On the date I paid off a group of student loans in full, I was 150 days past due which registered as an "R5" on my Equifax report. Even though I paid the loans off completely, those R5 notations remained until I successfully sued Equifax. Like Marie, I always felt that there was something that made absolutely no sense about those R5s. Had I simply made enough payments to become current for a whole billing cycle and THEN paid off the loans the following month, the notations would have remained R1 (with "was R5" notations). In the case of Capital One, they love to do that -- i.e., revising charged off R9 accounts to R5 when they strike a deal to remove the account from collections. It makes no sense of course. A paid-off account (even one settled for less than the original amount) is not currently past due, i.e., it is rightfully an R1. I believe that Capital One is indeed in violation of the FCRA with that silly practice. Doc
totally agree. I think any judge or jury would also agree. a paid account can't be currently late. that's just stupid.
