Help Please - CA reporting wrong info...

[Anonymous]

Hello Everyone, I have 4 months repairing my credit. Today I bought myfico TU and EQ credit report and notice that Midland Funding has been reporting as a Open Account and with 180 days late. They are a CA and this account is showing as 2011 account date and the original date should be 2007 which is not been reported. This action have dropped my score about 37 points on EQ. What should I do about this? Shouldn't they be reporting as collection account, instead of a credit line that is open and late? Thanks in advance

[RobertEG]

Debt collector reporting is recorded in an entirely different segment of your credit file, and their reporting is separate from any reporting done by the OC.

Your CR may appear to show their reporting as an open creditor TL, but  that it is not the case.  It is an open collection. 

Unfortunately, some of the debt collector reporting codes have similar names to those reported by creditors.

Date opened is one of those.  Date opened, when reported by an OC, is, of course, the date of your account with the OC.

However, when a debt collector reports a "date opened," it only refers to the date that they received collection authority, or purchased the debt.  It is the "date opened" of their collection on the debt.

ALL collections are open collection accounts until closed, either by termination of collection authority or satisfaction of the debt.

The most significant date pertaining to a collection is the DOFD on the OC account.  No reporting of debt collector activities updates the reported DOFD, and thus has no relevance to its continued inclusion in your CR.

[Anonymous]

Ok, I am now confused with wa was said above.

This account is new in my credit file, but yet it's an old account and it's with a collection agency. Now the collection adency is reporting but as open account with 180 days late when this account is 5 yeas old. Is that the correct way for them to be reporting?

[Anonymous]

This account does not have any "Negative Indicator" based on MyFICO credit report. Does that mean I can just pay them in full so it won't go any further in affecting my credit, as of now it show as been 120 days late?

bump

[Anonymous]

I'm pretty bummed as the same thing has just happened to me. Midland was reporting a T-Mobile collection for $170 and it was showing under the "Collections" section of myfico report. I pulled my report today and noticed something screwy right off the bat when the main information screen showed a past due balanced owed. I thought that was funny and kept looking..... things were switched around. Midland (showing up under Midlandmcm) is now reporting under my normal "Accounts" section, with a 120+ past due notation, but no red flag under the "negative indicator" section. The balance they are reporting is the $170. I called equifax today to find out if it's legal for them to do this and she kept trying to tell me it's showing as a collection so it's correct. Oh and of course stupid Midland also put that "consumer disputes this account". Ughhhh that never happened. Sorry to hijak this thread but wanted to share that they are spreading "the love" on this same situation

[Anonymous]

I have a question about this, too. I have 2 collections that show as Open Accounts with my FICO Eq and Tu reports. I called the CRAs and they say that they are reporting correctly. I called Eq and Tu and they say that their report shows as a Closed Account, Paid. Why is it showing up differently on the FICO report? And is there any way to get it off?

[RobertEG]

Quite simply stated, debt collectors dont and cant report monthly delinquencies on their collection.

If your credit report includes reference to prior monthly delinquencies, those are necessarily based on activity under the OC account.

Creditors and debt collectors are responsible for reporting accurately, but have no control over incorrect formatting or statements presented in a commercial credit report.

I would begin by disputing with the CRA who provided the credit report as to the apparent inaccuracy in the report.

The underlying reportings made by the OC or the debt collector may not be the source of the problem.  Most likely, it is a crummy credit report.