Letter of credit reports

Hi,
Is there any standard report which gives me the details of LC value, assigned balance and open value. who is the ship to party and valid from and valid to.
Thanks in Advance,
Raghava

AhmedInVA wrote:
moneysaverhome wrote:
Good luck! We've had good payments (on auto-draft) since lates in 2011 & 2012 yet the Navient Student Advocate told us just last week on the phone that she wouldn't remove any late history. She was also very pleasant with both of us as she told us she'd do absolutely nothing to help us.Thanks! yeah I would be ok if they show my late payment history from 2011 as long as they don't continue to show it as an open collections account, that would be fairDid you ever hear back?

Similar Messages

How to track Letter of credit in FI Module.

Dear Gurus,
(Exports scenarios)
I have configured letter of credit for customer's export scenario. At end user level we are creating letter for credit using VX11N. Once the letter of credit is created, we link it to the sales order at header level in billing document tab - financial document field.
I would like to know how can we track this letter of credit in FI module? For example if we receive payment from the bank against letter of credit which is linked to sales order then how will we be able to track that letter of credit while entering the customer payment in FI module.
Also help me understand whether I am posting it to right forum, as I am posting the question for the first time here.
Please advice. Thank you.
Edited by: jayfanse on Jun 9, 2011 5:25 PM
Edited by: jayfanse on Jun 9, 2011 5:26 PM

Dear Jay,
We are also using letter of credit sale in our company but the LC payment is normal from accounting side when ever Accounts receive LC payment from the customer they will post it against customer account (Customer Code) and write the Text this payment against so and so LC and Commercial Invoice Number if you run FBL5N Report you can see this text.
There are some reports to check the LC sales scenario: VXA1, VXA2 & VXA3
Regards,
MH

Letter of credit on Sales

Hello Guru's,
We have the following requirement:
In Perú, apart from the Invoice Document I need to give to the customer some Letter of Credits (LOC) that represent the 100% of the invoice value. The customer or bank will make the payment to us clearing the letter of credit, not the invoice. So I need to create a process that reverse the invoice and create n letter of credit assigned to the original invoice for the customer. Depending on the payment terms I can have 3 letters of credit for 1 invoice.
Example:
1.     Sales Order 1: Net value 900 USD (Payment terms 90 days)
This sales order must have assigned 3 letters of credit that sum the total sales order amount (900 USD):
a.     Letter of Credit 1: Net Value: 300 USD, payment terms 30 days
b.     Letter of Credit 2: Net Value: 300 USD, payment terms 60 days
c.     Letter of Credit 3: Net Value: 300 USD, payment terms 90 days
2.     Invoice 1 Net value 900 USD (Payment terms 90 days)
Accounting Document Invoice 1:
                        D           H
Customer Account       12XXXXX1                                 990
VAT              4XXXXXXX                90
Sales              7XXXXXXX                900
Actually the following documents are created automatically after invoice creation according to the Letter of credit parameters set in sales order. (This process is done in their actual legacy, not in SAP, we need to replicate the process in SAP)
Accounting document Letter of credit 1:
Letter of Credit account        12XXXXX2               330
Customer Account                12XXXXX1              330
Accounting document Letter of credit 2:
Letter of Credit account        12XXXXX2               330
Customer Account                12XXXXX1              330
Accounting document Letter of credit 3:
Letter of Credit account        12XXXXX2               330
Customer Account                12XXXXX1              330
To sum up: For this example the system must create 4 documents during invoice process.
A.      Invoice 1 for 990 USD
B.     Letter of Credit 1 for 330 USD
C.     Letter of Credit 2 for 330 USD
D.     Letter of Credit 3 for 330 USD
All the documents impression will be sent to the customer. They create Letter of Credits to replace the invoice because legally there are more secure for payment. The payment of the customer must clear the Letter of Credit (The Customer account of the invoice were cleared by the letter of credit)
What solution do you recommend for this requirement? I was thinking to develop a USER EXIT on accounting document invoice creation to create additional FI documents for the LOCs required.
Thanks for your help.
Best Regards,
Pablo

Hello Pablo,
I had the same situation in Chile. I had to make the procedure manually because:
- I could not determine with which Banks I was going to use for the LoC
- I don't know the amount to be paid in each LoC
- I don't know the payment terms for each LoC.
- The LoC currency was not always the same
If you solve these problems, may be a Z report which reads the Payment Method and a BAPI for GL document creation could help you, but its very complex.
Kind Regards

Tracking of due dates in case of letter of credit and bank guarantee

Hi
In case of letter of credit and bank guarantee can a track be kept in sap for bill negotiated and due (means the vendor has claimed payment but payment from us to our bank is not due) ,
negotiated and due(means our payment is due)
and bills negotiated and overdue (means payment from our side to our bank is overdue)
how is it possible plz explain in detail as i have never worked ob LC and BG.
Thanks in advance.

Hi
Thanks for the answer I will try to explain my requirement .
In case of import and exports Letter of credit and bank guarantee are opened with the bank. There can be amendments also after its creation in terms , amount or validity period. Then it is negotiated and retired.
An example : A letter of credit is opened on 1st Jan. The goods are shipped on 7th Jan .Credit term given by our bank (in case of import) is 1 month which is counted from the shipment date and it expires on 7th feb. The vendor negotiates the bill on 15th jan.
The requirement is to get a report of u2018negotiated and dueu2019 and u2018negotiated and overdueu2019category.
Like from 15th Jan to 7th Feb the bill negotiated by the vendor comes under u2018negotiated and dueu2019 category and after that it comes under u2018negotiated and overdueu2019category.
List of letter of credits established , negotiated , retired and balance if any.
Letter of credit wise u2013 Bank charges paid. i.e at the time of opening , amendment , negotiation and retirement.
Same in case of bank guarantee also.
Plz explain me how can this be tracked and how to configure this.

Letter of Credit-Treasury ECC-6.0

Dear Gurus,
I am am new to SAP treasury and our client has given some basic requirements regarding LC.Excerpts of the mail are as follows:
Opening of trade facilities (L/C, T/T, DP &DA) with the banks
All functionailities should have following features;
- Link in SAP from procurement's P/O or any formed requirements of raw materials and spare parts
- Traceable Reference of L/C or trade documents which may divide into multiple shipments
- Automatic and dynamic update (ie. L/C, forward contract due date) in conjunction with report call date
- Status report (ie. hedged, open position)
- Weekly Planning mode to input and adjust import material plan and revision
- Flexibility to manage on standalone and group basis
Can anybody please help with the basic steps and process for configuration regarding the product types and a broadline process.I know that I have to use Money Market Product types.
Regards
Raju

Hi,
Letter of credit is form of payment guarantee which can be handled in AR/SD Credit Management/Risk Management.
Sales and Distribution
Basic Functions
Credit Management/Risk Management
Receivables Risk Management
Define Forms Of Payment Guarantee
There won't be a letter of credit created in Treasury.
Hedging, open positions (exposure) can be handled under Treasury and Risk Management; tcode THMEX.
Manish

Letter of Credit Facility in SAP

Dear All
My client has a requirement of mapping the Letter of Credit facility in SAP. Their reqmt is that based on the project or contract they will get a LC availability, then after using the LC , they need a report to show, how much is the available facility, used LC and the balance per bank. I hope this can be done in treasury Mgmt. Plz let me know the config aswel for this and the difficulty in on config this.
Regards
Rajaram

Hi Rajaram,
There is no default product type for LC in TRM. ALways you can map the functionality to available product categories in Money Market area under Product Category - 550 or so and can have a integration with Facility product where you can monitor the available/used fund status.
You need to configure both Product types in Money Market area of TRM.
Regards
Prasad AV

How to calculate Bill Discount, Letter of Credit, Deposits & Cheque amount!

Hi,
I have a requirement where in I have to develop a report to display bank balance chart with the following details in the output.They are :
1. Posting Date
2. Bill Discount (BD)
3. Letter of Credit(LC)
4. Cheque Amount may be cheque issued.
5. Deposits.
Above are the information which i have to display based on Posting Date range , Company Code and Bank Key present in the selection-screen.
Below are my few observations:
1. To retrieve the Bill Discount, I am first fetching the data from BKPF table by checking the document types 'DZ' ,'KZ', Company code and Posting Date Range. Then using document number,company code present in these entries along with Posting key = 39 and special GL indicator = 'W' retrieving the data like DMBTR,WRBTR from BSEG.
2. Similarly for Letter of Credit amount retrieving the data in the same way as mentioned above except special GL indicator will be 'Y'.
Now please correct me if my approach is wrong. Request you all to throw some light as I am Technical Consultant and humbly looking forward to all your help.
Also, request to let me know the logic or process how one can calculate fourth point as well as Fifth point as mentioned above.
I am just looking for flow of data/process flow/standard transactions through which I can see these above mentioned things which can help me in building the logic. At least a general approach to this will be appreciated highly.
Regards,
Raghavendra Kulkarni.
Edited by: raghavendra kulkarni on Jul 8, 2010 2:31 PM

Hi,
I have a requirement where in I have to develop a report to display bank balance chart with the following details in the output.They are :
1. Posting Date
2. Bill Discount (BD)
3. Letter of Credit(LC)
4. Cheque Amount may be cheque issued.
5. Deposits.
Above are the information which i have to display based on Posting Date range , Company Code and Bank Key present in the selection-screen.
Below are my few observations:
1. To retrieve the Bill Discount, I am first fetching the data from BKPF table by checking the document types 'DZ' ,'KZ', Company code and Posting Date Range. Then using document number,company code present in these entries along with Posting key = 39 and special GL indicator = 'W' retrieving the data like DMBTR,WRBTR from BSEG.
2. Similarly for Letter of Credit amount retrieving the data in the same way as mentioned above except special GL indicator will be 'Y'.
Now please correct me if my approach is wrong. Request you all to throw some light as I am Technical Consultant and humbly looking forward to all your help.
Also, request to let me know the logic or process how one can calculate fourth point as well as Fifth point as mentioned above.
Edited by Raghavendra Kulkarni.
I am just looking for flow of data/process flow/standard transactions through which I can see these above mentioned things which can help me in building the logic. At least a general approach to this will be appreciated highly.
Regards,
Raghavendra Kulkarni.

Letter of Credit treatment in liquidity forecast FF7B

Hi there,
My client has a requirement to display letter of credit for import purchase in the liquidity forecast report. My original thought is to treat the L/C as the the noted item using a special G/L indicator, so it can be captured in FF7B. However, this creates another problem, because the L/C related PO or AP amount will also be captured in the FF7B report. It cause the duplicate amount in FF7B
Any suggestions on display L/C amount only in the FF7B if the L/C is created?
Thanks a lot!
Best Regards,
Xuefei

Thank you very much Lucciano,
In fact I have already solved the problem and hoping it could also help others I will explain it.
This behavior for down payments it is correct as explained on sapnote 29926 because it prevents the system from considering them twice on Liquidity forecast: once from SD and afterwards from FI.
The correct way when SD updates TR, as per tx OT19, it is to let T074-EBENE field empty for this SpGL Indicators (or not because it doesn't affect).
And when it does not because on tx. OT29 "V_001_I-XFDSD - Update SD" field it isn't selected, the you have the "standard" option of:
1. With tx. OBXR enter entries on T074-EBENE fields, followed by
2. an appropiated FI substitution (tx. OBBH) of "BSEG-FDLEV" with T074-EBENE and
3. another substitution (tx. OBBH) for BSEG-FDTAG with BSEG-ZFBDT.
Nevertheless, thanks a lot!.
Rushid

How is the letter of credit captured today on Oracle, presumably OE?

Hi All,
This is published on shipment::released per shipset.
I would like to know if the data entry AND the database field for this are :
- data entry is custom or vanilla ?
- database field is custom or vanilla ?
In both cases, if vanilla, then:
- is this actually entered or held in a 'letter of credit'
field or is some other field being used
- is this entered in a specific field on screen or a Note ?
- is this held per customer or per order or per shipset ?
Thank you,
SM

Dear Jay,
We are also using letter of credit sale in our company but the LC payment is normal from accounting side when ever Accounts receive LC payment from the customer they will post it against customer account (Customer Code) and write the Text this payment against so and so LC and Commercial Invoice Number if you run FBL5N Report you can see this text.
There are some reports to check the LC sales scenario: VXA1, VXA2 & VXA3
Regards,
MH

Fico Credit report?

I didn't know where to post this, so I just will post it here. On myfico credit report it lists an account that was included in my bankruptcy , it has under status the -last activity "September 2008" so does that mean from that date forward it starts towards the date that account should fall off?

Welcome to My fico Whats on file at the CRA is what the creditors are going to see, 3rd party puller errors are the norm for the industry. To have your BK only showing on one CRA is a great plus for you doesnt happen that way very often. I dont recommend disputing anything online and believe it should always be done by mail with a letter but since you have already done so its no biggie just dont open more than 1 dispute at a time or they get to add 15 days more to the normal 30 days time to investigate.

Name reporting on credit report

Hi guys I have a predicament and I would like some advice on the issue.As many Mexicans I have a really long name, and like such some problems are expected when reporting it. Everything started last year when I tried to apply for a Capital One secured credit card. The banker completely chopped my name even tho she copied it from my DL and SSC, I found that out after getting a rejection letter with my name misspelled, so that was a bust. In order to help me establish, my wife added me as an AU on one of her cards, (Capital One mind you) and basically spelled my name for the representative on the phone. A month later I tried to apply for the secured card again and was declined, this time I received the rejection letter with my full name. I then decided to just wait and concentrate on school. In January of 2015 I tried to request a free annual credit report and the site could not provide it. I ended up calling TU and requesting one over the phone. The report stated that 2 different names have been given under the same SSN. Like many Mexicans my name consist of Name -> Middle name -> Father's last name and Mother's last name. TU had me under my full name from the second application and the chopped one where the banker basically just used the first letter of my father's last name as my middle initial. I then got student loans that report under my full legal name because of my SSN. I know this cause in May I requested EQ's report and that's how it's listed. Later that month I applied with Discover and the representative told me to basically just pick a name and go with it, as that's what's commonly done in the U.S. She basically said to go by Name -> Middle initial and father's last name or else other credit cards will have a hard time finding my history. My wife ended up having to co-sign for me. What should I do? The student loans are reported under my full Mexican long name, yet Discover is only using the American version with just middle initial and father's last name which is the same my AU card has. Any thought or suggestions? Thanks.

UncleB wrote:
Buddy86 wrote:
Great info, thanks man. My two last names aren't hyphened and yes, I've encountered places that don't have two separate spaces for such last names. I'm intrigued when you mention split credit files. I recently ordered my EQ report and in it I have about 5 different names. The original full lenght as it appears on my SSC and DL, reported by my student loan servicer, my shortened one(the one I go by) with middle initial and paternal last name as reported by Discover and Capital One (AU) and 3 others being a mix of both. Maternal>Middle>Paternal and First>First initial>Paternal. I do get from time to time Capital One offers under such wrong, chopped or mispelled names. I've gotten offers from AmEx and Chase and they are addressed to the names reported by Discover and Capital One. My wife has suggested I send letters to the credit bureaus asking them to erase all other names and just keep the full one and the "American" version. But both my DL and SSC have the whole name, will they still honor that request?Thankfully, split credit files aren't as much of a 'thing' as they were around 10 years ago (when I had all my issues). Back then, even having a lot of accounts or an 'excessive' number of soft inquiries could cause a split file back then. I also used to have issues with my accounts reporting to my father's credit file, and vice-versa, due to our having the same last name, and my father's failure to use 'Sr.'. Thankfully, they seem to rely now more on the social security number, so it's been a while since I've had to deal with this. My own credit reports also have multiple names, including my full name, which I believe was reported many years ago when I had also had student loans. Here's what I currently have: First LastFirst Last JrFirst M. LastFirst M. Last JrFirst Middle Last Jr (also a couple of variations where my middle name is misspelled) So far, this has never caused me any issues. As far as if the credit bureaus will remove the extra ones, I'm honestly not sure, but it never hurts to ask, especially on the ones that aren't even correct (mangled spellings). A lot of people have 'aliases' on their bureau reports as well where the name is a variation, while not really being a truncated version (for example, William, goes by Bill; Margaret, goes by Peggy). Even last names change; women regularly change their last names when they marry (and some marry more than once over the years) so this is not a big deal, either. I have Hispanic relatives, so I'm familiar with the naming convention you're speaking of. The 'general consensus' is that usually you can use whatever you want when it comes to credit, but you really, really need to be consistent. I had a friend that on her driver's license had 'First Middle Maiden Married' - all of her names, so that no matter what it would be a variation of any paperwork she had. Her paycheck from work had 'First Married', while she still had old stock certificates that had 'First Maiden', and it even got more complicated since the name she was know to the world by was not her first name, but her middle. Just like you, having all of her names on her ID and official paperwork make things easier. If a clerk or bank teller ever asked for ID she was fine, because her ID had all the names covered. What you don't want is to have some credit accounts listed as 'First Last1', and other accounts listed as 'First Middle Last2', for example, since it's possible for these to be seen as different people, thus the split credit file issue. Ideally, as long as the SS# is always use this shouldn't be a problem anyway, but better safe than sorry. As an added 'perk', having the name match up should also help with 'insta-approvals'. If it were me, I would refrain from using my full middle name, and simply use the middle initial (or in my case, none at all) since there's usually no place to put a whole middle name on a credit application. As for your last name, consistency is the key. While I have read of folks having issues when a hyphen isn't used, there are plenty of times where it's no problem at all. If it were me, I would continue to use both last names as you currently are - after all, that's you! - and on the rare occasion where it's problematic simply drop down to one or the other, just always to the same one. Hope this helps! Thanks a lot for your advise.

Filing date of judgement is different from date listed on credit report.

So first, let me say that my judgement is due to fall off in April of next year. If it weren't for reading so many success stories and having many of my own (including an early deletion of the last paid collection account on Experian just yesterday) I might be willing to leave well enough alone. The problem is, the paid judgement is the last bad item on my report. I just called the circuit court where my judgement was filed because the dates seemed off. I have copies of the money orders that I sent to pay the judgement and all of them were AFTER the judgement file date listed on my credit reports. According to the clerk, my judgement was actually filed on January 12, 2009 not April 16, 2009. My question is, aren't civil judgements supposed to fall of 7 years from the filing date or is this the case of the 7 years 180 days I've heard about? Did my payments somehow reage the judgement? If the date is indeed wrong, what is my next course of action? If the judgement rightfully is due to fall of January of 2016 I am within the 6 month range for requesting good will early deletion from at least two of the CRA's, correct? I'd really like to buy a house next year at the best rate possible and my Fico scores are EX 709, TU 719, and EQ 721. I’m hoping this removal will help me get the best rate possible. Thanks in advance for any insights/ opinions given.

Thanks for the docketing info! I'll start the ball rolling on that Monday. Regardless, if I can get the dates changed or no,t it's good to know that I have a possiblity of getting early exclusion on judgements as well. From what I read on this forum you can get a judgement vacated if he was improperly served. You can request the service info from the court where the Judgement was placed. I, like Rebuilding, didn't show up for my court date because I assumed that being in contact and negotaiting payment was all I needed to do and judgement would be thrown out the window. Yeah I know, stupid. Wow, if my judgement falling off netted me 66 points I would keel over. It's my last baddie and the only bad thing on all three reports so my fingers are crossed. Experian is an interesting one. In my case, they seem to hang on to anything and everything. The other CA's dropped most of my stuff a few months early without me even having to request it. The only thing I had left was the judgement and one collection on Experian. I called them mid june to ask for early deletion of the collection( 2 months ealy) because I heard they would remove it 3 months early. They turned me down, but I was very polite and thanked them for their time when they told me to call back April 1. I called them July 1 and after being transfered once my collection was removd. The phone call took less than 5 minutes. It was due to fall of August 16 of this year. The number I called was 1-800-360-7580. Note this account was not my oldest account and it was shown as being in collections so I wasn't in danger of having my Aaofa taking a hit. Oh, one last thing. I don't think it's odd that one report had collections info that another doesn't. They not only differ in how long they keep stuff( my point about Experian having a collection nobody else had) I also think it depends on who the collector reports the info to I'll update if I get my judgement updated and EE. Otherwise Kaylavaand I will have our judgement removal day party April 16th of next year!

Credit Reporting....Separte bills for one account?

I have been contacted by multiple collection agencies regarding a $27 dollar verizon charge that I have no previous record of. I recieved the first collection notice in May 2011 (Recievables Performance Management, LLC). The account number in question did not match my Verizon account so I requested debt validation from the agency (certified letter) and email and never recieved a response. I also contacted Verizon customer service at this same time asking for validation and the rep informed me that once the account is sent to collections, I would have to work through them for validation. The agency then sold the account to another agency (CBE Group) in June of 2011. I again said that the account number did not match my verizon number (the last number in the account was different) and formally requested data validation via certified mail and email and no response was given. I contacted CBE to follow-up on this and they now deny having any record of this collection in their system.
I am attempting to purchase a home and this issue is appearing on my credit report and severly damaging my score. I spoke to a verizon rept last night and she indicated that this $27 charge was a balance transfer from my intial activiation and that the different account numbers were actually the same account and the different numbers at the end represented different levels of the one account. She said this numbering of accounts should have been apparent to me and that the differnt numbers should not have been a concern. She said bills for the $27 were sent to me but when she listed the address it was a very old address. She said I should have updated my address. However, I did update my address as evidenced by the fact that my regular monthly bills for my service charges were being sent to the correct address. She also asked why I didn't pay the bill the first time I contacted Verizon in May--I was never given the option.   (As an aside, after I expressed sincere concern and extreme frustration about my ability to purchase my first home due to Verizon's billing practices, she asked me if I was interested in adding any additional lines or services, which I found a bit disturbing and contrary to common sense given the context of my call.)
If this is one account why did the $27 never show up on my regular bill or on my account when I accessed it online? If I have one account, why was I billed for different charges to different addresses?   I was paying my regular verizon bill each month, so how could I have known there was a separate bill going to an old address? When I activated my new phone I did it at the verizon store and the representative indicated that I had paid in full but this $27 dollar fee shows up months later via collections?
Out of frustration, I paid the $27 balance to Verizon yesterday to have the debt pulled back from collections and to change the status on my credit report to paid-- mortgages will not be processed within open disputes.   However, Verizon refuses to remove a credit entry once it is made.   I can't believe Verizon is willing to destroy my credit and my ability to secure a mortgage over this issue. I also am frustrated that Verizon says I have one account with them but when it comes to billing I miraculously have 2.   I have had no luck with Verizon customer service or contacting them via email so I am putting this here.   This has been the absolute worst experience with a company I have ever had....I want to terminate my contract but am afraid of what kind of unfair billing from Verizon would be next.

ShoyebAnsari wrote:
I sent an email to "[email protected]". I elaborated the entire problem with the date and time of recharge. I got reply within a day. If the problem is due to auto recharge, Skype team will definitely look into and provide full support. Though they returned my unauthorized transactions, the transaction is still not reflected in my CC statement. They told it will appear after 5-6 working day... Still 2 days to go. Lets see... Hope this reply would be helpful to you.
that email address is indeed correct. Yet, it is more advisable to use their webform as such will usually results to faster responses.
CONTACT SKYPE CUSTOMER SERVICE   |  HOW TO RECORD SKYPE VIDEO CALLS  | HOW TO HANDLE SUPICIOUS CALLS AND MESSAGES   |  WINDOWS PROBLEMS TROUBLESHOOTING   |  SKYPE DOWNLOAD LINKS
MORE TIPS, TRICKS AND UPDATES AT
skypefordummies.blogspot.com

Collection Deleted, CA Still Seeks Money, Apartment BACK on Friend's Credit Report

Hi there. Thank you to everyone who posts here regularly! You all have helped me a lot! Let me start by saying, this week my wife and I were preapproved for 250k for our mortgage! We have both been working hard to improve scores. This situation is wrecking my brain. I will keep the story as short as possible... In College (back in 2009-2010) , my best friend and I had an apartment. We resigned to stay another year, but ended up breaking the lease before that year started. Apartment told us then, we would be responsible for rent until it was rented. We never heard from them, until about a year ago when a collection company began calling us both saying we owe $2,000 (collectively). Early this year I disputed with the 3 CRAs as I was never given any time of validation. The account was deleted from all 3 reports. A month later, my friend also disputed... and account was deleted from his reports. The calls, however, NEVER stopped. They continued to call us both. We ignored the calls. My friend is also getting a mortgage with his wife... to his surprise, the account has been back added to his experian report. It is not on his other 2. It currently is not on ANY of mine. His bank says he must take care of the collection. He has since called the company and they told him the following:- pay 1500 and they will report as setted/paid in full- pay the entire 2000 and they will delete So here are the questions... First, I do not want this collection on my credit, as it will for sure lower my scores and put me at risk of no longer qualifying for the loan So... Do I/wea) offer to pay the 1500 (with my friend)? My fear however, is that they report it as a paid collection to the 3 CRAs and the CRAs add it as a collection that has been closed. CAN THIS HAPPEN? DO YOU THINK THIS WOULD HAPPEN? WHAT IMPACT DO YOU THINK THIS WOULD HAVE ON MY SCORES? OR ON MY MORTGAGE? b) Do I offer to pay half of the 2000 to get the account "deleted" even though it is not on any of my reports? c) Do I do nothing since it has not been added to my reports by now? aka... should I take the approach that if is hasnt been added by now, do not fear it being added in the future? PLEASE PLEASE help and offer any insight you may have. I am leaning towards paying the 1500 with my friend but I DO NOT want any trace of this account reappearing on my credit report. What to do???? Thanks in advance for your help

youngc wrote:
Hi there. Thank you to everyone who posts here regularly! You all have helped me a lot! Let me start by saying, this week my wife and I were preapproved for 250k for our mortgage! We have both been working hard to improve scores. This situation is wrecking my brain. I will keep the story as short as possible... In College (back in 2009-2010) , my best friend and I had an apartment. We resigned to stay another year, but ended up breaking the lease before that year started. Apartment told us then, we would be responsible for rent until it was rented. We never heard from them, until about a year ago when a collection company began calling us both saying we owe $2,000 (collectively). Early this year I disputed with the 3 CRAs as I was never given any time of validation. The account was deleted from all 3 reports. A month later, my friend also disputed... and account was deleted from his reports. The calls, however, NEVER stopped. They continued to call us both. We ignored the calls. My friend is also getting a mortgage with his wife... to his surprise, the account has been back added to his experian report. It is not on his other 2. It currently is not on ANY of mine. His bank says he must take care of the collection. He has since called the company and they told him the following:- pay 1500 and they will report as setted/paid in full- pay the entire 2000 and they will delete So here are the questions... First, I do not want this collection on my credit, as it will for sure lower my scores and put me at risk of no longer qualifying for the loan So... Do I/wea) offer to pay the 1500 (with my friend)? My fear however, is that they report it as a paid collection to the 3 CRAs and the CRAs add it as a collection that has been closed. CAN THIS HAPPEN? DO YOU THINK THIS WOULD HAPPEN? WHAT IMPACT DO YOU THINK THIS WOULD HAVE ON MY SCORES? OR ON MY MORTGAGE? b) Do I offer to pay half of the 2000 to get the account "deleted" even though it is not on any of my reports? c) Do I do nothing since it has not been added to my reports by now? aka... should I take the approach that if is hasnt been added by now, do not fear it being added in the future? PLEASE PLEASE help and offer any insight you may have. I am leaning towards paying the 1500 with my friend but I DO NOT want any trace of this account reappearing on my credit report. What to do???? Thanks in advance for your help I would do option 2. You both were responsible for it, so its only fair to split it, and try and keep it off your buddies reports.

Erroneous, derogatory credit report

I have been a longstanding, loyal, and very consistent Verizon Wireless customer for over 10 years. In all the years I have been a Verizon Wireless customer, I have ALWAYS paid my bill on time, every month. In early 2011, I went through a divorce & released my ex-husband's line. A couple of months later, I added a line for my son but I did not sign a contract for the new phone number. I kept the new line (my son's) for over one year, but because for most of that year, the phone was not even used, I cancelled it around 2/2012 because I combined my account with my current husband's account, who has also been with Verizon Wireless for more than 10 years. The reason I cancelled my son's line was because my husband's account has 4 lines, and the maximum number of lines on a Family Share Plan was 5 at the time we combined accounts. Additionally, since my son hadn't used his phone in about 4+ months prior to the combining of accounts, it only made the best financial sense to cancel this line since it wasn't being used anyway. Verizon even credited me one month's worth of charges (because that was as far back as the representative was allowed to credit) because she could see he never used his phone. I thought I had a productive, good-standing relationship until October, 2012 when I received a bill for $68 from CONVERGENT COLLECTION AGENCY!!! Needless to say, I was appalled! From the time I got the new line until the time I cancelled the line, my monthly payment was always current and paid in full. Immediately, I picked up the phone & called Verizon, who said it was out of their hands, and that I should contact the credit agency to pay the bill. I then immediately contacted Convergent Collection Agency and paid the accused debt amounting to $80.90 (including the collection agency fee). Knowing these charges were erroneous, I waited for the debt to be "cleared up" on Verizon's side, I waited nearly 30 days, then contacted Verizon again in order to clear my name/accounts. After explaining this long & drawn out scenario, a very kind Verizon Wireless representative stated they would submit this account to be cleared of any wrongdoing on my part, & would even process a refund for me for the $60-some odd dollar outstanding balance which was turned in to the collection agency. I explained that I paid $80.90, and asked to have the entire amount credited back or refunded to me. I have yet to receive a refund, which is of zero importance compared to the derogatory reports against my otherwise perfect, 15 year credit history.
The point I am trying to make is that I NEED VERIZON WIRELESS TO REMOVE THE DEROGATORY REPORT FROM MY OTHERWISE PRISTINE CREDIT HISTORY. I have been a loyal Verizon Wireless customer for over 10 years and have no plans to change my service provider in the near future, unless I continue to be unsuccessful at getting this one single negative report deleted off of my credit. I have been told by a Verizon representative that is impossible to remove derogatory reports from a credit report, which is UNTRUE! I know if a company has the ability to report good standing history as well as negative history, they also have the ability to REMOVE negative information. This negative report does NOT represent my personal values of paying my monthly bills as well as paying them ON TIME, as well as being a responsible adult, in general. I do not feel as if I should suffer the repercussions of this ONE negative & most certainly erroneous report if I was not the source of the problem. I feel the blame is on Verizon because someone there did not check to ensure the bill was sent to the correct address....I received a bill every month for my main account, so why wasn't it caught that my son's bill was sent to my old address (of my ex-husband, who deliberately did not give me my mail). Another reason I am upset about this is because Verizon NEVER made an attempt to call me about the past due balance. The line was tied to my phone number, which I have had since day 1 with Verizon (and have never changed this number). I feel as if Verizon did not do their part to notify me of this bill, and found it easiest to turn me in to the credit bureau, without caring how someone's lack of attention and abundance of laziness would adversely affect my credit.
I have tried to contact a supervisor at Verizon regarding this issue, but was told there was no one available. This is unacceptable to me, as I was lied to again. I don't feel as if I should continue paying money to a company who does not care about its customers or how they are treated by it's employees. Money is NOT the issue; a $60-something balance would have been easily and immediately taken care of, as I am easily making current monthly payments of over $340. If Verizon does not have a solution for me IMMEDIATELY, then I will be happy to take my money every month to another wireless company who will treat it's customers like they are a real person.
Please feel free to have no less than a manager, supervisor, or better yet, a regional supervisor to contact me at ANY TIME.

This is a peer to peer forum. no managers etc. here just customers and occasionally a verizon employee comes by to assist.
Verizon like banks and credit card companies may or may not post your payment history to the three credit bureaus
If they post a delinquent account to the bureaus you can under the Fair Debt Collections Act write a letter and dispute the charge or amount they claim you owe.
Please note because the invoice was overlooked and not paid does not mean you were responsible for the payment of that invoice.
You can also call the credit bureaus to dispute the validity of the collection company and verizon but it was posted as a correct entry on your credit report. Factual reports stay on for 7 years. if you write the letter of dispute or circumstances it to will be there for potential credit grantors to view.
That is all that can be done. However there are federal and state laws that state credit bureaus can be sued in court if what they post is not accurate but truthful entries are going to stay.

Letter of credit reports

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