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Credit report shows balances which have been paid

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t-stanton

Joined: 09 Mar 2009
tstanton's page
Posts: 1

35 Magic Points

Subject: Credit report shows balances which have been paid

Mon Mar 09, 2009 9:50 pm

After accessing my credit report, I see that the Department of Education lists that I have small past due balances from several years ago on the same loan. (They are listed seperately, as if they are all different accounts) The past due balances were accurate at the time they were reported, however, have since been paid many years ago as the account has been current since 2006. When I called them to discuss, they simply said that they report when payments are late, but never update that the payment has been made until the loan is entirely PAID OFF in full (which happens to be over $20,000) Is this legal according to Fair Credit Reporting Act? When someone reviews my credit, it appears as if I'm past due on a loan debt when in fact I am current and have been for 3 years. Can I dispute these marks with the credit agency?

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Mar 10, 2009 7:57 am

Yes, as far as I know, the late mark will stay in your credit report for seven years from the date you have made the payment towards the debt and made the account current. The account will show as "paid in full" only when you make the full payment towards the debt. I don't think that you can remove the late mark from your credit report by disputing the listing with the credit bureaus.
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Carol

Justin

Justin

Joined: 17 Jul 2006
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Posts: 1240

28942 Magic Points

Tue Mar 10, 2009 8:20 am

I agree with Carol. Since the balance was delinquent for a few years, it will stay there in your report for seven years from the date you became delinquent and will get listed separately. If it was a late payment, it would have listed in your report for two years from the date you made the account current. So I don't think that you can get the negative mark removed from your report.
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Justin

John Sanders

Joined: 10 Mar 2009
JohnSanders's page
Posts: 2
Location: Lake Worth, FL

38 Magic Points

Tue Mar 10, 2009 1:11 pm

Does anyone else think it is wrong that the creditor will update only negative items? What kind of foul practice it that?

DEVID85

Joined: 05 Mar 2009
DEVID85's page
Posts: 23

2 Magic Points

Wed Mar 11, 2009 6:07 pm

There are no answers to some questions, better to live with them and have some bypass to continue your way.

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