Hi, I'm brand new to this forum so please excuse the ignorance in my questions. In viewing my credit report clearly for the 1st time, I'm a bit confused about a couple of things. I have 2 credit card accounts that have been sent to collections. These collection agencies settled with my credit counseling co. about 4 months ago. But looking at my credit report, I see that the original creditors are reporting me as in collection/chargeoff every month. My question is this: Why aren't the 2 collections agencies reporting that I'm making payments? And is it right that the original creditors are continually reporting that my account is in collections? Does it even matter as far as my credit goes, if there's a payment arrangement between the creditor/collection agency and my credit counseling firm? I would appreciate any input. Thanks in advance
I am not that knowledgeable in this area but I will try to offer what I can. Since you are in credit counseling, is there a notation about that on your credit report? If not, don't fight to have it put on there. Many members have said that having the notation of credit counseling on your report is like the kiss of death; it's worse than having a BK. Many have said that they hadn't been able to get a secured credit card after they finished counseling. I would just pay off the debt and dispute it later as "not mine" or "contains incorrect info" so that will leave room for you to dispute it using other reasons. If there is a notation, you can dispute it off once you are done with the program. I hope this helps.
milkmom, if that's true about credit counseling, that's terrible news for me, I have 7 accounts under counseling right now. But only 1 of them is actually reporting that I'm in counseling. What do you mean when you say, make a dispute like, "incorrect debt"? What reason would I give that it's incorrect? Don't I have to provide proof? Thanx for the help
Are you done paying off that account? I'm not sure what others have used to get that mark off but I would dispute it as "not in credit counseling" and then see what happens. From there, I would dispute "wrong balance" or "never charged off" if you have to keep disputing it. I personally wouldn't do anything until activity is finished on the account ie. completely paid off because if you get the credit counseling notation off, they may just rereport it the next month and you will have to start over.
I was in credit counseling for two years with about 7 accounts. Most (if not all) reported on my credit report "Participing in CCCS". To answer your first question - if the agency you are using has made the arrangements with the CAs, then the original creditors can report whatever they want until it's paid. As for your notation - as Milkmom has said, you should wait until all the accounts are paid off then dispute the notation with the original creditor. When I did, I said in my letter, "Your notation says I'm participating in CCCS. Since my account balance is zero and this account is closed, it's impossible for me to be 'participating' in CCCS. Please remove this notation". Worked like a charm. I did this as each account was paid off.
