CAPITAL ONE REAGE REAGING CHARGE-OFF / SOL /PLEASE HELP!!

[hbh]

Hello all. I am new to this forum and I desperately need help with a capital one charge-off. A glaring question is that I am not certain that I am a joint account holder. I believe that I may be an authorized user. I know if I am an authorized user that they will take it off my credit report. It is mainly or entirely my mom's account and she was trying to help me establish my credit many years ago. However, she became ill and could no longer pay. I totally forgot this account even existed, as I never used it. I am having her try to find an old bill to see if my name is on it. I am assuming that if it were a joint account, my name would be on the bill. My mother can't remember if I signed anything and neither can I. I have never once received a bill from Cap One for this account. ANYWAY, let's assume I am responsible and that it is a joint account. Does that mean if my mom can't pay that I have to foot the whole bill? Also, I live in Ohio and the SOL in this state is a bit murky. Does anyone know for a fact that the SOL is 6 years in Ohio? FINALLY AND POSSIBLY MOST IMPORTANTLY, it seems that cap one has illegally reaged this account or that they charged it off too late. I have read that creditors have to charge-off within a certain timeframe. My mother's last payment was 2/2001, but it appears that they did not charge it off until 5/2005. As a matter of fact, it looks like they have been reporting it as paid every month until 5/2005. Should this be deleted due to that reason? Also, shouldn't the balance be zero since it is charged-off? I am scared that they will send it to collections soon and then that will show up as another entry on my credit report.

Please see capital one credit report entry below (from recent EQ report):

CAPITAL ONEPO Box 85520

Internal Zip 12030-163

Richmond, VA 232855520

Account Number: XXXXXXX Current Status: CHARGE-OFF

Account Owner: Joint Account High Credit: $0

Type of Account : Revolving Credit Limit: $0

Term Duration: Terms Frequency: Monthly (due every month)

Date Opened: 95/11/1 Balance: $6,621

Date Reported: 07/2005 Amount Past Due: $6,621

Date of Last Payment: 02/2001 Actual Payment Amount: $0

Scheduled Payment Amount: $0 Date of Last Activity: 10/1998

Date Major Delinquency First Reported: 05/2005 Months Reviewed: n/a

Creditor Classification: Activity Description: Closed

Charge Off Amount: $4,238 Deferred Payment Start Date:

Balloon Payment Amount: $0 Balloon Payment Date:

Date Closed: Type of Loan: Credit Card

Comments: Charged off account,

Account closed by credit grantor

81-Month Payment HistoryYear Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2005 * * * * CO CO

2004 * * * * * * * * * * * *

2003 * * * * * * * * * * * *

2002 * * * * * * * * * * * *

2001 * * * * * * * * * * * *

2000 * * * * * * * * * * * *

1999 * * * * * * * * * * * *

1998 * * *

Any guidance would be greatly appreciated.

[Been_Ponzied]

That is really bizarre that they marked it as payments for so many years until they suddenly charged it off. It sure looks like re-aging to me, but a better expert than me will have to answer that for sure. That is a very good question, do creditors have to charge-off within a certain time frame.

Could you call them and just ask them if you are a co-owner first before you start hassling with this? (I've called credit cards of ours after they were charged off and if they wouldn't talk to me, they would transfer me to their collection department and I could get basic questions answered).

Hopefully someone more experienced can help. This is a very interesting case.

[willingtocope]

In this instance, under the FACTA ammendments to the FCRA (see above) you can call Crap 1 and say ".. I found you on my reports, I never had a Crap1 card, send me proof". They may answer, they may not....if not write Crap 1 asking for documentation that this is your account. Be sure to send the letter CMRRR.

As for the charge off question, don't worry about that...it has nothing to do with reaging. Its the date of last payment (DOLP) or date of last activity (DOLA) you need to find. From what I see, it 2/2001 for the DOLA. That's the date on which the account FIRST became delinquent. That's what sets the statue of limitations (SOL), which I believe in Ohio is only 4 years for a CC.

CO is supposed to occur at 180 days after DOLA, if they are an FDIC insurred bank...which they're not.

Otherwise, CO can wait 2, 3, or 7 years according to IRS rules, depending on how they do their accounting.

Now I'm guessing, but it looks like Crap 1 has indeed written this off (maybe one of your other reports would say), and if that's the case, expect to hear from a Junk Debt Buyer (JDB) soom...

[willingtocope]

Looking back over the CR info, I am a little confused. It shows DOLP as 2/2001 but DOLA as 10/1998...it might be the 10/1998 date that's meaningful here. Because, according to the FCRA...

© Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6) ** of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

...its the line about "commencement of the delinquency" that's important. If your mom first went delinquent in 1998 and never brought it current, then that's the date thats important.

[hubbys_nightmare]

Looking back over the CR info, I am a little confused. It shows DOLP as 2/2001 but DOLA as 10/1998...it might be the 10/1998 date that's meaningful here. Because, according to the FCRA...

I recently called EQ and got the dates that all my baddies would fall off. EQ is a bit confusing. If the account is listed under 'Collection Agency Information' use DFD. If it's listed under 'Credit Account Information' use DOLA.

I think they just do this to screw with our heads...

[hbh]

Hello. Thanks to all of you that have responded thus far. Here's another weird thing..Transunion says the account was closed in 4/2004 and that it is not due to be removed from credit report until 3/2011. This makes no sense!!!

My mother was unable to find an old bill. She did, however, find one letter from a collection agency that was dated 2003. The letter has only her name on it. No collection agency has ever addressed anything to me for this account. Does that mean anything? Shouldn't I have received something by now? I will ask my mom if she never caught the account back up after 1998. Maybe she has been consistently delinquent since then. If so, it should drop off the credit report in 4/2006. As for the Ohio sol, I thought it was 6 years for an open-ended account. I have never come across the number "4." The only other thing I have seen is 15 years for written contract, but I guess a credit card is not a written contract per se. By the way, what starts the sol clock? I know that the credit reporting clock starts at date of first delinquency + 180 days. I hope that you check back, as I will be supplying more info as soon as I have it. Thanks again. Your help truly is appreciated.

[willingtocope]

According to the "sticky" at http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=574&postdays=0&postorder=asc&start=30

Open Accounts (i.e., credit cards) is 4 years, although in looking at the state statute that references its really convuluted. It seems to be something like "...if its not written and its not covered by one of these other things then maybe its 4 years..."

[Been_Ponzied]

This is a fascinating thread. Hbh, are you planning to try to settle with them? I would think that a CA might very well only send the primary account holder a bill.

[hbh]

This charge-off is really killing my credit for these reasons:

1) I suppose it is considered a very recent charge-off.

2) It has not been reduced to a zero balance.

I talked to my Mom again and she thinks it may have remained delinquent since 1998. She kept paying until 2001, but probably never caught it up. If so, I would think it would drop off in 4/2008. I wish I knew for a fact whether or not I am an au or joint. I am afraid to raise a red flag, but I don't know if I can force myself to wait it out. My inclination is to dispute as "Not my account." Again, I fear this will raise a flag if it is technically mine. Uggghhhh. Any suggestions would be great. What would any of you do if you were in my position? Does anyone know when the SOL clock starts?? I appreciate the help.

[hbh]

I meant to say it should drop off in 4/2006 (not 2008). So should I wait out the 8 months and then dispute? I just don't know what to do with this.

[Been_Ponzied]

You can find out with a phone call to the OC tomorrow if you are au or joint. If it's au you know what to do; you can get it off your files.

It's not going to be "reduced to zero" unless you pay it in full and that doesn't sound like an option at this point. And sure, a charge-off is going to hurt your credit no matter how old it is.

I don't worry about "red flags," myself. Maybe some other people do here, I don' t know. I like to play aggressive. The squeeky wheel is the only one that gets the grease! I would find out the SOL tomorrow for sure, even if you have to call Legal Aid and ask them. Or call a consumer protection attorney. Then, I would dispute it with the CRA, especially that date, to get it to fall off as soon as possible. Not being the primary account holder, you just might be able to get a delete with "Not mine." It's so fishy looking with the odd dates that I would even call the CRAs and talk to them on the phone about how impossible this entry is, and tell them the default is much older than it appears.

Good luck and let us know what you find out. This is just my opinion and I'm no expert.

[hbh]

I just received TU credit report in mail and it says that the cap one is estimated to be removed in 09/2005....anyone know if I can count on this date? If this is the case, I suppose I will wait until then and see if it just falls off... FYI: a few months ago my TU credit report said the estimated removal date would be in 2011...I have no idea why it changed, as I have not disputed it..(not yet anyway)

[Been_Ponzied]

Cool; maybe that will happen! Just pull your file after that date and see if it's gone. It doesn't flag anything with Cap1 for you to pull your file (they don't know it).

Good luck

[hbh]

I will let everyone know if it actually falls off. If it doesn't, I will have to aggressively pursue this. Either way, I will keep everyone posted. Thanks to all.

[hbh]

IT DID DROP OFF!!! MY EQUIFAX FICO HAS JUMPED TO 661 AND TU HAS JUMPED, AS WELL!!!

[admin]

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