Expert: Apex Credit Services, LLC - 1/4/2008

Question
QUESTION: I have an account on my credit reports that has been reported wrong for the pat 2.5 years.  The debit went to collection, then to attorneys.  The debt was paid in settlement on 9/29/2005.  I have sent certified mail to the credit reporting agencies and have a letter from the debtor itself, the collection agency, and the lawyers.  what other actions can I take to clear this up?  I am in the process of purchasing a house and would like to get this cleared before settling.

ANSWER: Nancy:

    In order to answer your inquiry we would first need to know what is inaccurate or incomplete about the way the acount is reporting.  Is it showing a balance or is there another data field that is erroneous?

         Apex Credit Services, LLC

---------- FOLLOW-UP ----------

QUESTION: The item is being reported as a write-off.  If the acount had been sold or transfered to a collection agency, can the item be reported under the original creditor as a write-off?  I have managed to get the balance removed from the credit reports.  I feel that the status on the reports are wrong.  This has been reported in the manner even before I had made payment for settlement on this account.

Thanks for your help and advice

Nancy

ANSWER: Nancy,

     The original creditor can report the account as being sold/transferred and the balance as a paid under the CDIA guidelines.

         Apex Credit Services, LLC

---------- FOLLOW-UP ----------

QUESTION: One more quick question in regards to the above, if this account does not correct with the certified letter to the credit reporting agancies, what would be my next step on getting this updated?  I feel that this is bringing down my scores and creating issues.  Am I just worrying too much about it?

Answer
Nancy:

    First, the status may or may not be correct.  Even if it were incorrect, I don't think it would have more than a very marginal effect on your score.  You need to see if the original creditor is reporting it as a R-9.  If so, it may be having a little effect.

    Assuming you cannot alter or delete it through a dispute through the credit reporting agencies, you would have to institute a civil action against the entity under the FCRA.  I think such a claim may be deemed dubious and it is probably not worth pursing UNLESS you can earmark some precise damage to it.

         Apex Credit Services, LLC