Recently, a sold Sears acct changed the status on all CRA reports from charge-off to collection acct and/or 120 days late. The same changes also happened with the CA that bought the acct. They have kept the notation that it was purchased by another lender. This acct was sold 11/02 and these changes happened a few weeks ago. So it wasn't the selling of the acct that changed the status. (sears has been doing regular updates since they sold it) I am a little confused about the status of collection, so I have a few questions. I know that accts go from 30, 60, 90, etc days late, and finally to charge-off after 180 days. But when can an acct be listed as a collection? Can an account that is with an OC be listed as a collection acct if it's been sold? How does collection fall in the sequence of events - ie after charge-off or before charge off?
Re: Re: status-collection-confused EQ: Status - 120 days late Remarks - Account transferred or sold /collection account EXP: Status - Transferred/collection Account Remarks - Purchased by another lender TU: Status - Collection Account Remarks - Purchased by another lender They all had a status of charge-off. The only one that appears to have been changed to a R5, would be EQ. The other 2 were changed to collection.
Re: Re: status-collection-confused My Sears TL lists the same exact way as yours on my EQ report. And I can't really figure out which is worse, because at first glance in the Status column, it appears as though I'm currently 120 late. But having R9 isn't what I want either! Plus, it's my oldest TL reporting so I think getting it off my reports will hurt as well!!!!!!!!!!!
Re: Re: Re: status-collection-confused An R5 is considered worse than an R9 (this is my understanding). The reasoning is that an R5 is currently 120+ days past due. This tanks your scores. An R9 ages and its negative rating is factored into your scores less and less as time goes by. You can have an R9 on your credit report and that account could be listed in the positive factors as length of credit history. Imagine that.
Re: Re: Re: status-collection-confu When it changed to a R5, my score tanked by 8 pts. Not a lot but enough to put me below 600 again!! ARGGGHHHH The thing that concerns me more is that it is now being listed as a collection account. Can it go from charge-off to collection account when it has been sold. I understand the "new owners" saying it's a collection, but can the OC do that as well? They are not collecting on it. It's not their in-house collections. That's why I am confused 8/
Re: Re: Re: status-collection-confu Sears is notorious for screwing your credit reports as hard as they possibly can. I'd sue them over it.
Re: Re: Re: status-collection-confu I like your style dixidriftr! I guess it's time to start building my papertrail...sigh
Re: Re: Re: status-collection-confu Let me know how it goes, Tazz. I went ahead & disputed the TL w/ Equifax and although I would normally dispute as not mine, I can't afford to lose the age from my report (although I HIGHLY doubt Sears would be deleted that easily, just came back "remains" on EX). Weird to be hoping they change it to "R9" - normally seeing that makes me cringe!! I also notice that RMA is reporting a different date than Sears, so gotta straighten that up too... Sometimes I feel like I'm working on this gargantous puzzle, keep trying to figure out which pieces go where, and then when I start getting them put in place and am gaining momentum, all of a sudden the picture on the puzzle changes and nothing I've accomplished makes sense!!!
Re: Re: Re: Re: status-collection-c I certainly will let you know, Teebee. Sears is a bear to get off your reports. You just have to keep plugging away at them. I know how you feel about the R9, but it's actually better than a perpetual +120 days. It seems it's been 1 step forward, 2 steps back with the CRA/CA/OC trying to push me further back. They can keep pushing though, because every time they do, they stumble themselves. You just have to keep track of all their stumbles. *grin*
(sears has been doing regular updates since they sold it) ======================= Not legal since they no longer have the account. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The Bacon Tree Back in the cowboy days, a westbound wagon train was lost and low on food. No other humans had been seen for days...and then they saw an old Jewish Rabbi, sitting beneath a tree. The leader rushed to him and said, "We're lost and running out of food. Is there someplace ahead where we can get food?" "Vell, I tink so, " the old man said, "But I vouldn't go up dat hill, und down de udder side. Somevun tole me you'd run into a big bacon tree." "A bacon tree?" asked the wagon train leader. "Yah, ah bacon tree. Vould I lie? ... Trust me, I vouldn't go dere. The leader goes back and tells his people what the Rabbi said. "So why did he say not to go there?" some pioneers asked. "Oh, you know those Jewish people -- they don't eat bacon." So the wagon train goes up the hill and down the other side. Suddenly, Indians are attacking from everywhere and they massacre all except the leader who manages to escape back to the old Jewish man. The near-dead man starts shouting, "You fool! You sent us to our deaths! We followed your instructions, but there was no bacon tree. Just hundreds of Indians, who killed everyone but me." The old Jewish man holds up his hand and says, "Oy..... vait a minute." He then gets out an English-Yiddish dictionary, and begins thumbing through. "Oy Gevalt, I made myself such ah big mishtake! It vuzn't a bacon tree." "It vuz a ham bush!" THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
1*Can it go from charge-off to collection account when it has been sold. 2*I understand the "new owners" saying it's a collection, but can the OC do that as well? Tazzlarie ================= 1*anybody? 2*Who will take a shot? THE END ** *** ** LB 59 """""""
