Hello All, I have a question about an old Charge off I am not sure is reporting correctly, this is most specifically with Experian.
Account was originally deliquent in July of 2014 and then charged off in January of 2015. It since went to a collection Agency which I settled in full with in February of 2018. Since then about every 2 months or so the Original Creditor reports another Charge Off and the balance is re-updated to 0$ and the Status date is updated. This always causes anywhere from 10-15 point drop in my Fico score. It also appears to be causing it to appear as though I have recent missed payments as Experian site will show recent missed payment 1 month ago. Is the creditor allowed to continue to do this? Experian will not allow me to dispute simply saying it's been disputed previously.
Thanks in advance for your comments
When a creditor reports any updates after the account has been paid, they must report the current status as paid, or paid, settled for less, as appropriate.
The currrent status will no longer be reported as a delinquency status after it is paid.
A current status of either, for example, 150-late or charge-off, is a delinquency status, and would no longer apply after the debt is paid or settled for less.
Is the creditor continuing to report the current status as being charged-off, or are they reporting paid/settled, was a charge off?
Did you try calling Experian? I have disputed an acct over the phone once because it wasn't letting me do it online and the CSR helped me figure it out. Or you could try contacting the OC about it...maybe they could correct something with EX...
I did contact Experian by phone and they did open a new dispute. However, it resulted in the same thing which re-updated my CR showing a recent missed payment again.
The are reporting as a charge-off, rather than Paid, was a charge-off. In the most recent dispute I had Experian open over the phone I even provided the letter confirming this debt was settled in full (with the CA they sold the debt to). To clarify when logging into Experian App, the current status of this account is as follows:
Payment Status: Deragatory Charge-off
Last updated: 09.01.2018
Balance: 0 $
I did try to call them via the number on their website. However, I was unable to get an actual person on the phone since they don't recognize me as an account. Maybe it is best as you say to try and send them a letter with a copy of the Paid in Full letter from the CA.
Payment status in not the same as current status.
Payment status (field code 17B) is provided to record the highest delinquency status prior to a new current status of paid.
Current status is separate (field code 17A), and should be a non-delinquency status, such as paid, once the debt has been discharged.