Current status is "120 days late" on PAID student

[techgoddess]

I just noticed that a lot of my paid student loans have a current status of 120 days late. I don't see how they can be currently late when they've been paid for over a year. The balance is zero. Shouldn't they at least say "paid"?

[kb9tbq]

Ok, question: Was these student loans 120 days late at the time you caught up and paid the account?

So maybe it should actually show status as: paid was 120

If you know you were caught up and not late prior to payment you can contact the creditor directly as ask what is up on the reporting; point this error out to them as that they update the CRAs.

If you know it to have been past due at the time you paid off, then you might try good will letter and if that don't work, fall back on disputing with the CRAs as never late.

[techgoddess]

They were 120 days late when they were paid. Right now they say that the balance is zero but that the current status is 120 days late (doesn't say "Paid" anywhere on the listing)

[Swede]

They were 120 days late when they were paid. Right now they say that the balance is zero but that the current status is 120 days late (doesn't say "Paid" anywhere on the listing)

That's impossible- if it's paid it can't be currently late. Which report are you looking at?

[matt2402]

I have EXACTLY the same issue with EQ. It's been paid for about 14 months. It shows a zero balance, but shows 120+ days late. I disputed, but it didn't work

[techgoddess]

They're on my EQ report. I'm looking again and noticed that this is on more than just my student loans. This is what they look like:

First North American (Circuit City)

Revolving

Open

Monthly Payment $0

Balance 0$

High Balance $370

Past Due $0

Status "At least 120 days or four payments past due"

MTSU (Student Loan)

Installment

Closed

Monthly Payment $40

Balance $0

High Balance $2000

Past Due $0

Status "At least 120 days or four payments past due"

Sallie Mae (Student Loan)

Installment

Closed

Monthly Payment $0

Balance $0

High Balance $5500

Past Due $0

Status "At least 120 days or four payments past due"

(TU has it like this, too)

Sears

Revolving

Closed

Monthly Payment $0

Balance $0

High Balance $2064

Past Due $0

Status "At least 120 days or four payments past due"

SunTrust Bank (Student Loan)

Installment

Closed

Monthly Payment $68

Balance $0

High Balance $5000

Past Due $0

Status "At least 120 days or four payments past due"

US Dept of Education

Installment

Closed

Monthly Payment $72

Balance $0

High Balance $10579

Past Due $0

Status "At least 120 days or four payments past due"

[md]

I have the same problem with an account that has been closed a couple of months and paid in settlement with a zero balance. I am working on that one. Them Punks!

[AAnswerwoman]

My student loans have been paid since 11/98 and they are still reporting at TU and EXP as "paid after chargeoff or collection." I disputed over the phone then followed up with a written request to change the listing, because the statute of limitations was up for reporting. We'll see if I get anywhere with that.

I still don't know if the student loans have the same guidelines as other credit. The good thing is they are paid.

[kb9tbq]

Status should of been what I had first listed paid was 120.

So you have two choices to try disputing the status as being incorrect. Or contact the creditors and put them on notice that they are reporting incorrectly.

May remind them that they are in violation or reporting inaccurate information - best of wishes with these.

I am not having all that great of luck - today customer informed me that creditor was reporting incorrectly (and said she could not get anywhere so I called the creditor and climbed right up one down from the top) well they can't find the account, but refused to change anything since they don't have data in file any longer to change. Told the idiot that I would fax the credit report (and he still said he could not do anything) heck he knew he was talking to a credit bureau - I told him I could send him a UDF form to take care of the matter. Well needless to say, I got his bosses voice mail and tomorrow I will be faxing him over rules on furnisher obligations!

I never thought about it, but can post it here on what we give creditors about their responsibilities as far as correcting information. Might be able to find this at the FTC site, will be back if I do.

[kb9tbq]

Ok - here you go, all creditors get this form when setting up for reporting data. So just a reminder should shake things up for them!

http://www.ftc.gov/os/statutes/2furnshr.htm

Appendix B to Part 601

Prescribed Notice of Furnisher Responsibilities

This appendix prescribes the content of the required notice.

NOTICES TO FURNISHERS OF INFORMATION:

OBLIGATIONS OF FURNISHERS UNDER THE FCRA

The federal Fair Credit Reporting Act (FCRA), as amended, imposes responsibilities on all persons who furnish information to consumer reporting agencies (CRAs). These responsibilities are found in Section 623 of the FCRA. State law may impose additional requirements. All furnishers of information to CRAs should become familiar with the law and may want to consult with their counsel to ensure that they are in compliance. The FCRA, 15 U.S.C. 1681-1681u, is set forth in full at the Federal Trade Commission's Internet web site (http://www.ftc.gov). Section 623 imposes the following duties:

General Prohibition on Reporting Inaccurate Information:

The FCRA prohibits information furnishers from providing information to a consumer reporting agency (CRA) that they know (or consciously avoid knowing) is inaccurate. However, the furnisher is not subject to this general prohibition if it clearly and conspicuously specifies an address to which consumers may write to notify the furnisher that certain information is inaccurate. Sections 623(a)(1)(A) and (a)(1)©

Duty to Correct and Update Information:

If at any time a person who regularly and in the ordinary course of business furnishes information to one or more CRAs determines that the information provided is not complete or accurate, the furnisher must provide complete and accurate information to the CRA. In addition, the furnisher must notify all CRAs that received the information of any corrections, and must thereafter report only the complete and accurate information. Section 623(a)(2)

Duties After Notice of Dispute from Consumer:

If a consumer notifies a furnisher, at an address specified by the furnisher for such notices, that specific information is inaccurate, and the information is in fact inaccurate, the furnisher must thereafter report the correct information to CRAs. Section 623(a)(1)(

If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any information reported by the furnisher, the furnisher may not subsequently report that information to a CRA without providing notice of the dispute. Section 623(a)(3)

Duties After Notice of Dispute from Consumer Reporting Agency:

If a CRA notifies a furnisher that a consumer disputes the completeness or accuracy of information provided by the furnisher, the furnisher has a duty to follow certain procedures. The furnisher must:

Conduct an investigation and review all relevant information provided by the CRA, including information given to the CRA by the consumer. Sections 623((1)(A) and ((1)(

Report the results to the CRA, and, if the investigation establishes that the information was, in fact, incomplete or inaccurate, report the results to all CRAs to which the furnisher provided the information that compile and maintain files on a nationwide basis. Sections 623((1)© and ((1)(D)

Complete the above within 30 days from the date the CRA receives the dispute (or 45 days, if the consumer later provides relevant additional information to the CRA). Section 623((2)

Duty to Report Voluntary Closing of Credit Accounts:

If a consumer voluntarily closes a credit account, any person who regularly and in the ordinary course of business furnishes information to one or more CRAs must report this fact when it provides information to CRAs for the time period in which the account was closed. Section 623(a)(4)

Duty to Report Dates of Delinquencies:

If a furnisher reports information concerning a delinquent account placed for collection, charged to profit or loss, or subject to any similar action, the furnisher must, within 90 days after reporting the information, provide the CRA with the month and the year of the commencement of the delinquency that immediately preceded the action, so that the agency will know how long to keep the information in the consumer's file. Section 623(a)(5)