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Charge Off - strange reporting now


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I have a sold CO (still with a balance) with GE Capital that I disputed - it was deleted from TU and EQ, but of course, EX told me to get bent and it didn't change.

I wrote GE a letter saying they are reporting false information and either they would be under investigation for false reporting or Experian didn't really investigate and THEY would be in trouble.

I pulled PG yesterday to find GE (I'm assuming) changed the account from $3000 balance, closed/charged- off to $0 balance, transferred to another office and a green "ok" circle.

Did they change my rating ya think? I'm not sure how their coding works, but do you think it no longer is coded as a charge off, but an 'ok' transfer? That'd be sweet.

Just confused. :)

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I pulled PG yesterday to find GE (I'm assuming) changed the account from $3000 balance, closed/charged- off to $0 balance, transferred to another office and a green "ok" circle.

Did they change my rating ya think? I'm not sure how their coding works, but do you think it no longer is coded as a charge off, but an 'ok' transfer? That'd be sweet.

Just confused. :)

I have noticed the same, ESP on EQ. What Cap 1 did was change me from an R9 to an R5, and I am wondering if I say to them the info is false, go for P as Agreed, or DELEATSHUN, would they actually bite for me?

Bankfirst and Dir Merch both sold my account to a company, who I settled with, and the CA deleted thier end, but not the 2 that did the selling. These bozos are tougher than a 50 cent steak. xhotx

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I pulled PG yesterday to find GE (I'm assuming) changed the account from $3000 balance, closed/charged- off to $0 balance, transferred to another office and a green "ok" circle.

Did they change my rating ya think?

Does everything say ZERO?

Like, the credit limit, payment, etc...

If everything on it is zero, then it is unrated although you may want to talk to a CRA rep to confirm that. You may need to talk to two or three reps just to make sure you are not talking to someone who is on their first day of the job.

CRA customer service reps have told me if an account is unrated.

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I'm going trough the same thing, well kinda :)

I have an end of lease balance with GE Capital that I have been paying on periodically. Not sure when exactly but I see they are now reporting it from past due to charged off as bad debt BUT I am paying on it! :roll:

Equifax remarks: TRANSFERRED TO RECOVERY

Payment Status: Bad debt& placed for collection& skip

Balance :$0

Past Due $0

Experian remarks:N/A

Payment status: Charge-off

Balance: $3420

Past Due $3420

Trans Union remarks: Transferred to recovery

Payment status: Charged off as bad debt

Balance:$3420

Past Due: $3420

When I spoke with "my account holder @ GE" she wrote back "No updates to the credit bureau until the account is settled and closed and what is being reported right now to the credit bureau about the account being charged off is correct.

The balance is charged off. You can have the trade line report that payments now being paid but it will still show as a charge off account."

Is this not false information? :? shouldn't my balance be $0 then on all 3? :cry:

Cm Chase, what did you tell Ge capital to get them to change it?

They are bringing my score down I am sure. :x How can I get them to correct this?

I have a letter from her that confirms I am current on this account, dated about a week and half ago. Should I send it to the CRAs?

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Hmmm. Well, it used to say this:

GE Cap

Closed

Monthly Payment $0

Balance $3000

Limit $2500

Transfered to another lender

Charge-off

(all little circles said "no data")

Now it says:

GE Cap

Closed

Monthly payment $0

Balance $0

Limit $2500

Transfered to another lender

Account transfered to another office

(this month's little circle says 'ok')

:?:

Not that this matters too much on EX. I have a million negs they won't even investigate. :evil: Oh well. One fix isn't bad. heh.

Gprncss, if the account has been 'sold' or 'claim purchased', then they have to report a $0 balance...otherwise, they can report the real one, unfortunately.

If you've been paying on the account, I imagine it would be a little harder to get them to change it. Mine has been charged off and sold for 3 years and have had NO contact with me. Here's the letter I sent them (dixiedrifter's "CYA" letter, modified):

--------------------------------------------------------------------

CMChase

123 Awsome Street

Tulsa, OK 66666

GE Card Services

1600 Summer Street

Stamford, CT 06927

01/01/04

Re: Errors in credit report for CMChase, GECCCC Account # 1234567890

To Whom It May Concern:

Please consider this letter a formal complaint regarding select information contained in my credit reports (namely, but not limited to Experian). I am advising you that the information you are reporting is inaccurate, incomplete, and totally without merit. This inaccurate reporting is in direct violation of the reporting requirements of the FCRA and for which you are responsible.

I have disputed with the credit bureau listed, and the incorrect information has been supposedly verified. One of two things has obviously happened here. 1) Your company is illegally reporting false information to Experian as well as illegally verifying that this false information is correct, or 2) Experian did not truly investigate this matter and has stated, against federal law, that they did investigate it. NOTE: I WAS ORIGINALLY JUST TRYING TO GET THEM TO SAY EXPERIAN DIDN'T INVESTIGATE

I sent a certified letter to GECCC on March 12 concerning these actions and questioning the supposed investigation by Experian, and so far, the matter has been ignored. I urge you to now comply with my requests, both quickly and entirely. Documentation can also be collected through the discovery process issued by the courts.

Please provide the following documentation to me at the address listed above:

1. Documentation showing the dates of Experian’s contact with you concerning the reporting and investigation of said account, if such documentation exists. If no documentation exists and no investigation has been brought to your attention from Experian, instead send a statement of that fact.

2. A copy of any legal instrument, bearing my signature, which supports your basis for the continued reporting of this alleged debt.

3. An itemized accounting of all debits and credits on the alleged account for the entire history of the account.

4. The assignment or purchase agreement for the alleged debt between your company and any other entity.

5. An itemized accounting of the alleged debt after it was supposedly written off including all debits and credits.

6. Complete documentation of the amount that was written off for federal tax purposes.

Under federal law, and as enforced by the Federal Trade Commission, you have 30 days to complete your investigation and supply the documentation as requested. Failure to do so will constitute an unfair or deceptive act or practice in commerce in violation of section 5(a) of the Federal Trade Commission Act 15 U.S.C. 45(a).

For your benefit and as a gesture of my goodwill, I have enclosed the FTC's required informational disclosure entitled, Credit Reports: What Information Furnishers need to know which defines and clarifies your responsibilities and potential liability as an information furnisher.

I have also enclosed a copy of FCRA section 623, detailing duties of furnishers of information.

Should you not be able or willing to provide me with the substantiating documentation as verification of the present reporting, to cure these violations within the next 30 days, please have the information deleted from each of the consumer reporting agencies that you have furnished it to as required.

Thank you in advance for your attention to this serious matter. I look forward to hearing from you.

Sincerely,

CMChase

--------------------------------------------------------------

Hope that helps. :)

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CMCase,

It is still with GE capital, their collection department unfortunately. Yes I have been paying on it and was paying before it went to charge off. I guess I am stuck :cry:

I am going to borrow some parts of your letter :D I will also send the letter I have from GE Capital to the CRAs and see if they will change the tradeline (woth a shot).

Thanks! :)

Oh and congrats on getting yours taken care off on the other two at least :wink:

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Whoa whoa.. you were and have been paying on it and they charged it off???

I think that is illegal. You are making payments.. a charge off is only supposed to happen in the event of 90 days or more of non payment.

One of my attorney friends told me if you have made a payment within that 120 day time frame its not a charge off.. it has to be consecutive months of non-payments.

Jsut a thought ...

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Whoa whoa.. you were and have been paying on it and they charged it off???

I think that is illegal. You are making payments.. a charge off is only supposed to happen in the event of 90 days or more of non payment.

One of my attorney friends told me if you have made a payment within that 120 day time frame its not a charge off.. it has to be consecutive months of non-payments.

Jsut a thought ...

Any details on this, legal references? It's my understanding that a CA can charge off at any time the account becomes delinquent. If there are specific accounting rules that define how long they have to wait before charging-off, I'd appreciate knowing where to find it. (It would help with one battle I have going on with the local gas company on my wife's CRs).

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