Help me understand if this paid charge off reporting correctly

[Anonymous]

This is a charge off that was paid before it even hit a collection agency. There was never a collections account for this on my Hubby’s report. Shouldn’t it say “paid” somewhere on this. Also, I sent in a letter to Experian about this account and instead of addressing my concern, I noticed they made updates to the dates on this account. The updated dates are inaccurate. What can I do now? My goal was to have this removed (I know that is unlikely), but now I’m bothered by the fact that they updated dates and those dates are incorrect.

[simplegirl]

If it was paid already it should say paid was a charge off or if you settled it should say settled for less than full balance.

[vntrsc]

It shows that the account was not only charged off but was also sold.  What company did you pay and when?

[Anonymous]

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@vntrsc wrote:

It shows that the account was not only charged off but was also sold.  What company did you pay and when?

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I noticed that. I did pay the collection company when they got the record and were threatening to put it on our credit if we didn’t pay within 30 days. Back then (2016) that mortified me so I immediately entered a payment plan and ended up paying the full amount. So the collection account never hit credit. I had to look back at bank records, the collection company would have been Eastpoint Recovery. 

[Anonymous]

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@simplegirl wrote:

If it was paid already it should say paid was a charge off or if you settled it should say settled for less than full balance.

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That is the reason why I disputed this account in the first place, because it should notate the account was paid (in full). Instead of acknowledging my dispute over that, which was stated very clearly, the dates got “updated”. 

[vntrsc]

If the account was sold before you paid, then the Eastpoint could either have purchased the account or may have been collecting for the buyer.  As a result, the OC would have no longer had anything to do with the account and would not have been the company that was paid.  Therefore, it would not show that the account was paid.

[simplegirl]

I've had accounts sold to collections company and they update it to zero before payment is made because they give up their collection authority. Now if the collection agency was collecting on their behalf then they would have to wait for confirmation from the collection company that the account was paid. Either way the account is not suppose to still show a balance if the account was in fact paid.

[vntrsc]

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@simplegirl wrote:

I've had accounts sold to collections company and they update it to zero before payment is made because they give up their collection authority. Now if the collection agency was collecting on their behalf then they would have to wait for confirmation from the collection company that the account was paid. Either way the account is not suppose to still show a balance if the account was in fact paid.

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It doesn't show a balance. It says $0 as of 6/14/2016.  It also says the account was sold.  That would be the reason for the $0 balance.  

[Anonymous]

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@vntrsc wrote:

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@simplegirl wrote:

I've had accounts sold to collections company and they update it to zero before payment is made because they give up their collection authority. Now if the collection agency was collecting on their behalf then they would have to wait for confirmation from the collection company that the account was paid. Either way the account is not suppose to still show a balance if the account was in fact paid.

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It doesn't show a balance. It says $0 as of 6/14/2016.  It also says the account was sold.  That would be the reason for the $0 balance.  

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So, what about the dates being “updated”, as they are now incorrect and will result in this item remaining on my credit file for a month longer. 

[vntrsc]

It will not remain on your report a month longer.  The 7-year reporting period is based on the date of first delinquency.  That is the date the account went into default and was never brought back to a current status.   Once an account has been charged off, that date cannot change.