mwally007 Posted April 21, 2008 Report Posted April 21, 2008 I have an account I've been dealing with for over a year.I NEVER made a payment on it (long story - but I was essentially scammed and was denied the ability to do a chargeback).It was "transferred" to a new creditor (remarks note it was "purchased") but they are still reporting the pay status as 120 days late with a $0 amount past due. What should I do? If I challenge it, will they just mark it as a chargeoff? That will hurt my score more, won't it? Any advice on how to handle this? It was charged-off in Aug of 2005.
Focus2069 Posted April 21, 2008 Report Posted April 21, 2008 if it is marked late 120 days, and the account is still open, then they are just doing that to purposly hurt your credit score more.there was a thread about this about 2 weeks ago, several CA's do this till they get caught, then they have to change it back to the correct reporting.
mwally007 Posted April 22, 2008 Author Report Posted April 22, 2008 if it is marked late 120 days, and the account is still open, then they are just doing that to purposly hurt your credit score more.there was a thread about this about 2 weeks ago, several CA's do this till they get caught, then they have to change it back to the correct reporting.The account is "Closed (Transferred) under "condition" but it still says "Late 120 Days" under "Pay status". Is this a violation? Even so, what is the best way to proceed?
Focus2069 Posted April 22, 2008 Report Posted April 22, 2008 from what I read, its not a violation, its just a way they report it to hurt your score as much as possible.I currently have one like that, its listed as an "open account" with a 1-month term and its 120 days late, just like yours.I am currently trying to get rid of that tradeline, but the CA is not cooperating at all and I will most likely have to sue them...for reasons other than the way they report the tradeline.I cant find the thread I was refering to (im at work right now), but a little searching should find it.
Ahntara Posted April 23, 2008 Report Posted April 23, 2008 "...still reporting the pay STATUS..." {emphasis mine}The notation '120 days' late is a shortened version of 'WAS 120 days past due' (when transferred or purchased). It's the STATUS of the account and is not being reported as a current late (on nothing owed). As the accurate history of the account, this is not a violation."...just mark it as a chargeoff...It was charged off in Aug of 2005."They can't mark it as a CO unless it's CO'd, which is just an accounting term. If they change the notation to CO, that's not what would 'hurt' more.On defaulted accounts, the 'date last reported' plus any (number of) datafield(s) that indicates default (past due balance, rating, status, etc.) combines to trigger the drop in your score. Changing the notation wouldn't cause the downward spin, updating it, whether in response to a dispute verification, to reflect PIF if you pay, or simply because they want to updated, is what 'hurts'.
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