Question for the experts:
I have several accounts that are paid after collection/charge-off.
On Experian and TransUnion, under Payment status, both CRA listed as a Paid/charge-off. But consistently, under Equifax, it always listed as a charge-off and doesn't mention it's paid. Would that hurt my score?
Can I contact the Equifax and dispute it as incorrect information?
@RobertEG wrote:Payment Rating status is not the same as current status.
It is a separate coded that is used to record the level of delinquency at the time the debt was paid.
It shows paid or settled and $0 balance for current status and balance. It is reporting accurately.
So you were saying that: "Charge-off $0 balance" is the same as "charge-off/paid $0 balance"? Or was it that Payment status description really doesn't matter as long as the balance is showing $0?
@RobertEG wrote:No, I am not saying that charge-off, $0 balance is always the same as charge-off, paid, $0 balance.
An account can, for example, have a last reported delinquency status of charged-off and also be updated to $0 balance if sold while still unpaid.
However, the posted account summary shows paid for each account.
Thus, it shows that the account had a level of delinquency of charge-off, but was paid, and thus now has no debt balance.
It is accurate.
I don't mean to argue. But from what I am seeing (please see the picture). On Equifax, I am not seeing anywhere it said the account is paid, it does show the balance is as $0. On TransUnion, it shows both the account is paid and $0 balance. And then on Experian, it shows the account is paid but not showing the balance.
So, does the $0 balance and charge-off payment status is no worse than $0 balance and paid charge-off? Also, paid charge-off with no balance showing as on Experian is also the correct way of reporting when not reporting the balance?
My TransUnion score is about 50 points higher than both Equifax and Experian. And looking over all my negative accounts. TransUnion has the most accurate description/code of them all, which is paid charge-off $0 balance. While Equifax consistently showing charge-off $0 balance, and Experian showing paid charge-off with no balance showing at all.
I am trying to narrow down the culprit that causing the 50 points difference.