beware of collection accounts reporting as a Open TYPE Tradeline

[dudedudedude]

Midland Funding is doing this to me. I sent them a DV and they updated the account and the listing moved to the other accounts section of my report. It is a Tmobile account; I've sent a complaint to CFPB re: cramming, but if it is not removed I am tying to develop a plan of action to stop it from reporting in this manner. Thus far I've found very little information on the boards on whether or not this is legal. I'm going to be keeping my eye on this thread to see how this resolves for you. I think with enough complaints to FTC, CFPB this will become widely known. Seems like a new tactic and it needs to be in the spotlight. 

Update:

Well Midland Funding, just removed it from my EX and TU report due to my cramming CFPB complaint. I expect EQ to come off this week as well. Subsequently, I no longer have the collection reporting as an other account issue. 

[Anonymous]

I don't know if this is the same thing or not, but I have a couple of medical collections that reported on our credit bureaus as "retail" instead of "medical" accounts. Of course, this can cause a creditor to not catch that it's medical collections at all unless they happen to notice that all the rest of your accounts are medical collections.

We have one other company who just keeps trying to put the same debt back on but with a different dollar amount. It's been $310, $356, $388, & the newest is $394. Same debt (and all paid in full to the original creditor...a hospital...many years ago, mind you).

[kittywitty]

i do not believe their response is truthful maybe you should make a complaint to the one of the agency's. I had atleast 4 letters before i got them to remove it. my letters had a different response.

[Anonymous]

the big red flag for me, was any collection account listed in the OTHER section In EQ, as a collection account from a debt collector, not the OC. Additionally, when you look on any printed report, NO collection account should have a Account Type as Open, that is the red flag, they often add payment history and cannot.

Take a look on your reports, and please share.....

Updated -

Valid 3. Account Type Codes, based on Metro2 File Format specs gathered online that should be sent on any file to a CRA
 
·    48 — Collection Agency/Attorney  
·    77 — Returned Check  
·    0C — Factoring Company Account (includes Debt Purchasers)

[MarineVietVet]

Merged two threads.

[Anonymous]

But, they have the ability to delete it, knowing the data they furnish is innacurate.

I researched the file layout that the collection companies submit data to the CRA's, and ... they have an identifier that must/should be used to identify the kind of account they aubmit, and a file layout specification JUST for collections, and they know it.

I hope the community knows it now as well, and I will share all of the details that come from the file and it's impacts, as soon as I get to a computer.

[nate79416]

I had a auto loan with Santander, paid it off years ago,  and it still reports,  I opened it in 2006 paid off in 2011. So they can still report it? I also had a auto loan with my CU and paid it off and they are no longer reporting it, hmm

---

[gdale6]

---

@nate79416 wrote:

I had a auto loan with Santander, paid it off years ago,  and it still reports,  I opened it in 2006 paid off in 2011. So they can still report it? I also had a auto loan with my CU and paid it off and they are no longer reporting it, hmm

---

---

Closed derog accounts remain on file for up to 7.5 yrs timed from the DoFD, the open date plays no part in how long they can remain. Closed positive accounts remain on file for up to 10 yrs post close.

[Anonymous]

---

@nate79416 wrote:

I had a auto loan with Santander, paid it off years ago,  and it still reports,  I opened it in 2006 paid off in 2011. So they can still report it? I also had a auto loan with my CU and paid it off and they are no longer reporting it, hmm

---

---

Accounts that are closed, paid as agreed, and NOT charged off, are considered positive accounts that will show on your reports for *up to* ten years past their closed date. These accounts will contribute to your AAoA and tend to boost your score, once any late payments become excluded.

Its not a matter of the OC "still reporting it", its a matter of the CRA retaining and displaying that old data. Old accounts are deleted entirely at their (the CRA's) discretion. Currently the CRA policy is to delete such accounts ten years after their closure, but sometimes they are deleted earlier and sometimes they are deleted later.

[kittywitty]

the system is broken and needs to be changed. This kind of inaccurate reporting should not be allowed period it is not legal yet nothing is being done to stop the collection agency's from doing it. this dragged my score down quite a bit compare to what it would had been if they reported accurately. glad they removed themselves from my reports good luck to the rest of you. feels good to be rid of them.