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Collection Reporting 120-149 days late suddenly

MissPixie070915
New Member

Collection Reporting 120-149 days late suddenly

So back in March and April my credit dropped nearly 50 points. After figuring out what caused this big drop I realized that an old collection account(that's been charged off since April of 2015) Now in March they decided mark the account status as 120 days late(5 years later) and change the status from charged off to open(and 180 days late). I'm in the process of trying to buy a home and my mortgage lender was the one to point this all out to me and he told me to dispute it all because they can't do that. Well a month later I disputed everything and none of them changed anything. Is this legal? Can they all the sudden mark an account that's been closed since 2015 as late? 

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4 REPLIES 4
FireMedic1
Super Contributor

Re: Collection Reporting 120-149 days late suddenly

Welcome @MissPixie070915 

Its been known that once CA's or OC's see anyone trying to get a home. Here they come. They figure you have the $ for a down payment. Then you can pay them. If you have a copy of a report before this new listing. Send it in certified mail to the dispute department. And also the CFPB if the dispute doesnt work out. 

 

Also collections dont place charge offs on reports. Just amounts owed. The OC's do. You sure it wasnt the OC who changed this entry?





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 5
MissPixie070915
New Member

Re: Collection Reporting 120-149 days late suddenly


@FireMedic1 wrote:

Welcome @MissPixie070915 

Its been known that once CA's or OC's see anyone trying to get a home. Here they come. They figure you have the $ for a down payment. Then you can pay them. If you have a copy of a report before this new listing. Send it in certified mail to the dispute department. And also the CFPB if the dispute doesnt work out. 

 

Also collections dont place charge offs on reports. Just amounts owed. The OC's do. You sure it wasnt the OC who changed this entry?


Thank you! Ok that does make sense, I got my first prequalification in December and this did happen shortly before that. It's a really crappy situation because the account was for a vehicle I did NOT want to co sign for(but did) for an ex back in 2013 and it's been haunting me ever since lol  Here is the image I sent for dispute showing proof I guess that wasn't good enough. I'm not a credit expert by any means so I'll have to look up CFPB and what that is exactly. As far as the charge off, I just know for the last several years it's been closed and the status said "charged off" now it's open and reporting 120+ days late. Ughh just a big pain and I'm so ready to put that mistake behind me. 

Message 3 of 5
gdale6
Moderator

Re: Collection Reporting 120-149 days late suddenly

A collection cannot report any payment history at all like an OC can do, it is illegal. They want their money and you highly likely wont be able to close your home mortgage until yoou satisfy them. Mortgage pulls always bring out the slime if it can still be reported on and 2015 is still reportable. Even so it doesnt excuse them from a payment history reporting.

Message 4 of 5
Birdman7
Super Contributor

Re: Collection Reporting 120-149 days late suddenly

Yeah something sounds wrong with this for a couple reasons. number one it sounds like it’s not a collection because you’re talking about how many days it’s reporting late.

And if it’s a collection and was closed, I don’t think they can reopen it. And, if it’s an OC tradeline and it’s closed, I don’t think they can reopen it either.

Sounds like to me it’s an OC tradeline that started reporting again because they know you’re trying to get a mortgage. They probably have not been reporting and now they are because one of the services alerted them you were doing mortgage pulls.

Either way chargeoff or collection, I would expect your lender will require you to resolve it prior to the mortgage.
-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
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