Spencerlynn

Charge off/zero balance??

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Thank you for any information/ guidance you can give me.

When OC shows charge off on your CR isn't it also supposed to read as a zero balance? And if it doesn't then what is the proper procedure to follow to make it show zero balance?

 

Some of my OC's do show charge off, sold, transferred etc. with a zero balance and a few others still show $$ still being owed.

 

Also when we dispute a demand for payment from a JDB, are they supposed to show on your CR that the account is being disputed?? If so and your CR doesn't show disputed, what is the procedure to follow??

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@Spencerlynn

 

If an account is merely charged off but not sold, the OC will still show a balance.  A zero balance is only reported if the account has been sold.

 

A JDB should report an account as disputed as long as they're still updating their entry.  If they're no longer updating, they don't have to show that the account is disputed.

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That makes two us Big Sister, I have been up all night reading back and forth and so on,trying to get more information to help my case!!  BV80 is always good for an answer!!

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Thank You BV 80 as always you are so quick and good at helping us lesser knowledgeable folks!! TY!!

 

At one time, I had never heard of JDBs, the FDCPA or FCRA.  Even though I've learned a few things, what I know now could still fit on the head of a pin with room left for the solar system.  :-)

 

You're researching and learning.  That's what matters.

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A data furnisher does not have to agree with the allegations in your dispute to mark an account as disputed. The fact that the account is disputed has to be reported to the credit reporting agencies irrespective of the results of the investigation.

 

During an investigation, a data furnisher is supposed to stop all collection activity and in theory is not allowed to update your tradeline so at a minimum they have to report the dispute if they choose to update when contacted by the credit bureau. This is why sometimes a tradeline drops off your report temporarily and sometime later it comes back, when the data furnisher completes their investigation.

 

Sometimes a data furnisher updates the account periodically and in that case they are supposed to report the dispute status every time.

 

Some data furnishers just report the negative tradeline once and never update after you dispute it directly with them. That is why you need to dispute the tradeline with the credit bureau to force the data furnisher to update the account and report the dispute.

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@cjtx

 

A data furnisher is under no obligation to update an entry on a CR and reported as disputed if they choose not to update. 

 

If one disputes the entry with the CRAs, the CRAs will notify the furnisher.  If the furnisher wants to keep the entry on the CR, they have to update and report the dispute.

 

In the event that the furnisher no longer wants to update, they probably will not verify or correct the disputed information.  The CRAs will then delete the entry.

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A JDB should report an account as disputed as long as they're still updating their entry.  If they're no longer updating, they don't have to show that the account is disputed.

 

We are on the same page. I just wanted to show the OP there are ways to force the furnisher to report the dispute.

 

Sometimes even after you disputed with the furnisher first and then with the credit bureaus, the furnisher will still fail to report the dispute status. That is an easy FDCPA and could be multiple FCRA violations depending on how many times they updated and/or how many people received the wrong information and took any adverse credit actions.

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If one disputes the entry with the CRAs, the CRAs will notify the furnisher.  If the furnisher wants to keep the entry on the CR, they have to update and report the dispute.

 

In the event that the furnisher no longer wants to update, they probably will not verify or correct the disputed information.  The CRAs will then delete the entry.

And that's where you have them.  

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