Help with FCRA Statue on status reporting please

[Anonymous]

Can someone please help me find the location in the FCRA laws that specifically discusses how a paid charge off is supposed to be reflected on a credit report? I have a OC who has been reporting a paid charge off with a "Current Status" as Charged Off. I been trying to find where in the statute it discusses this but its been difficult. Below is how it is reporting. This was the result of my last investigation. I have disputed the status and it gets returned as verified. This time they put "paid charge off" in remarks section. And they keep updating it as "Charged Off" when I dispute the inaccuracy of the current status. Which I also thought they couldn't do? (If you look at account history with status codes. L means charged off) Some help please

[chiefone4u]

I don't know where to find what you're asking for.

I'm guessing you disputed April 2019 and again July 2019?

Each time you dispute an (accurate) account, it allows the creditor to update your account making it appear as though the delinquency is fresh.

[Anonymous]

Yes I did. But how can they report it as a charge off if its paid? The account status is supposed to be either Paid, Settled, or Paid/Settled after charge off. They just have it listed as a charge off. The Status of the account needs to reflect that it is paid. Its the original creditor so it wouldnt show a balance after they charged it off because they assigned it to profit and loss. So without a paid status is just looks likes its still delinquent and unpaid. Until this last dispute it didnt even say paid in the remarks. Even Equifax's FAQ section states it will be updated as paid charge off. " If I pay the debt, will it remain on credit reports? Yes, though it will show as a paid charge-off or paid collection" but it's not showing that way on the report. When I call EQ they just say "We can put in a dispute for you if you want". I hope I am making sense. 

[Anonymous]

I have a charge of for an auto loan with cap one. I settled it. It still shows "charge off" because it was a charge off. It is closed because it is closed. It shows $0 owed and has a remark "paid for less than amount owed".

This is correct reporting.

[Brian_Earl_Spilner]

It's reporting as $0 so it's reporting correctly. The notation shouldn't matter. The person that would know for sure would be @RobertEG 

[Anonymous]

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@Anonymous wrote:

Yes I did. But how can they report it as a charge off if its paid? The account status is supposed to be either Paid, Settled, or Paid/Settled after charge off. They just have it listed as a charge off. The Status of the account needs to reflect that it is paid. Its the original creditor so it wouldnt show a balance after they charged it off because they assigned it to profit and loss. So without a paid status is just looks likes its still delinquent and unpaid. Until this last dispute it didnt even say paid in the remarks. Even Equifax's FAQ section states it will be updated as paid charge off. " If I pay the debt, will it remain on credit reports? Yes, though it will show as a paid charge-off or paid collection" but it's not showing that way on the report. When I call EQ they just say "We can put in a dispute for you if you want". I hope I am making sense. 

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also, when notated as CO, it will drop off after 7 years from the DoFD. Due to messing around with disputes and hiring a "credit reapir" company, it altered 2 accounts to where it now will stay on 10 years since last reported because it was updated to "paid as agreed". The accounts were settled in 2008 and 2005. They will continue to report for as long as the CRAs want now. The delinquencies have fallen off, but the accounts remain at least 10 years from the last "update" (the last time it was disputed). One will fall off at the earliest next year and the other 2023. No telling if they will ever drop. It is not a negative any longer, but still has dispute notations.

[FireMedic1]

It was charged off. Its going to say charged off until it falls off. That was the final status on the account. If an account were to become late today, the payments were never brought current, it was charged off as bad debt, closed and sent to collection, then the original delinquency date would be today's date. Even if the bad debt was eventually paid, seven years from today's date, the closed account and the subsequent collection account would be deleted.

[RobertEG]

The FCRA itself does not incude any sections that define the reporting status/codes for credit reporting.

That level of reporting detail is not controlled by statute, it is controlled by the CRAs via their own internal reporting guidelines and format, which called Metro 2, and is set forth in detail in their "Credit Reporting Resourcce Guide," which is provided to all furnishers, who must agree to its reporting requirements.

With respect to account status, furnishers report two separate codes.

The current status reflects the account status as of the last reporting date, while a separate status called the Payment Rating/Status reflects the prior account status at the time the debt was paid.

A paid charge-off will report Paid (or settled for less), was a charge-off, while the associated Payment Rating would show CO.