EQ Fico Simulator says to pay down balance (I don't have any!)

[WorriedInKC]

I just pulled my score from Equifax's website.

Using their FICO Simulator, it tells me that the best thing I can do to fix my score is to "pay down the balances of my credit cards".

One problem. I don't have any credit cards.

According to my EQ credit report, I have a closed, charge-off account with Capital One for $10,500.

This debt has been sold/re-assigned to a CA, but this CA does not show up anywhere on my EQ credit report (it shows up on EX/TU).

(Interesting sidenote - The balance of this card when it was "charged off" was around $6400, not $10,500. If I click on the account on EQ's website it actually shows balance was $6400. Furthermore, the debt that was re-assigned to the collection agency was for $6400, not $10,500. Can I use this to fight it?)

So, when EQ tells me to "pay down my credit card balances", what am I supposed to do? Contact Capital One directly? I haven't DV'd them yet, afraid I'll get taken to court, $10,500 is a lot of money.

[divemedic]

(Interesting sidenote - The balance of this card when it was "charged off" was around $6400, not $10,500. If I click on the account on EQ's website it actually shows balance was $6400. Furthermore, the debt that was re-assigned to the collection agency was for $6400, not $10,500. Can I use this to fight it?)

What you do here is dispute the tradeline, citing "numerous errors, please verify all information as reported." Then, when the OC verifies this information, you take this proof that the information is incorrect and sue them for violating 623( because they did not conduct a proper investigation, as evidenced by the verification of obviously false information.

Then you offer to settle for court costs plus a delete. It will be more cost effective for the to delete and pay your ~$400 court costs than to pay an attorney to fight it.

[WorriedInKC]

What you do here is dispute the tradeline, citing "numerous errors, please verify all information as reported." Then, when the OC verifies this information, you take this proof that the information is incorrect and sue them for violating 623( because they did not conduct a proper investigation, as evidenced by the verification of obviously false information.

Then you offer to settle for court costs plus a delete. It will be more cost effective for the to delete and pay your ~$400 court costs than to pay an attorney to fight it.

As evidence that their validation is full of false information, could I point to the fact that they sold this debt to a CA for the correct balance?

I'm not sure how to establish what the true balance of the account is.

[divemedic]

As evidence that their validation is full of false information, could I point to the fact that they sold this debt to a CA for the correct balance?

I'm not sure how to establish what the true balance of the account is.

That would actually be a good way to do it. I would not tell them that you plan on doing this until you are ready to sue.