cancel
Showing results for 
Search instead for 
Did you mean: 

New collection accounts being reported as unsecured loans

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Visitor KB3
New Visitor

New collection accounts being reported as unsecured loans

Hello,

 

My husband had an account through Purchasing Power around 6 years ago. He got behind on payments, and eventually it was turned over to collection. Suddenly, 6 years later, it was reported to all 3 credit bureaus from a collection agency called Dyck O'Neal. However, instead of it showing as a collection account, there are 3 separate accounts and all are show up as Unsecured Loans that are 120 days past due. This brought his score down 150 points. We have submitted letters to the credit bureaus on November 1st, not heard anything yet, and the accounts are still there.

 

Is this even legal to report as unsecured loans from a collection agency?  Is there anything else I can do to get these removed from his report other than submit the letters again? 

 

Thanks for any advice!

Message 1 of 9
8 REPLIES 8
Senior Contributor

Re: New collection accounts being reported as unsecured loans

Read RobertEG's responce. It may have changed since then. He pops in and has great advice on all situations. Until then to hold you over:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Collection-Agencies-reporting-as-revolving-a...





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 9
Community Leader
Legendary Contributor

Re: New collection accounts being reported as unsecured loans

Can you post a screen shot of how it is showing in your credit report?

Of particular interest is whether they also now own the debt, or whether they are only an assigned debt collector.

Finally, were the "letters" submitted to the CRA filed as an actual dispute (FCRA 611(a)), or were they only informal communications requesting their review of the reporting?

 

As to the "legality" of reporting as an account with them or as a debt collector, credit reporting becomes a violation of the FCRA if it was made with knowledge of the inaccuracy at the time of its reporting.  More specifically, FCRA 623(a)(1) makes it a violation to report inaccurate information with actual knowldege of its inaccuracy.

Reporting that is found inaccurate can be disputed and corrected without the furnisher being subjected to civil action for having reported to the CRA.

However, if the consumer first disputes the accuracy and the furnisher then investigates and verifies its accuracy back to the CRA, they then become subject to civil action based on lack of a reasonable investigation of the dispute.  Thus, the importance of whether your prior communication with the CRA was an actual dispute, or only an informal communication.

Message 3 of 9
New Visitor KB3
New Visitor

Re: New collection accounts being reported as unsecured loans

The letter we sent was through the Smart Credit program, and it was listed as "correction to report". I have attached screenshots of one of the accounts and the action. The other accounts show the same thing. Thanks so much for your help!

Had to use Google drive for files, using mobile and don't see option to attach files.

https://drive.google.com/file/d/176r_prEWdMGiu0NI14AzpCcpisOlru0C/view?usp=drivesdk

https://drive.google.com/file/d/1j3BIbLEZmLXg48F5kHVhXFYI7gfe8IT-/view?usp=drivesdk

https://drive.google.com/file/d/1EHcspmOqi_ZTjfg-hP32DUl1kNk9C8AW/view?usp=drivesdk
Message 4 of 9
New Member

Re: New collection accounts being reported as unsecured loans

Can you please update on this situation? I am having the same issue with Dyck O’Neal and need advice on how to approach this. My account also originated from purchasing power
Message 5 of 9
Senior Contributor

Re: New collection accounts being reported as unsecured loans

Welcome to the forums. The original poster only posted twice and hasnt been back since then which was Jan. If you can give more details. I'll ping @RobertEG and see what he can do you for. Explain it all in details before he gets here and I'm sure he can help out. Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 9
New Visitor

Re: New collection accounts being reported as unsecured loans

I am having the same problem with this company. I have disputed these accounts at least 12 times with each CRA. I filed a lawsuit against Dyck O'Neal 3 months ago.
Message 7 of 9
New Member

Re: New collection accounts being reported as unsecured loans

Rquinn84, please post updates when available. I am at my wits end with this company. It’s very frustrating Smiley Sad
Message 8 of 9
New Visitor

Re: New collection accounts being reported as unsecured loans

Find a Consumer Law Attorney. Most will take your case Pro Bono given how the FCRA laws are set up. I feel this is the only way to fight this company. I've been fighting them for over a year now.
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.