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Worth Disputing with CRA's?


mcalis
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I have the following account and I am unsure if disputing the item with the CRA's will be beneficial and if there are any potential downsides to doing so.

1- Amex

Status Charged off as bad debt in 2000

Removal Date 10/2007

No collections on any CRA

Never contacted by AMEX after charge off

I have never disputed with a CRA

thanks in advance

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I would think it always better to have any negative off. There are several potential downsides, if it is not paid and still in SOL. Since you haven't included that information, it makes it difficult to reply specifically. If you have already paid it, or if the SOL has run, there are tons of threads regarding the steps you need to take. I would highly suggest reading divemedic's sticky "How to Begin Credit Repair-A Primer" it lays the whole process out for you.

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I would think it always better to have any negative off. There are several potential downsides, if it is not paid and still in SOL. Since you haven't included that information, it makes it difficult to reply specifically. If you have already paid it, or if the SOL has run, there are tons of threads regarding the steps you need to take. I would highly suggest reading divemedic's sticky "How to Begin Credit Repair-A Primer" it lays the whole process out for you.

I assume the SOL is up it has been almost 6 years. I was planning on just disputing online through the CRA's for now.

My main questions are-

1- Does disputing through a CRA in any way reactivate the account? I am just over a year from this being gone and dont want to risk messing that up in anyway.

2- What are the chances they will verify givin the account has been CO about 6 years ago and no further collection attempts were made.

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You know what they say about assuming..... :p

You need to check your states SOL to be sure. I'm pretty sure that there are some states that have 7-10 yr SOL.

I moved from WA to NV just over a year ago, so not sure which one is valid but I do see they both list 6 years for written contract WA has 3 for open account, NV is 4.

Are CC accounts considered Open Acct or Written Contract?

Based on the info from my Experian CR below if it is 6 years guess SOL not up till Nov of this year if it is considered a written contract:

Date of Status Nov 2000

Reported Since Nov 2000

Last Reported Nov 2000

Charge off as of Nov 2000

Based on the above should I hold off disputing through the CRA's?

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1- Does disputing through a CRA in any way reactivate the account? I am just over a year from this being gone and dont want to risk messing that up in anyway.

Nope. The only thing that will affect the reporting period is reaging the account (either illegally or if you brought the account current, which you haven't done obviously). Disputing it is just that - a dispute. That has nothing to do w/ the activity of the account.

2- What are the chances they will verify givin the account has been CO about 6 years ago and no further collection attempts were made.

Nobody can answer this but the creditor. Some creditors keep good records and some don't; it depends on who they are.

If the longest, (possibly) applicable SOL is 6yrs (expiring this November), then what's the harm in waiting 5 months to dispute? Are you trying to get a house? Even so, w/ a CO this old, a lender could overlook it. If the OC hasn't sued you by now & you haven't been hounded by CAs, then disputing this debt shouldn't be such a big deal, especially if it's for a small amount.

Now, you can either do some research to determine which SOL will apply (and then use that to figure out if you should dispute now or not), wait 5 months to play it safe either way, or just take your chances & dispute now.

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