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Collection Agencies reporting late payments...

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Collection Agencies reporting late payments...

Hi! So I have been actively working on paying down previous debts and getting my credit back on track. In reviewing my credit report from CCT I found that all collection accounts on my report are showing late payments. I was under the impression that CA are not able to report late payments. Is this correct? Any suggestions on how to fix this would be appreciated!!
Starting Scores: 10/19 Ex:500, Eq: 522, Tu: 527
Message 1 of 13
12 REPLIES 12
Senior Contributor

Re: Collection Agencies reporting late payments...

No, a CA cannot report lates. That would imply that you had an agreement with them, which you don't. Depending on where you pull your report from, sometimes the information isn't quite reported correctly. But I bet if you take a good look at it, they will have listed themselves as a factoring company which gives them the ability to report like an OC. Now there's nothing that says they can call themselves a factoring company, but reporting lates is a No No. @RobertEG can explain it better I bet.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 13
Member

Re: Collection Agencies reporting late payments...

They are in fact reporting as a factoring company. Plus it is showing that I have had 8 late payments in the last 60 days!! That’s probably what has dragged my score so far down since my last actual late payment was almost 5 years ago! With all this being said do I dispute the late payments? Let it lie since I’m planning on PFD with all of them?
As always the help is appreciated!
Starting Scores: 10/19 Ex:500, Eq: 522, Tu: 527
Message 3 of 13
Senior Contributor

Re: Collection Agencies reporting late payments...

If its Midland or Portfolio or one of the others that PFD. Pay them and get it in the past. Who is the CA? Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 13
Member

Re: Collection Agencies reporting late payments...

Two are with Midland Funding and Two with PRA which I plan to pay off by the beginning of the year so not too worried about that. Two collections I’m having recalled by the OC so those should be gone soon too. National Credit adjuster is collecting for the OC so I will pay this off with the OC. The only one I’m worried abt is Enhanced Recovery I don’t know much abt them and the debt is $737. Fingerhut was the OC.
Starting Scores: 10/19 Ex:500, Eq: 522, Tu: 527
Message 5 of 13
Senior Contributor

Re: Collection Agencies reporting late payments...

I had a collection with ERC at one time. When I called and asked about PFD they said no. However, after they had been paid off I noticed one time in scanning my reports that they no longer were reporting. They did not age off - the debt was too new for that - so they must've self-deleted. Hopefully they will for you too.



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Entering the garden 5/27/2019, staying until 2020
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Message 6 of 13
Member

Re: Collection Agencies reporting late payments...

I sure hope so!!! But they are the oldest collection on my report so I’m going to deal with the newer stuff first!
Starting Scores: 10/19 Ex:500, Eq: 522, Tu: 527
Message 7 of 13
Senior Contributor

Re: Collection Agencies reporting late payments...

ERC is usually for telecommunication companys. Who are they collecting for. And do they own the account. Reason I ask. It may be an OC who will take payment and recall the debt from the CA. Congrats on having Midland and Portfolio on your side. Make sure the debt is more than 2 yrs old with Midland before payment.

Policy: We do not report to credit reporting agencies for accounts that are more than two years old (based on the date of delinquency) and paid in full (including accounts paid in full for less than the full balance).





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 8 of 13
Moderator

Re: Collection Agencies reporting late payments...

A CA cannot report as a factoring company a factor is one who buys good corporate receivables a JDB is not classified as such. File a dispute with the CRA first based on this and if their is no resolution file a complaint with the CFPB.

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Message 9 of 13
Senior Contributor

Re: Collection Agencies reporting late payments...


@gdale6 wrote:

A CA cannot report as a factoring company a factor is one who buys good corporate receivables a JDB is not classified as such. File a dispute with the CRA first based on this and if their is no resolution file a complaint with the CFPB.


LVNV Funding reports as a factoring company. Can I dispute that?

Currently rebuilding as of 04/11/2019.

Starting Scores:
EX 518
EQ 518
TU 521

Current FICO scores:
EX 577
EQ 555
TU 575
Message 10 of 13
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