I settled a debt NOW this!?! This is frustratingly irritating!

[NeedhoMEownership]

I entered into a auto loan/lease in 2015; however I stopped making payments and returned the vehicle. The company began initially began reporting as 30/60/90/120 days lates then as a collection and now as a voluntary surrender. In an effort to stop the reporting and began rebuilding my credit from bad habits and poor decision making, I settled the debt in August of this 2020. Now the problem is that they are staying on my credit reports that the account is Paid and Closed; however they are continuing to report for the months of Sept, Oct, and Nov as a voluntary surrender. 
Is this legal? Can they continue to do so? If not what can I do to solve this problem. I have sent letters to CFBP and each CRA; additionally I have spoken to the debtor with promises to fix the issue but they have yet to do so since Nov. Now that I have risen my score enough to qualify for a conventional mortgage - my lender is worried that underwriting will find issues with this. 
I just want to fix this, so I can become a homeowner- I worked so hard, yet it keeps being one thing after another 😞

[gdale6]

---

@NeedhoMEownership wrote:

I entered into a auto loan/lease in 2015; however I stopped making payments and returned the vehicle. The company began initially began reporting as 30/60/90/120 days lates then as a collection and now as a voluntary surrender. In an effort to stop the reporting and began rebuilding my credit from bad habits and poor decision making, I settled the debt in August of this 2020. Now the problem is that they are staying on my credit reports that the account is Paid and Closed; however they are continuing to report for the months of Sept, Oct, and Nov as a voluntary surrender. 
Is this legal? Can they continue to do so? If not what can I do to solve this problem. I have sent letters to CFBP and each CRA; additionally I have spoken to the debtor with promises to fix the issue but they have yet to do so since Nov. Now that I have risen my score enough to qualify for a conventional mortgage - my lender is worried that underwriting will find issues with this. 
I just want to fix this, so I can become a homeowner- I worked so hard, yet it keeps being one thing after another 😞

---

Its legal but per CRA rules once its reached a closed with 0 balance status updates are to stop. I would inform the CRA of this continued updating.

[RobertEG]

Yes, while the CRAs have a clear policy, as stated in their common credit reporting manual, the Credit Reporting Resource Guide, that furnishers are to discontinue regular updated reporting after a closed, delinquent account is paid, the important issue is that, even if they do make continued, regular updates, any such reporting must still comply with the FCRA by not knowingly being inaccurate.

Thus, the legal manner to contest any reporting is to dispute its accuracy.

In brief, once a delinquent debt is paid, that terminates the continued status of the account as being one of any delinquency status.

It thereafter has a current status of Paid, which is a non-delinquency status.

The reporting of Voluntary Surrender under either the current status or as the status in any previous month under the Payment History Profile is a delinquency status, and not a non-delinquency status.

Thus, if they are reporting the current status under any non-delinquency code, or any Payment History Profile entry for any month after which the debt was paid as having been a delinquency status for that month, that is clearly inaccurate reporting.

Any updated reporting made in any month after the debt was paid must report a current status for that month as Paid.

In the next and subsequent months, the Payment History Profile for that now-prior month must be the same.

For example, if they made reporting in September that the debt became Paid, then any subsequent reporting would have a Payment History Profile for the prior month of September as OK, or Paid, and not of a delinquency status such as Voluntary Surrender.

Their reporting is thus inconsistent, and clearly inaccurate.

The issue goes well beyond simply continuing to make updated reporting after payment of the debt.  It is the isssue of the accuracy of any such reporting.

It is disputable under FCRA 611 as inaccurate.  That would be your proper legal step.

[NeedhoMEownership]

Thank you. I'll get right on it :-)

[NeedhoMEownership]

Thank you sooooooooo much!!!!!! This is exactly want I needed :-)