rbutts14 Posted May 16, 2005 Report Share Posted May 16, 2005 I had a collection account that was paid off as of this month. My transunion report stated that the account was to be removed as 5/2005. I'd always used equifax and I did not have any ida when the collections would "fall off" until I pulled the transunion report. Should I have them update the account as paid in full or should I have them not update because it has fallen off or does it matter. This item is no longer on any of the three reports as of 5/14/05. Link to comment Share on other sites More sharing options...
breathing_easier Posted May 16, 2005 Report Share Posted May 16, 2005 Are you asking whether you should request the CA to reinsert the tradeline on your reports with a "paid" status? No. If it's no longer on any of your reports, then there is no need to update. More than likely the CA would note it as a "Paid Collection," which is as bad as never having paid the account at all. Most here who are settling a collection account request that the CA delete the tradeline in exchange for payment. Therefore, the tradeline not reporting with the CRAs is a very good thing. Link to comment Share on other sites More sharing options...
rbutts14 Posted May 16, 2005 Author Report Share Posted May 16, 2005 The CA said that their standard procedure is to update the account after the debt has been settled. Should I request that it not be updated at all. I was speaking to the CA to find out if it could not be updated and was told that even though the account was no longer on the report, mortgage lenders can still see it as unpaid if the account was not corrected. Link to comment Share on other sites More sharing options...
breathing_easier Posted May 17, 2005 Report Share Posted May 17, 2005 The CA said that their standard procedure is to update the account after the debt has been settled. Should I request that it not be updated at all. I was speaking to the CA to find out if it could not be updated and was told that even though the account was no longer on the report, mortgage lenders can still see it as unpaid if the account was not corrected.Maybe some of the mortgage experts can address that question on the Mortgage forum, but I think it is a line of bull. They just wanted to get paid. Had you applied for a refinance or a new mortgage recently? Have you opted out with the three CRAs? If not, then the CA probably saw that hard inquiry by the mortgage company and swooped in like the vultures they are. If the tradeline is not already on your reports, chances are that now that the CA has been paid they won't bother to go to the time and expense of inserting a TL. However, as part of your settlement agreement I would definitely get IN WRITING with an original signature that they will not add a tradeline to your reports. Link to comment Share on other sites More sharing options...
DocDon Posted May 17, 2005 Report Share Posted May 17, 2005 Don't say anything at all. It's off your report - that's what you wanted. If they put it back in, it would be reinsertion.Read the FCRA (link above) for the requirements regarding reinsertion of previously deleted information. Link to comment Share on other sites More sharing options...
breathing_easier Posted May 17, 2005 Report Share Posted May 17, 2005 rbutts14: Since the CA has already made the comment about "updating" the tradeline (which could mean reinsertion), then I would have recommended, if you hadn't already paid the CA, that you get a statement from them in writing that no tradeline be added to your report. However, upon re-reading your original post I see that you've already paid the CA so your leverage is gone. Therefore, I agree with DocDon that at this point you should no longer discuss the tradeline with the CA. Keep your fingers crossed that it does not reappear on your reports but, if it does, there are ways to have it removed. Link to comment Share on other sites More sharing options...
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