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birchwood99

Monthly Reporting of a CO?

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Hello, I have been making payments to a law firm (Messerli Kramer) on some debt that I was served on over two years ago.. the OC is a local credit union and they would have garnished me for sure given how aggressive this law firm is.. and the fact the debt is significant. I am curious if there is an angle to get the OC to stop reporting the the TLs as CO every month? Whenever I attempt to contact the OC they redirect me to Messerli who of course tells me they do not control how the OC reports. 

 

I have built back some positive credit but I question how much progress I can make with the CO dinging me each month. The DOFD on these accounts is 5/2015. But perhaps I do not want them to change the reporting as that could reset the clock?

 

Thanks!

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The account does not change its status as a charge-off simply because you entered into an Agreement with counsel.  This IS something that COULD have been negotiated when the Agreement was being hammered out. 

 

Even with the monthly updates, there IS a point in time at which you will see a lessened impact upon the score and lessened impact upon the approvals from other entities.  Presuming you continue to stay current on all of your other accounts, you should see a bottoming of the score next May, at which point the delinquency event will be four years of age.  I was working with a friend on her reports a while back and she has reporting that is related to a delinquency from slightly more than five years ago and has an account updating monthly but is still consistently over 750 on FICO Bankcard 8 models with two different bureaus.  She had other charge-offs on the report but no others updating since around the time of the charge-off event (accounts were sold and she played whack-a-mole with the purchasers to keep them off of the reports).  Other items on the report have a number of years of never-negative reporting and there is about $3K in balances reporting against lines totaling just under $130K.  So, don't despair...you CAN get to a decent score and report even with SOME negative data on there...

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Thanks. That is encouraging! So essentially the CO could report as it does each month until 7.5yrs from the DOFD

 

I have also considered maybe trying to dispute some of these old collections\account that appear dormant.. but I am only half way through the SOL for my state.. Or let sleeping dogs lie? 

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On 9/19/2018 at 9:07 PM, birchwood99 said:

Thanks. That is encouraging! So essentially the CO could report as it does each month until 7.5yrs from the DOFD

 

Yes

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