Cred card info reporting incorrectly

[ToddLipps]

"Settlement accepted on this account; Settled/Paid in

full less than full balance; Settled-less than full

balance; Paid; Closed 11/09"

This is incorrect and I have a letter from the creditor stating so.  I did not settle -  I paid the entire amount.

In the payment section it reads

"Profit & loss" and below it...

"Paid"

My question is this:  If I can get the bureau to update to the real status, and remove the words (or perhaps codes?) associated with it- will my score iomprove?

Other data:

Reported

10/11

Balance 0

Past due 0

Last active

-0-

02/11

[Booner72]

Probably so - though if you have other negatives it might not.  I got a judgment deleted which was my most recent negative and I only got 3 points.

But once I got a collection delete (That was even more recent than the judgment) and I got 15 points.

YMMV

[RobertEG]

It's not an issue of status code.  It is an issue of a special comment appended to that code.

When an account is "settled," it means the remaining debt obligation is $0.  All settled accounts have the exact same current status.... Paid.

Paid current status is not differentiated by how much you paid to obtain settlement.

When using the term "settled" to refer to the situation where the settlement was based on their acceptance of less than the full debt balance to settle the debt, they can report a separate Special Comment to field code 19 of your CR, separate from your current status of paid. 

Your dispute is thus one of their inaccurate reporting of a special comment indicating payment for less than the full amount.

That is not an issue that the CRA has any independent right to alter.

In my opinion, you must establish an inaccuracy in their reporting, which is based on private matters with them.  You could either dispute the special comment through the CRA, using the 611(a) dispute process, or send a direct dispute to the creditor.  Either way, the issue will arrive at the creditor for evaluation of the accuracy of their reporting.  They will verify its accuracy, or agree, and delete the special comment.

Since the CRA is really not a party to this issue, I see no need for their reinvestigation rights, as they have little to add to the resolution.  They will most likely decide the dispute, if made through them, entirely upon the response received from the creditor.  If you use the CRA dispute process, chances are high that all your supporting documentation wont get to the creditor, and they may do a sloppy job in investigating your dispute.

I would recommend sending a direct dispute to the creditor under FCRA 623(a)(8), assuring that all documentation on this matter gets to them, and thus keep the CRA and their e-OSCAR sanitation process out of the process.

[guydiver]

---

@RobertEG wrote:

It's not an issue of status code.  It is an issue of a special comment appended to that code.

When an account is "settled," it means the remaining debt obligation is $0.  All settled accounts have the exact same current status.... Paid.

Paid current status is not differentiated by how much you paid to obtain settlement.

When using the term "settled" to refer to the situation where the settlement was based on their acceptance of less than the full debt balance to settle the debt, they can report a separate Special Comment to field code 19 of your CR, separate from your current status of paid. 

Your dispute is thus one of their inaccurate reporting of a special comment indicating payment for less than the full amount.

That is not an issue that the CRA has any independent right to alter.

In my opinion, you must establish an inaccuracy in their reporting, which is based on private matters with them.  You could either dispute the special comment through the CRA, using the 611(a) dispute process, or send a direct dispute to the creditor.  Either way, the issue will arrive at the creditor for evaluation of the accuracy of their reporting.  They will verify its accuracy, or agree, and delete the special comment.

Since the CRA is really not a party to this issue, I see no need for their reinvestigation rights, as they have little to add to the resolution.  They will most likely decide the dispute, if made through them, entirely upon the response received from the creditor.  If you use the CRA dispute process, chances are high that all your supporting documentation wont get to the creditor, and they may do a sloppy job in investigating your dispute.

I would recommend sending a direct dispute to the creditor under FCRA 623(a)(8), assuring that all documentation on this matter gets to them, and thus keep the CRA and their e-OSCAR sanitation process out of the process.

---

Man I love this site.  Never stop learning.  Thanks RobertEG

[mauve]

You could include in your direct dispute a request to delete any negative info on the basis that they've already reported false information on you.  They don't have to, but they may do it.  It's worth a shot.

[Booner72]

---

@ToddLipps wrote:

"Settlement accepted on this account; Settled/Paid in

full less than full balance; Settled-less than full

balance; Paid; Closed 11/09"

This is incorrect and I have a letter from the creditor stating so.  I did not settle -  I paid the entire amount.

In the payment section it reads

"Profit & loss" and below it...

"Paid"

My question is this:  If I can get the bureau to update to the real status, and remove the words (or perhaps codes?) associated with it- will my score iomprove?

Other data:

Reported

10/11

Balance 0

Past due 0

Last active

-0-

02/11

---

Ah Shikes.  When I first read I thought you were asking if you could get the account removed, not the comment removed.  So ignore my first response.  WRONG ANSWER.  Good Look though.