beware of collection accounts reporting as a Open TYPE Tradeline

[OMW2_HighAcheiver]

What is CFPB?

[Anonymous]

Consumer Financial Protection Bureau

[kennerchick]

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@peaved_about_credit wrote:
So let me get this clear! In NO way should a collection account's status read "open", and the original creditor's trade line should read "0 balance " and sold? Correct? Layman's terms would be appreciated.

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I am not sure of the Open Status for collections, I was told that it says open because it is open for collection.... The OC balance should read 0 and yes it should say SOLD! Here are some other factual errors to help you out.

How to find a factual error

1. Account reporting “One Month Term.” What terms and agreements did you sign and agree to when the debt collector purchased the debt? None. Collection accounts should not have one month terms.
2. Account reporting as “120 days late”. How can this be? Collection accounts are not like original creditor accounts. You did not open an account with a collection agency and promise to pay monthly payments. The debt collector can report the last status from the original creditor but they cannot update lates on a monthly basis.
3. Account is reporting as an “Installment”. Again, what terms and agreements did you sign and agree to when the debt collector purchased the debt? None. Is the debt collector posing as a bank, lender or finance company? Collection accounts are not installment accounts.
4. Another common error is reporting the debt as revolving, which is not only inaccurate, but may cause the credit score to further decrease. The collection account now looks like another revolving account in default and will be scored along with other revolving accounts on the credit report.
5. Account “ balance” or the “high balance” is incorrect.
6. Many collection agencies pose as Data Factoring Companies. Even if the credit bureaus allow this deception, you did not open a “data factoring account” with them. Collection accounts are not “data factoring accounts.”
7. The date of first delinquency with the original creditor is not reporting and according to the FCRA, Section 623, “…A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.”

(Mod Cut- this link cannot be posted on myFico)

[kennerchick]

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@Anonymous wrote:

After 5 months, AALLC is all gone from ALL, and because of the way that BOA - the OC - was reporting, it has been deleted from EX and now TU. 

One last mountain to climb with EQ, but that's what the world is made of. 

It is truly sad that they act like predators, and win becaue they believe this country does not know. 

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If you don't mind me asking, how was BOA reporting??  I just want to be sure everything is posting correctly on mine, my husbands and my son in laws reports.

Thanks

[Anonymous]

When you dispute an item at any CRA, they will typically update the "date repoted" field with the day you disputed that item.

Problem is for experian, when they do this it tends to wipe away all of the payment history that was there.

Equifax does this and worse, and when there is no payment history to support the payment status, it's an incomplete record/tradeline and it must be deleted.

I pasted the account in this stream, the CO was chafed to the dispute date.

Trans union is the best of the bunch, but they too have an issue with the dispute text/status wiping away data.

You will need to be diligent, they will not back down easily....but, fcra says an incomplete record must be deleted, or if at all possible verified and fixed.

I run all of them daily so I can track what was there, and show the deleted or manually updated something.

[kennerchick]

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@Anonymous wrote:
When you dispute an item at any CRA, they will typically update the "date repoted" field with the day you disputed that item.

Problem is for experian, when they do this it tends to wipe away all of the payment history that was there.

Equifax does this and worse, and when there is no payment history to support the payment status, it's an incomplete record/tradeline and it must be deleted.

I pasted the account in this stream, the CO was chafed to the dispute date.

Trans union is the best of the bunch, but they too have an issue with the dispute text/status wiping away data.

You will need to be diligent, they will not back down easily....but, fcra says an incomplete record must be deleted, or if at all possible verified and fixed.

I run all of them daily so I can track what was there, and show the deleted or manually updated something.

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So I just disptued a few things for my son in law with Transunion, I should have made a screen shot of it??  He doesn't have the hard copies, even though I've told him NUMEROUS times to get them for me! He's a slacker!

I did dispute 2 collections as not being his, because 2 of the addresses that were on his report are NOT his, I disputed them, but took a screen shot of them.  He never had Verizon Wireless he's on his mother's cell plan, just as my daughter is on mine. He also had a seperate ATT collection that was NOT his!  He showed me proof!

[Anonymous]

We are in chapter 7 and discharge is a few days away so I have been disputing things on our credit reports during the bk and some items have been removed and others have stayed with changes that still should not be there and the CRA saying that they are allowed. I am now going to wait unil discharge since its a few days away and see how things are reporting at the end of sept when we get back from our cruise then I will start disputing again if needed and start asking for help here in the forums if needed.

[Anonymous]

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@Anonymous wrote:

Right but what bothers me is that we reaffirmed and mortgage is in good standing so having the positive remarks/reporting would be good for our credit reports so after we are discharged, if the mortgage company stops reporting the good activity this will cause an issue when we decide to sell our house which we plan on doing in the future at some point so we can buy another.

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No, it won't. There are plenty of people with great scores and no mortgage. You also can always refi into a new mortgage when your scores warrant doing so.

[Rebuilding69]

Wanting to make sure this medical account listed on my CreditCheckTotal reports is correct.

On TU, it is listed as:

Account Type: Collection

Account Status: Open

Payment Status: Unknown

Ownership: Individual account

Comments: <blank>

On EQ, it is listed as:

Account Type: Collection

Account Status: Closed

Payment Status: Late

Payment Status Details: Unpaid

Ownership: Individual Account

Comments: MEDICAL

This account is unpaid. I've been trying to negotiate a PFD with the CA, but they won't budge. I asked for the phone number to the billing dept of the medical provider, but they say they don't know the phone number. Still trying to get ahold of the medical provider(have to wait until Tuesday I guess).

This account is listed on CCT on the summary page under the Negative Information section for both TU/EQ, and is listed on the same page as my credit cards. I guess they lump all accounts on the same page in CCT?

I don't know if this is listed correctly with the bureaus. I'm not sure how this account can be both open & closed at the same time by the same CA. It is not listed by the OC, just the CA.

Like I said, I've been trying to PFD in full for this account, but Puget Sound Collections won't budge & I haven't been able to get ahold of the billing dept for the OC who still owns the account.

[Anonymous]

I would recommend getting the raw credit file from the crefit reporting agenvy directly, as this appears to have come from a site like credit karma.

When you view it in the printed report, or from equifax online (tu and ex are not detailed enough) is shows the un filtered version you need to start the dispute process with true data.

EQ has a 7 day trial, try and sign up and cut and paste the entire account here.