cran Posted December 14, 2004 Report Share Posted December 14, 2004 This is what tradlines I have on my report:3 personal loans 2 which are paid off all within the last 3 years and 1 that is current withe a balance of $3,000.Providian cc which was charged off back around 2002. It was sold or transferred to a ca which I dv'd and they dropped and deleted there tl. I disputed Providian a couple months ago as not mine, and was deleted off eq but stayed on tu and ex.Crap1 cc which was charged off about the same time. They contracted withe nco ca which I dv'd and they also dropped and deleted. The original balance was around $400 and now it is a little over $1000. They are still charging interest on the charge off.BOA cc which as charged off same time. They also contracted with academy ca which I dv'd and they closed the account but never reported to cra. It is a long story on academy but in short we paid them $900 before I found this site and got my ag involved. That is when they closed my account in there office and never validated. The original balance was $1400 and now it is $1700 and still charging interest.Best Buy charge card that was sold or transferred. They sold to sherman ca. Sherman acquis. ca which garnished my wages this past summer for the best buy account. It is paid for less than full, although they garnished the full amount. Direct Merchant. cc which was charged off in 2001. They never sold or contracted a ca. The balance is right at $4000 and still charging interest.Other than that I have maybe 2 older closed positive tradelines from back in the late 90's. Basically what I want to know is what is the best step in cleaning up my report and bringing up my score, and I have thought about filling for bankrupt but I do not think that is enough to do so. This site has been such a help and I have had great success in removing a few negative tl's but I am in a rutt right now. Link to comment Share on other sites More sharing options...
Methuss Posted December 14, 2004 Report Share Posted December 14, 2004 Providian...dispute again to CRAs as closed, never late.Cap1...once charged off they are not to be adding more interest or fees under general accounting rules. A charge-off means they have written it off their taxes as a loss. Dispute with CRAs as not accurate balance. It will probably be verified, but that sets Cap1 up for legal action.BoA...same as Cap1.Sherman...Oh fun fun. They garnished more than they were entitled to. Seek legal expertise on this as you may have a good claim to get some (if not all) of your money back).Direct Merchant... again charging interest after a charge-off is a no-no. Dispute tot he CRAs as inaccurate balance.BK isn't a good idea unless you are really in a position where you can't pay settlements. BK will certainly not bring your score up and will torpedo most everything credit related for at least a year, probably two. Link to comment Share on other sites More sharing options...
Colo_Mtbr Posted December 14, 2004 Report Share Posted December 14, 2004 Methuss -Can you tell me where it says they can't be charging interest after a charge off? Under Federal UCC? I could use some ammo like that to dispute a suit against me. Thanks.Colo_Mtbr Link to comment Share on other sites More sharing options...
luckyduck Posted December 15, 2004 Report Share Posted December 15, 2004 Methuss: Same question here. I've been fighting with cap1 over charging interest. I sent a letter asking what law permits them to continue charging fees and interest on a closed account, as well as a detail of what the extra $1000 on a $400 account was for. They responded with a copy of the bills when the account was open, a copy of the contract, and a letter stating my current balance, and statement that it could be higher by the time I get the letter.I did not think it was legal to continue charging interest on a charged off account. I contacted my state department of financial affairs, and they told me that there were no regulations, so I dropped it. Do you have something else that is solid proof that they cannot do this? I think a whole lot of people would appreciate it. Link to comment Share on other sites More sharing options...
Methuss Posted December 15, 2004 Report Share Posted December 15, 2004 The FDIC makes the rules on defining when charge-offs occur. They can be found here: http://www.fdic.gov/regulations/laws/rules/5000-1000.html in the UNIFORM RETAIL CREDIT CLASSIFICATION AND ACCOUNT MANAGEMENT POLICY.Once an account is charged off it is legally considered CLOSED and written off as a loss. That means no more transactions can posted to the account...it's closed. done. finito.If you are sued, they can ask for interest at a rate set by the courts for judgments, but they are not allowed to keep hammering interest on or fees to a closed account at a rate they choose. Link to comment Share on other sites More sharing options...
ggluvbug Posted December 20, 2004 Report Share Posted December 20, 2004 is there a law saying they can't charge interest after the charge off. i read the link you put in, but i didn't see in it a specific mention of interest after the charge off. Link to comment Share on other sites More sharing options...
luckyduck Posted December 20, 2004 Report Share Posted December 20, 2004 I didn't see it either. In fact, I saw the contrary somewhere in where it was talking about re-aging etc... it said something about including accrued interest, fees, etc... which only said to me that yes, they can charge interest.Another thread was started by someone else, who didn't see this one.http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=23402I spent all day researching, and although my explanation isn't real thorough, there is nothing in the law prohibiting it. Explanation in as much as I've given it, is at that link. Link to comment Share on other sites More sharing options...
DocDon Posted December 20, 2004 Report Share Posted December 20, 2004 http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=15955 Link to comment Share on other sites More sharing options...
cran Posted December 20, 2004 Author Report Share Posted December 20, 2004 I just checked my pg report and noticed that sherman aquis. was deleted on the equifax report. It brought my fako from a 504 to a 549. Link to comment Share on other sites More sharing options...
miracle Posted December 24, 2004 Report Share Posted December 24, 2004 Link to comment Share on other sites More sharing options...
cran Posted December 28, 2004 Author Report Share Posted December 28, 2004 I got my transunion report back today. Best buy tradeline which was sold or transferred was deleted. Sherman Aquis. updated there wording. It says settled-less than full balance, and payment after charge off/collection. Now Sherman who bought the debt from bestbuy garnished my wages and I know they garnished more than what they paid for the debt. What should be my next step for Sherman? Link to comment Share on other sites More sharing options...
blrogs Posted December 28, 2004 Report Share Posted December 28, 2004 just a personal note, i let CRAP ONE bury themselves in their false reporting and after DV,ing them let them continue their venture, it will pay off in the long run . credit repair is a long nasty battle! but is does happen, stick with this board read read and follow ! this site RULES!!!!Just learning!!!!!!! No OFFENSE Link to comment Share on other sites More sharing options...
Recommended Posts