item of information that has been reported as necessary to maintain its current accuracy. FCRA 623(a)(2).
While deciding whether or not to initially report an account to a CRA is optional, once reported, updates to maintain the accuracy of reported information is no longer optional.
If they have, for any reason, terminated reporting to a given CRA, they must delete their prior reporting if it is no longer accurate.
I would file a dispute with the CRA, who must refer the dispute to the creditor for investigation and response.
The creditor must either reply back to the CRA that the current value is correct, correct so as to overcome any inaccuracy, or delete the account.
If the creditor fails to respond back to the CRA or delete, then the CRA would have no basis to verify the accuracy, and would then be required under their reinvestigation requirement to either correct in the manner asserted by the consumer to be accurate, or delete the account. FCRA 611(a)(1)(A).
In summary, simply file a dispute with the CRA under FCRA 611(a). Include any documentation that would provide the CRA factual basis for updating the current balance on their own should the creditor not reply back to the CRA.
That will force the CRA to include a reinvestigation of your dispute within 30 days, and send their finding within 5 business days thereafter.
