Sold charge off reporting as a partial payment agreement?

Two years ago my cc company said I made a late payment and raised my interest rate. I called them and explained that I did not make a late payment but they refused to lower the payment or interest rate and then locked me out from making anymore payments. A few months later I recieved a letter saying they charged it off. This was in 2013. Now I am trying to get a mortgage. My home counselor pulled my credit report and my "charge off" is reported closed by me and sold to another lender. The other lender reports an open balance under a partial payment agreement. I've never even heard of this company, forget about having entered a partial payment agreement with them. Is this grounds for removal from the CRA?

Taking of a charge-off does not excuse the consumer's continued obligation for the entire debt.If the creditor sold the debt to another, that party can attempt to collect the entire amount.The purchaser can report their collection to the CRAs without prior notice to the consumer. Whether there is additionally an existing payment agreement/plan is a separate issue.

Similar Messages

Charge off reporting

i have an account that was charged off last year. Since the. They report a new 90 day late each month and the account is still marked as open. I am making Payments but not paid in full yet. Can they continue to report new late payments every month. If have read both ways on this matter, does anyone have a solid answer possibly with legal reference

gdale6 wrote:
Steve172 wrote:
i have an account that was charged off last year. Since the. They report a new 90 day late each month and the account is still marked as open. I am making Payments but not paid in full yet. Can they continue to report new late payments every month. If have read both ways on this matter, does anyone have a solid answer possibly with legal referenceTechincally you are still in default so in keeping with the FCRAs requirement to report accurate info they do so each month as they are updating the balance to reflect your payments. Paying it off sooner will stop the Fico score hurting and it will stop updating on a monthly basis, this is per the CRAs operating manual that they should stop reporting once the account is paid in full, there is no legal requirement for them to do so and some creditors will continue to report even once its been paid off. This IMO is just pure spite on their part to do so.FWIW, In my personal experience, updating of a paid accounts does not seem to affect my FICO 8 scores. I had a couple of paid accounts that were disputed and when they updated, my FICO 8 scores remained the same. This would seem to confirm my suspicion that updating of an unpaid account does not make it look "new" to FICO, but rather FICO interprets this as increased collection efforts by the CA...Note that this is from my own personal experience and I can't confirm this holds true for others. I also have no idea if this is just something unique to FICO 8, and earlier score models may indeed behave differently.

AR Aging report... partial payment Report

Dear Experts,
               In the Aging Report i have the Scenario that partial payment's record should not fell on the bucket based on Net Value of that record, instead it should refer some reference field. which field it has to refer?
              How we can find the record is partial payment record ie what condition it will have? like open status etc...
              where i should   apply the logic whether in the datasource level or at the report level.
              Please note that Dataflow is in 3.5 version
Thanks in Advance

Hi,
You can have a info object to represent the status in the datatarget and then you can use it in the filter level to filter out open records.
Regards,
Anil Kumar Sharma .P

Charge off being DELETED!!! Advice needed!

Hi all! So, I successfully received a EARLY DELETION as a Good Will from a student loan (private) that charged off in 2010 -- the lender finally agreed to remove this completely from my report today and submitted the electronic request to the bureaus today to delete it from my report and cosigners. This was a huge charge off and absolutely destroyed our credit 5 years ago ($25,000 charge off) - it docked us 75 points or so. Each! It was awful and my father wouldn't speak to me for months, as I defaulted and didn't tell him (young and dumb).
My question is -- once this comes off, even though it's 5 years old now, will it have any impact on my FICO or report as a whole ? My oldest account is from 2001 (13 years) and this account was opened in 2006, but I have many other accounts opened in 2003-2004 so I'm not too worried about AAofA. I do know eveytime a lender pulls my report for a manual review they note the massive charge off and it often hinders my approvals.
So any advice would be greatly appreciated. Also, the account was PIF after he charge off in 2010 by my father ($27,000) but they refused then to PFD or change status. Any advice would be appreciated ! My father is very happy to see it go, as his AAofA is 35-40 years !! Thank you all!

It doesn't make sense to me. I bought Essentials and it automatically upgraded Scorewatch to Fico 8. I called customer service and they couldn't even tell me how often my Fico score updates! It's not daily because it still reads 7-27. I am needing to look at score updates every couple days. I certainly don't see the value in $20 a month if it's not even updated? Or there's a big lag. What's the point? I asked for clarification but they couldn't explain. They said it's all "random." That MyFico Fico Scores only update once a week, they don't know what day, and it's random. I don't see the value of the product. Scorewatch seemed way better.

Piad Charge off and paid Att reporting Balance

Hey Family! I had a credit card with Cap One that was charged off and sold to Portfolio Recovery. I paid PR in full... Cap One is still reporting a balance on my credit report. PR never listed a collection on my reports. how do I get this to report better? I had an account with ATT that was closed out and sold to Enhanced Recovery but I paid ATT in full. how do I get ER off my report? I never spoke to them about the debt but it's showing up on 2 of my reports? Plaese help me family!! Thanks

For enhanced recovery, Dispute as paid and include a copy of paid receipt from AT&T.
If it's on all 3 reports then dispute with all three bureaus.

Partial payment Crystal report query

Hi,
I have partial payment in outgoing. So I am not able capture this thing correctly so any one can give me the Crystal report query for this thing.
Regards
Swapnil

Try this may it will help you ..
in this query i have tracked againest PO.
SELECT     Distinct OPOR.DocNum,OPCH.CardName,OPOR.DocNum
                      ,convert(varchar, OPCH.DocDueDate, 103) As "Payment Date",(OPCH.DocTotal-OPCH.PaidSUM) AS ' Pending Payment',DATEDIFF(DD,OPCH.DocdueDate,GETDATE()) as "Over Due Days"
FROM         OPOR INNER JOIN
                      POR1 ON OPOR.DocEntry = POR1.DocEntry INNER JOIN
                      OPDN INNER JOIN
                      PDN1 ON OPDN.DocEntry = PDN1.DocEntry INNER JOIN
                      OPCH ON PDN1.TrgetEntry = OPCH.DocEntry INNER JOIN
                      PCH1 ON OPCH.DocEntry = PCH1.DocEntry ON POR1.TrgetEntry = OPDN.DocEntry where OPCH.DocStatus = 'O'
                      order by OPOR.DocNum ASC
one more think we can design QPLD or CR not PLD.
Thanks
Manvendra singh Niranjan
Edited by: Manvendra Singh Niranjan on Jun 25, 2011 2:57 PM
Edited by: Manvendra Singh Niranjan on Jun 26, 2011 8:14 AM

R3 AR aging report with partial payment need FBL5N

Hi, does anyone have AR aging report list NET BALANCE for each invoice for AR Aging report? I tried FBL5N which did not apply partial payment to each invoice, customer would not want to see this kind of report and we did in Excel for all open invoices which just waste time only.
We do not have BW or Crystal report but need to know which canned report can be used for us to send statement. Tks.
SAP R3 ECC 6.0 user.

Hi,
I am actually running the SAP Delivered Report in BW.
So I didn't changed any thing in report.
I m running the report in ECC using s_alr_87016128 tcode.
Still I m getting the amount difference.
I have checked at customer level with company code and Key date.
Can i get inputs on these.
ECC Report s_alr_87012168
BW Report:0FIAR_C03_Q0005
Thanks,
Geetha

How to handle partial payment in A/R Aging report buckets

Hello ALL,
         In FIAR_C03 cube we have Item status field and only two values are comming there
         O or C.
          But in R/3 there are some partial payment concept. BI considering partial payment as a open item.
           Example
       We have a invoice of 10,000 USD
       now one payment of 5,000 came from customer side and we settled 5,000 against above invoice
      now remaining is 5,000.
      means 5,000 of payment and 5,000 of invioce should be closed or cleared . But this is not the case becuase of invoice
      is not fully settled. When invoice will settled fully then it will become cleared.
   using open item we are making our AR aging buckets but now 5,000 payment is still open actually its
cleared and net due date of this payment is different then net due date of invoice thats why
these two entries are coming in two different aging buckets so the balances are coming different.
How can we handle this scenario in SAP BI during making of AR aging.
Any help highly appreciated.
Thanks,
Sneha

There is an OSS note dealing with this 522235 - its shows how to use a virtual char to do this (ie change the due date at runtime)
This tends to be viewed more as a business process problem - the users woul dlike the part payment to be aged the same as the invoice it's against (like the std R3 aging reports) - I actually like the BW way as it highlights the fact the cach collectors are not doing their jobs of clearing down the debt - problem is now they will all go and create resicual items

Partial Payments report in BW

Hello Gurus,
I have a requirement for Partial items Report. How do I achieve it in BW.
Thanks
Suman

First of all you have to talk to the FI functional person as to find out how you can find a partial payment in the R/3 system. It could be based on certain document types and categories. Once you get this info, tie the amount to the actual sales order/ purchase order and try to build the logic. After you get the source and logic, try to model this into an DSo or Cube.

Charge off on Credit Report

I first opened my Fios account in 2011, while pursuing my college degree. This same year, my father, who had been helping me financially with tuition and expenses was diagnosed with a rare cancer known as Multiple Myeloma, and was no longer able to work as he had to undergo a bone marrow transplant and chemotherapy. Over the next year, without my father’s financial help, I became disorganized with respect to, as you saw, making timely payments with Fios. At the end of school, I cancelled my bill, and failed to pay my last bill. I fully recognize my responsibility with respect to payable accounts and have worked diligently to rehabilitate my relationship with Fios since that time. As you may see in my records, I have since paid the amount owed, and reopened an account which is currently in good standing
To be honest, those years were a "wake-up" call for me regarding fiscal organization. Since then I believe I have learned the essential organizational and financial management principles I desperately needed at that point. Thankfully, responsible credit management is now reflected in my credit records which -- excluding the paid charge off entry from Fios during my time of hardship -- are excellent. I wish to thank you for renewing your confidence in me and for giving me a second chance at a relationship with you, one that I am determined to keep spotless.
I am now, with my fiancé, about to shop for a mortgage, and refinance my car. It has come to my attention that the paid charge off from Fios, despite having been only $130, will preclude me from taking full advantage of the very lowest interest rates now available. The impact of a $130 mistake when I was in college, will likely cost me upwards of $50,000 over the course of the loan. Since those notations do not reflect my current status with Fios, I am requesting that you give me a second chance at a positive credit rating by removing that old trade line. I sincerely hope that there is redemption at Fios, and I beg you for such consideration. Please let me know if any additional documentation would assist in reaching a positive outcome, and I thank you again for the time you have spent reading this letter.

This is a peer to peer support forum. You need to contact Financial Services at Verizon to discuss your request.

How 7+ Years Late Payments Fall Off Report?

So being a credit forums junky for years now I thought I knew exactly how this would go down but I'm a little confused now, I guess... I just checked my Transunion report which still shows some old late payments from 2008 and 2009... An example of my "confusion" is one of my Student Loans...there is payment history on that loan dating back from March 2007 and onwards (opened Feb 2007)...these recorded "OK" payments are well over 7 years old - why havent these payements fallen off as time goes on? (My lates arent quite 7 years old yet on that account yet, but will be soon and I'm sort of not sure how they are going to "fall off" if this account's payments are being reported beyond 7 years?) A similar sitiation is going on with my Capital One card, which is actually still open. - It had a 30 day late back in September 2008. Will this 30 day late just magically turn in to a "OK" payment in Septemeber when it turns 7 years old, or will that payment literally fall off and dissapear somehow, even though the older-than-7-years payments on that account that are "OK" are not falling off and still showing?

shane82388 wrote:
So being a credit forums junky for years now I thought I knew exactly how this would go down but I'm a little confused now, I guess... I just checked my Transunion report which still shows some old late payments from 2008 and 2009... An example of my "confusion" is one of my Student Loans...there is payment history on that loan dating back from March 2007 and onwards (opened Feb 2007)...these recorded "OK" payments are well over 7 years old - why havent these payements fallen off as time goes on? Because they are not derogatory. (My lates arent quite 7 years old yet on that account yet, but will be soon and I'm sort of not sure how they are going to "fall off" if this account's payments are being reported beyond 7 years?) Derogatory payment history (lates) will be excluded as each late passes the 7 year mark. When the last late is excluded, the account will become completely positive and will report for ten years after its closure. A similar sitiation is going on with my Capital One card, which is actually still open. - It had a 30 day late back in September 2008. Will this 30 day late just magically turn in to a "OK" payment in Septemeber when it turns 7 years old, or will that payment literally fall off and dissapear somehow, even though the older-than-7-years payments on that account that are "OK" are not falling off and still showing? It will become excluded and will essentilally become "no data" for that month. Most display formats will show "no data" as "OK" - it just depends on where you are viewing your file.

Can credit card charge-offs be reported twice?

I had a credit card charge-off on an old secured card. The bank i had the card with reported it once and then I noticed that the collection agency that bought the debt reported it to bureaus a second time. Is that legal? I am in the process of disputing them on all three credit bureaus.

Daare2dreeam wrote:
I had a credit card charge-off on an old secured card. The bank i had the card with reported it once and then I noticed that the collection agency that bought the debt reported it to bureaus a second time. Is that legal? I am in the process of disputing them on all three credit bureaus.Yes, so long as it's reporting correctly.. The OC entry for your CO should reflect a zero balance. What is your reason for disputing?

Error: Reason codes with automatic charge-off are not permitted here(F-28)

Hi All
I creted a reason code in obxl t-code and assigned a gl code in OBXL transaction code, But when I am trying to clear a payment with reason code in F-28, System is throwing the following error..Can some one tell me why i am getting this error?
Reason codes with automatic charge-off are not permitted here
Message no. F5605
Diagnosis
The reason code entered is designed to ensure that the payment difference amount is posted to an account specially set up for this purpose. Postings of this nature usually require additional specifications (e.g. tax code, business area). If the difference stems from a single open item, the necessary specifications can be taken from that item. In the case that led to this error message, however, the difference does not stem soley from one item, which means that this method cannot be used.
System Response
The reason code entered is not accepted.
Procedure
You can either select a different reason code, which would create a new open item for the customer or vendor OR write off the difference using the function Charge off diff.. This function either takes you into a pre-configured account assignment model or into the document overview. From here you can enter the required difference postings.

Hi Venkata,
It seems while entering the payment (partial payment / residual items) ... you are clearing multiple items with differences. (e.g. if the difference amount is $30, then may the difference consists of two invoices underpaid by $15 each). In this scenario, F-28 doesn't know which additional account assignment fields should be picked up ... hence the error.
First of all, to validate that this indeed is the case, try clearing a payment with the same reason code where difference can be attributed to a single invoice. If you still get an error, then there is some other problem.
Then, to take care of a the business scenario where the difference can indeed be due to multiple documents, select "charge off difference" option and create an entry to post the difference as necessary.
HTH,
Manish Patel
Sr. SAP Solutions Consultant

Residual Payment vs. Partial Payment: Design considerations

We need to decide between implementing residual payment vs. partial payment. We will be implementing payment processing.
I would like to understand why one would choose one method over another?
What is the benefit of clearing original invoice and creating a new line item for the balance (as in case of residual payments)? There is a setting that allows user to capture the original invoice date at the time of payment processing while using residual payment, which I believe makes the residual payments same as partial payments, so again, why would one choose one method over another?
I would like to understand the benefits & limitations of each method.
How does the decision to implement a method get impacted if reason codes are to be implemented, which method would offer a better solution considering reason codes requirement?
Appreciate your inputs.

Hi,
In manual processing of incoming payments, it is of course the user who can make the decision to either make residual item, or a partial payment.
In automatic processing of incoming payments:
For electronic bank statements, payments that the system cannot match with open items will end up in post-processing; there the user can again choose either residual item or partial payment.
For electronic payment advices, I know that there is configuration to match customer information for payment deductions in the payment advice, with you own reason codes, and that based on the information the system can create the residual items automatically. Of course, this is only relevant if your customers actually send you electronic payment advices with such information included.
Regarding reason codes, you will always use reason codes with residual items; to indicate the reason for deduction for follow up in your A/R dept, and possibly to make use of the automatic write off (you can configure reason codes to automatically write off the payment deduction to some G/L account of your choosing; you would use that e.g. if the payment deduction is too small to bother).
For partial payment, you could use reason codes I guess, if you want to in that way mark the item for some reporting or follow up purpose.
Regards,
Rob

F-28 - Line item for customer charge off difference is going to dummy PC

Hi
In F-28 when we are making partial payments to customer and charging off the difference to the same customer account. The Charge off customer line item is going to dummy profit center after doing F.5D and 1KEK.
Business dont want to use residual item option as they want to see the balance amount in the customer open item display.
We are using posting key 06 to charge off the same to the customer, and i changed the FSG as profit center required but in F-28 i cannot see the field of profit center and the amount is sitting in dummy profit center.
This is the problem.
Thanks
Kumar

Hi
When we raise a invoice Dr. Customer and Cr. Revenue and when we make customer payment the entry is Dr. Bank and Cr. Customer account so here the net entry will be Dr. Bank and Cr. Revenue.
When i do F.5D the balance sheet adjustments the profit center assigned to my bank account will go the customer account and regarding 1KEK only the open items of AR and AP will go the respective profit centers based on the revenue account and this revenue account which is a P&L account will not have any profit center assignment this account will get the profit center assignement from the cost account assignment if it is internal order then what is mentioned in the internal order that will be the profit center.
In my case when i am trying to post
Dr.Bank - 200
Cr. Customer 280
and Dr.Customer 80
So the net effect is Dr. Bank 200 and Cr. Customer 200 and gets cleared with the profit center assignend on the bank account. but the other line item entry Dr. Customer 80 has no offsetting entry like GL entry so this is sitting in dummy profit center.
Why i am doing this is
When we go to F-28 to make partial payments, after doing the partial payments we only want to see who much is open ( which is net that is invoice - partial payment) only against the document in the due course this is going to dummy as such customers will not have any profit center.
So is there any solution to solve the problem instead of going to dummy or is there any other process.
Thanks
Kumar

Sold charge off reporting as a partial payment agreement?

Similar Messages

Maybe you are looking for