Two questions
My second question is in regard to charge off I have. where the information for the account is including balance, high balance, and things like that it says not reported. Is this something that I can challenge as far as them not having correct information for the account?
You should contact both Experian and Chase regarding the status
You should contact both Experian and Chase regarding the status of the concerned account. You can dispute the account status with Experian. On the other hand, you can also ask Chase to report the proper account status to Experian. This will help you in resolving the matter.
You can always challenge the credit bureaus and dispute any account status with them if you find something incorrect is mentioned in your credit report. If you have the required proof, the credit bureaus are bound to correct the account information.
Quote:I have two questions in regard to my report that I hope so
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I have two questions in regard to my report that I hope someone here can help me with. First on my Epxerian report one of my credit cards was closed, but I am still making payments on it and haven't missed a payment in a long time. Looking at my report it is reporting this account as cls for the last few months. Since I am making timely payments on this account shouldn't it be reporting as ok. Is this something I can challenge either with experian or with chase? |
Ok..did the creditor close it due to charge off or being past due?
Was it charged off? If so, your status will not change...you cannot reverse your status.
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My second question is in regard to charge off I have. where the information for the account is including balance, high balance, and things like that it says not reported. Is this something that I can challenge as far as them not having correct information for the account? |
A charge off is a charge off. Has the account been sold? If they are reporting nothing, it is not inaccurate.They are simply reporting the charge off.
There are different status codes relating to account status. So
There are different status codes relating to account status. Some update, and some dont.
The one status code that does update is the "Current Account Status."
If a previously delinquent account is paid back to good-standing, the current status code of the account will be updated. Any prior current status is overwritten. Current status has NO historical memory, and does not retain any prior status of the account. It is what it says.... the current status.
However, other status codes in your credit file record various prior states of the account. You have a "Payment Rating" code which records the status of the account prior to the last update of the current status. Thus, an account that had a prior derogatory status, and was thereafter brought back into good-standing will have a currrent status reflecting it current good standing, but the payment rating code will retain the prior status of, for example, a 90-day late status prior to becoming current.
And of course, all of the individual derogs are still retained in the consumer's file under their payment history profile.
It is not enough to simply get the current status accurately updated to pays as agreed in order to cleanse one's credit file/report. The old baddies are still in there. Many creditors will agree to update status to current upon payment, but that is really not an "agreement" to anything. It is a requirement. And what they dont tell you is that the update of the current status does nothing to remove the prior derogatory reporting from the consumer's credit file/report.