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@Anonymous wrote:
I have 2 charge offs from the original creditors. They sold them but thats cleared up and has been removed. Experian is showing these on my credit report as charge off 2014 then updated charge off in January 2019 making it appear these were recently so its killing my Experian score. I have disputed and no luck. I have called to try and explain this and talking with them is like speaking in the wind. "WE CAN DISPUTE" IVE ALREADY DONE THAT. its the way your reporting it. Now what. Im exhausted trying to talk with anyone there.
Thanks for your help.
Not much you can do about it, they took a loss and could update it monthly. This one may stop any further updates though, dispute directly with the CRAs over them updating a 0 balance account and that it should no longer update per their rules. I would send in the dispute through the US Mail.
Did the creditor still own the debt when they updated to show that it remained delinquent?
As for "making it appear these were recently," creditors do not report the date of a CO, and updated reporting of a continued CO status is not the reporting that the CO was more recent.
The CRAs have no codes for storing the date that a charge-off was actually taken, and it is not reported. Reporting CO as either the current status or as a prior montly CO status simply means that the account is or was delinquent, and CO was its level of delinquency.
Any updated reporting of extended delinquency status will affect your score, as it reports that the period since initial delinquency has increased. Thus, reporting updated CO status is accurate if the creditor still owns the debt.
However, it would not be accurate if they have sold the debt prior to the update.
Sorry for not reading this earlier... The Original Creditor CreditOne Bank sold the debt in 2014....The collection agency and I cleared the matter up and the collection agency removed it from all three CRA's however the OC CreditOne still remains on my credit report. I'm ok (not really) with that but I do understand that part. What I don't understand is WHY. Experian showed no activity on this account all during 2015, 2016, 2017 and all of a sudden in 2018 its reported as "Failed to Pay"...in December 2018 and again in January 2019. My credit file with Experian shows "Serious Delinquency" "Recent Missed Payment"...I havent missed a payment on any of my accounts in 5 years. So that "Recent Missed Payment" is pulling down my credit score.. Each time I call Experian I get some bozo who just says "lets dispute it"..DUH, I've already disputed it several times.. And all they do is go back on the latest dispute and update it from there. They dont even file an actual dispute again..They just copy from what they had last year or when ever it was disputed... Before I write them a letter I wanted to make sure I was in the right.. How do I "Fail to Pay" an account with a $0 balance to a company that won't accept the money anyway..? Thanks for your help..
@Anonymous wrote:Sorry for not reading this earlier... The Original Creditor CreditOne Bank sold the debt in 2014....The collection agency and I cleared the matter up and the collection agency removed it from all three CRA's however the OC CreditOne still remains on my credit report. I'm ok (not really) with that but I do understand that part. What I don't understand is WHY. Experian showed no activity on this account all during 2015, 2016, 2017 and all of a sudden in 2018 its reported as "Failed to Pay"...in December 2018 and again in January 2019. My credit file with Experian shows "Serious Delinquency" "Recent Missed Payment"...I havent missed a payment on any of my accounts in 5 years. So that "Recent Missed Payment" is pulling down my credit score.. Each time I call Experian I get some bozo who just says "lets dispute it"..DUH, I've already disputed it several times.. And all they do is go back on the latest dispute and update it from there. They dont even file an actual dispute again..They just copy from what they had last year or when ever it was disputed... Before I write them a letter I wanted to make sure I was in the right.. How do I "Fail to Pay" an account with a $0 balance to a company that won't accept the money anyway..? Thanks for your help..
Legally it can remain on file for up to 7.5 yrs from the DoFD but since they sold it and zeroed out the balance per CRA rules updating should cease on it once its updated to 0 balance. I would point out to the CRAs they are breaking this in house rule. Credit One is doing it to get in their last licks before it becomes excluded.