Interpret this SL tradeline please...

[malayna]

I have 5 of these on my report. (were private student loans, so all are with same lender, but are for different amounts listed separately for each semester I borrowed $)

 

How is this interpreted by people that check the credit report? TU reports as "paid collection", but this one looks to me like it's reporting that it is in collection as of Nov 2006. Thoughts?

 

Experien Says:

 

Status: Paid,Closed/Collection account.

Date Opened: 09/2000

Type: Installment

Credit Limit: $11,000

Date of Status: 12/2006

Terms: 240 Months

High Balance: NA

Reported Since: 11/2000

Monthly Payment: $0

Recent Balance: NA

Last Reported Date: 12/2006

Responsibility: Individual

Recent Payment: NA

Your Statement: NA

Account History:

Collection as of Nov 2006

120 days as of Jun 2004

90 days as of May 2004, Apr 2004

60 days as of Mar 2004, Feb 2004

[Cynic]

Looks like it defaulted in 2004 to me.

[malayna]

You are correct.... what I'm wondering is whether this looks like it's still in collections or whether it reads as a paid collection. The part that says "Collection as of Nov 2006" is what's bothering me.

[Cynic]

You are correct.... what I'm wondering is whether this looks like it's still in collections or whether it reads as a paid collection. The part that says "Collection as of Nov 2006" is what's bothering me.

 

Did you pay the creditor that reported this or did you pay a collection agency?

[malayna]

 

Did you pay the creditor that reported this or did you pay a collection agency?

 

 

It was a CA

[Cynic]

Did you pay the creditor that reported this or did you pay a collection agency?

 

 

It was a CA

 

Then the reporting is completely valid and correct. The "collection agency" (or guarantor, whoever actually owned the loan when you paid it) would need to update any tradelines they made; the original creditor can truthfully say that you have 0 bal with them, and that it has been xferred to a collection agency. They can update this every month until SOL ends. (~7years from the date that the delinquency that lead to the default started.)

Edited January 20, 2007 by Cynic

[malayna]

This is not the OC either. They bought it from the OC, then it went to a CA. OC reports as transferred/sold. This creditor reports as listed below. The CA does not report. I'm just curious to know if it is interpreted as an account that is in collections currently. On one hand, it says "paid" but it also says "collection as of Nov 2006". If it is interpreted as an account with a balance that I owe, what do I do about getting my report to show that the account is no longer owed, but has been paid?