Collections reporting on Equifax incorrectly

[nmjacobs]

My LVNV and PINNACLE collections are reporting under Negative Information Other rather than Collections on my Equifax (just pulled my free annual report). Also, the Pinnacle one is reporting a payment history. I'm guessing this might be hurting my score more than if they were under Collections?

[nmjacobs]

Anyone?

[Anonymous]

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@nmjacobs wrote:
My LVNV and PINNACLE collections are reporting under Negative Information Other rather than Collections on my Equifax (just pulled my free annual report). Also, the Pinnacle one is reporting a payment history. I'm guessing this might be hurting my score more than if they were under Collections?

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Hi Nmjacobs.

Have you disputed this information with Equifax?  I believe that only the OC can report payment history.  Reporting negative information is important if the CA is trying to act as the OC.  What continues to hurt your score is the continued reporting monthly of the collection; once the account is settled, then it will stop updating and that plus positive tradelines reporting will help your score.  I had problems with LVNV years ago; they use every trick to keep your score low in order to call your hand regarding settling the debt.

[nmjacobs]

These are both junk debt buyers so not OC. Both are SOL and set to come off in 2017. I currently have a request for early exclusion of the LVNV one (set to come off Feb). I filed a complaint with the CFPB for the Pinnacle one a few weeks ago. I got my annual free reports last weekend and saw how these were reporting.

[Anonymous]

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@nmjacobs wrote:
These are both junk debt buyers so not OC. Both are SOL and set to come off in 2017. I currently have a request for early exclusion of the LVNV one (set to come off Feb). I filed a complaint with the CFPB for the Pinnacle one a few weeks ago. I got my annual free reports last weekend and saw how these were reporting.

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Thanks for the reply. JDBs are good at skirting what is technically legal.   If they are set to come off next year, then wonderful.  Good luck with CFPB.  The last complaint I filed with them about Midland went no where, even with them having gotten the consent degree order against them; the collections eventually fell off on their own.  Be patient, and when they leave in a couple of months, your scores will rebound. 

[nmjacobs]

We want to buy our first house this spring and so I'm trying to get all the baddies off. Im getting ready to get three medical CO off. Other than those, these two JDB accounts are all that's left. My scores are 596 EX, 633 EQ, 657 TU. Mortgage scores are 1-28 points lower. EQ is my middle of both. Gah!

[nmjacobs]

Update: My CK update was today and the Pinnacle is gone! This was the one I filed a CFPB on. I'll get my next 3B Feb 1 and double check.