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I can't win!


Northern Lights
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Just got my free annual credit report online and I still have this one big negative, First Union Recovery that is still holding me back.

The account was opened on 06/1999 and the report states date closed as 03/2004 when I paid it off. The bank is saying they charged it off in 06/02 and now my credit report states the estimated date that this item will be removed is 02/2011.

Transunion is going off the date closed for removal, which is wrong and false. Plus the date my account went negative prior to charge off was sometime in 2001.

I'm trying a few more moves to get this deleted, but does anyone have anything else that I could use that I may be missing?

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Just got my free annual credit report online and I still have this one big negative, First Union Recovery that is still holding me back.

The account was opened on 06/1999 and the report states date closed as 03/2004 when I paid it off. The bank is saying they charged it off in 06/02 and now my credit report states the estimated date that this item will be removed is 02/2011.

Transunion is going off the date closed for removal, which is wrong and false. Plus the date my account went negative prior to charge off was sometime in 2001.

I'm trying a few more moves to get this deleted, but does anyone have anything else that I could use that I may be missing?

I am curious why you didn't have a written agreement that once you paid it off, it would be removed? It is my understanding that when you pay on these accounts, you change the date whereby moving it forward. So seven years from 2004 is 2011. It's extremely difficult to have them remove it after they are paid. :roll:

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You are Correct IHATECAs and Nascar!

The date DOES not change from the date it went delinquent or charged off, and the seven year period starts from then not 2004!

Now to answer the other remark, YES I tried to get pay for delete but this is the original creditor and they would not budge. I tried for a whole year before they were going to take me to court to settle.

No matter when you pay off your account the 7 year starting period starts from the day you go first delinquent prior to the account being charged off!

Anyone else like to chime in on anything I missed that may help me. I tried contacting the original creditor at the time is First Union Bank but is now Wachovia bank. First Union recovery is the banks own recovery department.

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You can post the TL to get more specific advice. Based on your OP the removal date is inaccurate.

Generally, charge off occurs at 180 day delinquency. Was 12/01 your last on-time payment? If so, then cause of action for SOL is 01/02. December '01 is the beginning of Reporting Time Period. {+ 7 = 12/08} FCRA Title 15 USC 1681c Section 605(a)(4) "...Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years...".

SOL is state law. Certain state's have provisions that can impact this time period.

Use the error to aim for removal, but don't be surprised if all that happens is a correction of the removal date. Impact to your score is based on derog status (established by any number of fields in the TL) PLUS "last date reported". It's not uncommon for a TL to get updated in response to an investigation request. Just FYI.

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"...payment can possibly reset the reporting clock..."

This possibly was addressed by the last amendment to the FCRA in 2003, (FACTA = Fair and Accurate Credit Transactions Act).

Lots of things used to reset RTP. Now nothing can legally reset it, with the notable exception that Methuss has been posting lately; having the status changed (from a defaulted account to a re-born positive), by agreement with the Creditor.

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Here is the TL from Experian, and Transunion to follow:

Status:

Paid in settlement. $10,288 written off.

Status Details:

This account is scheduled to continue on record until Oct 2008.

This item was verified and updated on Aug 2005.

Date Opened: 06/1999

Type: Installment

Credit Limit: NA

Date of Status:

08/2005 Terms:

36 Months High Balance: NA

Reported Since:

06/2002 Monthly Payment:

$0 Recent Balance: NA

Last Reported Date:

08/2005 Responsibility: Joint with: wife Recent Payment: NA

Creditor's Statement:

Account legally paid in full for less than full balance.

Account History:

Charge Off as of Jun 2002 to Jul 2005

The only good thing about this listing on experian is that it's showing in the positive account section and not the negative accounts. On Experian I have 0 negative accounts.

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Here is the TL from Transunion:

First Union Recovery #00000000

Winston Salem, NC 11111

Balance: $0 pay status:>payment after charge off/collection<

Date Verified: 03/2004

Collateral: stock Account type: Installment Account

Past Due: $0 Responsibility: Joint Account

terms: 36 months Date opened: 06/1999

Date Closed: 03/2004

Loan Type: Note Loan

Remark>Paid profit and loss<

Estimated date that this item will be removed:02/2011

Now this is listed in my negative section on my Transunion report. Im trying to get this deleted from all three reports even though its in the positive section on my experian report listed in above post.

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