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I have a charge off account with a credit union that is due to drop off my report 6/2016. On my Equifax report it's listed as open with a past due balance. On my Transunion report it shows as closed. Experience not reporting. How do I correct this with Equifax? I've disputed, filed a BBB, and CFPB. Equifax recently sent report saying the account is reporting correctly and it's not closed. This account is with an outside collection agency. Why am I being punish twice? I've contacted the original creditor and all they do is direct me to OCA. Help please this is holding down my Equifax score. fico scores Equifax 601 Transunion 676 Experian 686

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This account is with an outside collection agency.

 

This is the problem.  The collection agency the credit union hired apparently only reports to Equifax.  They are not required to report to all 3 bureaus and smaller CAs often don't because of the large expense in being a member to do so.

 

Unfortunately as long as the account is active with the collection agency it is considered open and is reporting correctly.  "Charged off" is merely an accounting term that designates to the creditor that the account is not considered an asset but a liability since it is in collection efforts.  It does not mean that they are no longer legally allowed to or can collect on the account.

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What is the SOL for this debt in your state?  Since it is presumably around 6 years old now you may already be beyond SOL or very close to it unless you live in one of the couple states with a draconian SOL.

 

I would wait until I am very sure this is past SOL and they can no longer sue me for the debt.  I would then start poking at the CA and see if they are going to violate any federal consumer laws.  If they do, then a lawsuit is very good leverage to get them to remove the account from CRAs and leave you alone.

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@Imhispriority

 

How is it being reported as open?  Is it under "status" or "type of account"?  If it's "type of account", that could be correct. 

 

Considering it's due to fall off in less than a year, I doubt it's hurting your score that much.  Even though the SOL for collection has passed, unless you just need the entry to disappear for some reason, I don't know that it's something to worry about.

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@Imhispriority

 

How is it being reported as open?  Is it under "status" or "type of account"?  If it's "type of account", that could be correct. 

 

Considering it's due to fall off in less than a year, I doubt it's hurting your score that much.  Even though the SOL for collection has passed, unless you just need the entry to disappear for some reason, I don't know that it's something to worry about.

 

The OC TL is likely not hurting OP's score much, but the open collection account being reported by the CA may be hurting it more than the OC TL would.  This is what I would focus on.

 

OP, you may try this to see if it works; Dispute the collection account with the CRA.  When they come back and say it is verified, send another letter to the CRA asking them to provide to you the method they used to verify the account and to send you the name and contact information for the person who verified the account to them.  Often times, I find that the CRA will simply remove the collection account at this point instead of actually providing this information to you.  It is worth a shot, anyway.

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The CA isn't listed on any of my credit reports. At one point in time they were but I disputed debt validation and it got removed years ago! SOL my state is 3 years

Loan type other

Condition open on Equifax closed Transunion

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@Imhispriority

 

Equifax is not bound by Transunion's reporting. 

 

You said the CA is not reporting, so I'm assuming it the entry on your CR must be from the OC (original creditor).  Considering that you've already disputed with Experian, I'd send a letter to the OC stating that you dispute the "condition" of the account as "open" due to the fact that the account has been charged off which shows that the account has been closed.  Demand that their entry be corrected or removed in its entirety.

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Should I send Equifax a copy of my Transunion report showing account closed?

 

Equifax doesn't care what is on your TU report.  If EQ has verified this account I would send them a method of verification letter stating they are the only bureau reporting this account as "open" and ask what method they verified the status of the account and whom with.  If that doesn't work force them into arbitration to settle the matter.

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Equifax doesn't care what is on your TU report.  If EQ has verified this account I would send them a method of verification letter stating they are the only bureau reporting this account as "open" and ask what method they verified the status of the account and whom with.  If that doesn't work force them into arbitration to settle the matter.

 

I'm all for arbitraton, especially for FCRA issues like this, however the OP must be very careful and it would depend on the unpaid amount they claim is owed on the account.  Even though SOL is expired, the arbitrator would not be bound by the state's SOL and the OC could counter for the full amount in arb.

 

However, if it is a lower amount, say under $5k, then I would likely arbitrate if this were me.  I have arbitrated with OCs who still owned my unpaid account for $1k and for $2k and they both settled the FCRA issue and exstinguished the debt without ever starting arb to begin with.

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