1time2many Posted October 19, 2008 Report Share Posted October 19, 2008 Can a JDB post on a CR a 120 day late?If yes, why is this allowed and where in the FCRA is this stated.I know that this subject has come up but I still question this practice. Link to comment Share on other sites More sharing options...
willingtocope Posted October 20, 2008 Report Share Posted October 20, 2008 Have you paid them in the last 4 months? Link to comment Share on other sites More sharing options...
1time2many Posted October 20, 2008 Author Report Share Posted October 20, 2008 Absolutly not.......but I had a NACA lawyer that told me they could but he would not quote where he got that info so I ended the conversation. Link to comment Share on other sites More sharing options...
willingtocope Posted October 20, 2008 Report Share Posted October 20, 2008 Well, here's my explanation (based on experience rather than an actual law)..."lates" are a status as well as an "event". When you miss a payment, your reports are marked as 30 days late...from then on, that month has a status of "Late 30". That status for that month doesn't change.When a JDB buys a debt, they buy it with the status it had when it was sold. Since most CRA software really only uses a code (i.e., 1 = Late 30, 2 = Late 60...up to 4 = Late 120) for status, that's the "latest" status you can get".So therefore, the JDB reports the status code the debt had when they bought it. Are they reporting accurate info? Well, maybe not, but the only real information of consequence is DOFD with the OC. Link to comment Share on other sites More sharing options...
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