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I have always loved this group but I have been away for a while and now I need guidance again. I have some accounts in collections and I have questions if these CRA's can report this way. Here is an example of one of the four on my report from different agencies.

 

What confuses me is how they are updating the "Balance updated" to the current month every month. My FICO cannot even begin to recover. This seems wrong to me and illegal. Please help!

 

Portfolio Recov Access

Original Creditor:

Cap1

$1,980

Balance updated: 3/21/2021

 

Acct number

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Balance on Mar 21,2021

$1,980

 

Original Balance 

$1,980

 

Collection opened

Jan 22,2018

Account Type 

Factoring Company

 

Original Balance

$1,980

 

Balance 

$1,980

 

Status

Seriously past due date/ assigned to attorney, collection agency, or credit grantors internal collection department

 

Status date

Jan 2018

 

Thoughts?

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If the balance is 1,980 every month, they can update your reports with a 1,980 balance every month, since the reporting is accurate.

 

This caught my eye as a potential thread to pull on. 

 

13 hours ago, QueenTrees said:

Account Type 

Factoring Company

 

Check historical threads for discussions, or perhaps someone else reading this recalls more specifics, but I don't think this is the correct account type designation for this type of data furnisher.

 

Welcome back, and sorry for the circumstances. 

 

BTW, they may be able to find your old account if you're interested.  From the banner at the top:  Email admin for help, please. No need to create new accounts. Keep your join date and privileges. admin@creditboards.com

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3 hours ago, QueenTrees said:

But then how does the debt age? They are reporting every month as of the reporting is current new info.

 

Most negative information can report for 7 years from DOFD (some BKs report for 10).

 

Until this time expires, they can update the status every day, as long as the information is reporting correctly.

 

Think about your positive open accounts for a moment.  They generally update every month also, with the status that's current for that month (it just happens to be a positive status).

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6 hours ago, QueenTrees said:

But then how does the debt age? They are reporting every month as of the reporting is current new info.

 

The following fixes when the 7 year clock began running:

 

Quote

Collection opened

Jan 22,2018

 

The collection has "aged" since that date, no matter what other updates are entered.  The account is scheduled for removal under the FCRA in Jan 2025.

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On 4/29/2021 at 8:33 AM, hdporter said:

 

The following fixes when the 7 year clock began running:

 

 

The collection has "aged" since that date, no matter what other updates are entered.  The account is scheduled for removal under the FCRA in Jan 2025.

Thanks! Will the DOFD go.by the date with the original creditor or the date the CRA took over?  With the way it's reporting now, seems like my score will not improve until then. 😞

 

Fyi,.I can't seem to get a reply from admin about my old acct. But, maybe that takes time.

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13 hours ago, QueenTrees said:

Thanks! Will the DOFD go.by the date with the original creditor or the date the CRA took over?  With the way it's reporting now, seems like my score will not improve until then. 😞

 

Fyi,.I can't seem to get a reply from admin about my old acct. But, maybe that takes time.

 

January 2018 is the "status date" noted on the tradeline you cite.   Absent any other earlier date reference, this will likely drive the removal date of this account.  If you DOFD with the OC was earlier than this, you may wish to dispute the "status date" with the CRA's, including documented payment history on the OC account (such as from your credit report OC tradeline), and state that this DOFD should be the "status date" for the collection account.

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DOFD begins the day you missed a scheduled payment and never got caught up. You pay in January but miss February, so the DOFD is the date the February pmt. was due. By law they cannot change it. Doesn't matter what they report monthly after that; the DOFD is chiseled in stone.

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5 hours ago, QueenTrees said:

Got it! Ok, I will have to dispute.. DOFD was 2015 with OC and that is where I was confused. Thanks so.much, everyone! 

There is nothing there TO dispute.  The date opened in an office is NOT the same as the status date for the purposes of the seven year, six month calculations.

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3 hours ago, QueenTrees said:

But the CRA has the incorrect DOFD than the OC. What do you mean there is nothing to dispute? I am sorry, but I am confused.

 

It might help if you post a relevant snippet from your credit report (personally-identifying info redacted, of course, including specific dollar amounts).

 

Everyone who has commented in this thread has a lot of experience with this, I think the problem is trying to synthesize all of the answers that you've received coherently (and that's definitely NOT on you; there's a learning curve).

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4 hours ago, QueenTrees said:

But the CRA has the incorrect DOFD than the OC. What do you mean there is nothing to dispute? I am sorry, but I am confused.

What you have shown is suggestive of the first party selling off the claim...and the date opened is when the new owner reported the matter.  It opened with them AS a particular status and in their office on a particular calendar month.  However, it does not alter the seven year and six month reporting window. 

 

If I acquire something, it matters not when the previous entity opened the file...I did not open it on that date.  As such, I would report when **I** opened the file. 

 

Think of it like reporting when you buy a car.  I originally bought the car in February 2018 and got a title.  When I got rid of it, you then acquired it.  YOUR title will show a date for, by example, this month.  For warranty purposes, however, MY purchase is controlling for warranty purposes through the manufacturer...

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23 hours ago, QueenTrees said:

But the CRA has the incorrect DOFD than the OC. What do you mean there is nothing to dispute? I am sorry, but I am confused.


The status date has nothing to do with the DOFD.  Reporting a “status date” has no effect on when a TL will fall off a credit report.  The status date can be reported as 2018, but the TL will still be required to disappear 7.5 years from the 2015 DOFD.  

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