Jump to content

New and have ? re: charge-offs


vettress
 Share

Recommended Posts

First I just want to say Thanks to everyone, you have helped me so much.. I've stayed up 2 days almost reading all the posts.

I'm stumped on 2 problems on my credit report though... so any help is greatly appreciated!

1) OC is Spirit of America Bank, report says charge-off in 2001 for $140.00.

They keep updating every month that I still owe a balance. I have 30+ updates for every month to current on my report (balance due).

OC sold this account in 2001 to CA and when I found out about it, I paid CA and they deleted it from my credit report.

Is it possible to remove OC from my report also?

Should I contact OC and offer to pay the $140 for removal (would they?)

Its not an issue of the money, just I need it off due to re-fi.

2) I have an old Montgomery Wards account charge off 6 years 2 months old on my report also, I cannot find out their address or fax or number to send/contact regarding this debt.

I have disputed this w/ CRA..EX deleted it, TU and EQ didnt.

Thanks Again!

Vettress

Link to comment
Share on other sites

First I just want to say Thanks to everyone, you have helped me so much.. I've stayed up 2 days almost reading all the posts.

I'm stumped on 2 problems on my credit report though... so any help is greatly appreciated!

1) OC is Spirit of America Bank, report says charge-off in 2001 for $140.00.

They keep updating every month that I still owe a balance. I have 30+ updates for every month to current on my report (balance due).

OC sold this account in 2001 to CA and when I found out about it, I paid CA and they deleted it from my credit report.

Is it possible to remove OC from my report also?

Should I contact OC and offer to pay the $140 for removal (would they?)

Its not an issue of the money, just I need it off due to re-fi.

2) I have an old Montgomery Wards account charge off 6 years 2 months old on my report also, I cannot find out their address or fax or number to send/contact regarding this debt.

I have disputed this w/ CRA..EX deleted it, TU and EQ didnt.

Thanks Again!

Vettress

Welcome to the board!

Need to know what state you're from in order to give you an answer concerning the charge off :? What is the SOL in your state? They may settle for 50% :D

You can always contact the OC to do a settlement letter but make sure they agree to remove any negative information from your credit report BEFORE you send the payment 8) .

Good luck and keep us informed :wink:

Link to comment
Share on other sites

First I just want to say Thanks to everyone, you have helped me so much.. I've stayed up 2 days almost reading all the posts.

I'm stumped on 2 problems on my credit report though... so any help is greatly appreciated!

1) OC is Spirit of America Bank, report says charge-off in 2001 for $140.00.

They keep updating every month that I still owe a balance. I have 30+ updates for every month to current on my report (balance due).

OC sold this account in 2001 to CA and when I found out about it, I paid CA and they deleted it from my credit report.

Is it possible to remove OC from my report also?

Should I contact OC and offer to pay the $140 for removal (would they?)

Its not an issue of the money, just I need it off due to re-fi.

I wouldn't contact OC. I would just dispute it as not mine first. If that doesn't work, turn this negative into positive and dispute it as "I was never late - account never in collecton" Hopefully they will fix it to PAID IN FULL/NEVER LATE and it might give you a little score bump. It happened to me.

2) I have an old Montgomery Wards account charge off 6 years 2 months old on my report also, I cannot find out their address or fax or number to send/contact regarding this debt.

I have disputed this w/ CRA..EX deleted it, TU and EQ didnt.

What is the Statue of limitations in your state? Again, I would dispute it as NOT MINE first. See if that helps. But if the SOL in your state is 6 years, I wouldn't worry about it. Most likely, it doesn't play big role in your FICO score. To give you an example: I had a judgement on my EX report. Judgements are big bad mark. It was filed in 1998, I never paid on it. For hell of it, I disputed it as not mine and they deleted it. No score change. If you are past your SOL I would just sit on it. Maybe dispute it AS NOT mine....

Thanks Again!

Vettress

Link to comment
Share on other sites

Thanks for all your replys.

I'm in California and believe my SOL is 4 years (?)

Problem 1#

1) OC is Spirit of America Bank, report says charge-off in 2001 for $140.00.

They keep updating every month that I still owe a balance. I have 30+ updates for every month to current on my report (balance due).

OC (Spirit of America Bank) sold this account in 2001 to CA and when I found out about it, I paid CA and they deleted their name only from my credit report.

I'm so confused (bear with me). I will have to pay twice for the same debt ? I know its sounds stupid, but can the OC collect money after selling the account to CA and ca being paid for it, as oc is still updating balance due as of 8/2003, ~hope that makes sense~

I dont mind paying it if they can delete it.. its causing me to pay a higher interest rate.

The Montgomery Wards charge-off I'm out of the SOL, so to get off, the best way is to dispute "not mine" for it to be removed.

I cant tell you how much I appreciate your help : )

Vettress

Link to comment
Share on other sites

Thanks for all your replys.

I'm in California and believe my SOL is 4 years (?)

Problem 1#

1) OC is Spirit of America Bank, report says charge-off in 2001 for $140.00.

They keep updating every month that I still owe a balance. I have 30+ updates for every month to current on my report (balance due).

OC (Spirit of America Bank) sold this account in 2001 to CA and when I found out about it, I paid CA and they deleted their name only from my credit report.

I'm so confused (bear with me). I will have to pay twice for the same debt ? I know its sounds stupid, but can the OC collect money after selling the account to CA and ca being paid for it, as oc is still updating balance due as of 8/2003, ~hope that makes sense~

I dont mind paying it if they can delete it.. its causing me to pay a higher interest rate.

The Montgomery Wards charge-off I'm out of the SOL, so to get off, the best way is to dispute "not mine" for it to be removed.

I cant tell you how much I appreciate your help : )

Vettress

The OC cannot continue to report a balance if the account was paid. Even if the account was paid in full to a CA the OC should update to a $0 balance. You might want to do a search for the "Nutcase" letter and send that to the OC. Most OC's will not agree to a pay for deletion so you need to try disputing as "not mine" or "never paid late". Generally if you want the account off you start with a "not mine" dispute and if that doesn't work, then you look at the tradeline and pick apart the details.

Good luck!

paw67

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.