Help - What is the smallest amount that can be reported on your Credit Report (pay, debts)

[als4281]

I had a couple of delinquent payments and collection accounts a couple of years ago when I had lost my job. I paid all them in full and everything was cleared up...so I thought. My first problem is that Charter Communications (a cable company) has put a collection on my account in the amount of $33. Can they legally report $33 on my credit report, I read a few years back that the amount had to be at least $100, but I am not sure. But regardless of that I know I do not owe them $33, I paid them off in 2005 but I am not sure that I can find my paper work to prove that, but right now that is the only current negative item on my credit report and I want it off. I just disputed it so I guess now I will just have to wait, but I am curious to know if they can even put that on my credit.

And secondly, I paid off these two collections, one for Verizon and one for Sprint. They both are on my credit saying paid charge off, but both still say open. I disputed it and said that it should say closed because I paid them off over a year ago. Is it suppose to say paid charge off or should it say collection paid in full? And why would it still be showing as open? I have filed disputes with all three credit agencies.

[Not Iowa]

If you paid these bills prior to them being reported to the credit bureaus, then you can dispute them with proof of payment and have them removed.

I would get a copy of all three of your reports and dispute them quickly though. Also, check to see who the creditor is. Likely, if this is an old debt then it has been purchased by a third party collecting agency who can add charges and fees to your debt that you hadn't signed to upon the original agreement or purchase.

Good Luck!

~A much former bill collector, trying to repent~

[sean98125]

If something is sent to collections, it's a "charge off" isn't it? Even after it's paid, I think it still shows up as a "charge off" since the original creditor was never paid.

[Not Iowa]

If the account has not been charged off at the time of payment, it should not show up on a credit report. This is because the creditor will close the books on the account. Further transactions such as reporting the delinquency won't take place.

However, if the original debt is "settled" then it more than likely will show up on a credit report. This can happen any time up to nine years after the settlement. Usually, a lawyer or small collections agency will purchase the old, charged off & settled debt for pennies on the dollar. Then, they add their own terms and conditions to this "new" debt - such as monthly non-payment fees etc. The debt you once settled for 50% is now 60% larger than the settled balance it's a snowball.

And it's also hook, line, and sinker. Once this debt is on your report, you're likely going to pay it. And it will stay there for another 7 years.

The best advise is to move forward. A $33 debt will not actually hurt your credit. It's explainable, and most all lenders will look right past it when reviewing your credit. It's when they start to see four or five or six $33 debts that you couldn't or didn't pay that they will think twice about lending to you.

[FLPL75]

als4281
You can try disputing the cable but you may need to provide the proof that the $33 was paid.
As far a the "wording" on the Verizon and Sprint once the account has been charged off (180days) it will be listed as a "charge off" so when you paid it became a "paid charge off".

I have to disagree with you Not Iowa. Unless you meant to say "the account should not be reported as charged off if it was paid before 180 days at which it would be charged off"
If the account was over 31 days past due it will show up on the credit report.

Now as far as settlement if someone "settles" a past due or charged off account it can not be "sold" because the debt has been settled. This will report as "charged off settled or even just "settlement account"
Old charged off account can be sold but not settled ones. If all of a sudden someone starts getting collection calls on a settled debt all they need to do is provide the settlement letter.