creditvixen38 Posted October 27, 2007 Report Share Posted October 27, 2007 I'm working on dh's CR. He has a charge off from Cap 1 . I'm confussed as to how it reads and how to dispute it if it's written wrong.This is how it's written on the report....Account charged off/past due 150 days $500 written off $830 past due as of Oct. 2007...(and every month the past due amount goes up.) How can it be both charged off and past due with the amount going up each month? Doesn't charge off constitute the end of past due, and the end of the account going up each month?then under account history it is listed like this...charge off as of Oct 2007 , Sept 2007 , Aug 2007, (and so on) going all the way down to Oct 2004 as 30 days late.It seems they are saying it's charged off again every month , especially since the amount past due changes every month.Is that OK the way they have it listed ? If not what part do I dispute first.Thank you Link to comment Share on other sites More sharing options...
Textoy Posted October 27, 2007 Report Share Posted October 27, 2007 Goes back to the wording in the original contract. While they have written off the original debt for tax purposes, it is still acuring interest for pay off purposes. Worst part is the interest rate is usually real high (like 28%). THis is why you see stunned by the jump in value several years later. And then towards SOL the OC wakes up and gets nasty. That point your 500 is 2500. Link to comment Share on other sites More sharing options...
willingtocope Posted October 27, 2007 Report Share Posted October 27, 2007 Go read...http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?p=845419#post845419If the TL doesn't say "sold to another lender" and the balance is $0, its still an ongoing account on which they will continue to charge interest and penalty. Link to comment Share on other sites More sharing options...
MrsW Posted October 28, 2007 Report Share Posted October 28, 2007 I am working on my dh's credit and he has a charged off account listed.Here is the info reported:EXP: HSBC. Acct transferred to another office/purchased by another lender. date opened: Jan 2001. Date of last activity: May 02. Credit limit: $2396. Balance: Not on record. EQU: HSBC. Acct transferred or sold. Charge. Bad Debt/collection.date opened: Jan 01. Date of last activity: May 01. Largest Past Bal $2396. Bal: $0. (status as of May 02)TRU: HSBC. Charged Off. Transferred to another lender. date opened: Jan 01. date closed: Dec 01. Credit Limit: $1500. Largest past balance $2396. Balance $2397. Shall I DV them?Im sure the SOL has passed anyway, as were in Fl. That is also where the acct was opened.So my question is how to get it removed from the credit reports, even though it is old it still doesnt look good.Thanks! Link to comment Share on other sites More sharing options...
willingtocope Posted October 28, 2007 Report Share Posted October 28, 2007 Okay, then based on what you posted, the account has been sold. Therefore, as of the date sold, the TL should no longer increase...if it does, you can dispute with the CRAs as "inaccurate reporting"...be sure to tell them why.On the other hand, if there are no further changes in the TL...there probably isn't much you can do to get it deleted. Its being reported accurately. (You could try the standard "work arounds"...like disputing it as "not mine" or "never late" and see if the OC just fails to respond, but, those don't always work.) Link to comment Share on other sites More sharing options...
MrsW Posted October 29, 2007 Report Share Posted October 29, 2007 I suppose they are worth a try... Thank you for replying.Is there anything worth pursuing with regards to the fact that the DOLA is reported as May 01 with 1 CRA and May 02 with another CRA? Link to comment Share on other sites More sharing options...
creditvixen38 Posted October 31, 2007 Author Report Share Posted October 31, 2007 So to my original question ...They can list it as charged off as of todays date each month ? wont that just continue to tank his score ? How can it ever recover if it's considered a fresh charge off every month? I'm not sure if it's out of SOL yet so I want to proceed with caution. It was never sold to another lender cap1 still owns the account , but it seems like it shouldn't be allowed to say charged off as this month every month. it looks like it was just charged off vs almost three years ago. Link to comment Share on other sites More sharing options...
willingtocope Posted November 1, 2007 Report Share Posted November 1, 2007 In answer to both questions...the important date is the "date of first delinquency' (DOFD)...that's when the reporting period clock starts ticking. It should be the same on all reports. If its not, then dispute it as inaccurate with the CRAs.And...in this case...charge off is a status. Once it turns "charge off", it stays that status until it falls off. Doesn't mean that they're actually charging it off each month. And...beleive it or not...it will actually hurt a little less each month as it gets farther from the DOFD. Link to comment Share on other sites More sharing options...
MrsW Posted November 25, 2007 Report Share Posted November 25, 2007 Well isnt the account obselete now anyway? Shall i just dispute with CRAs as an obselete account? Link to comment Share on other sites More sharing options...
willingtocope Posted November 25, 2007 Report Share Posted November 25, 2007 MrsW: If the accounts you're reffering to have DOFD's in late 2001, early 2002...nope...not yet. Accounts become obselete (for credit reporting purposes) at 7 or 7-1/2 years from DOFD. That puts them sometime in 2008 or 2009. Link to comment Share on other sites More sharing options...
MrsW Posted December 5, 2007 Report Share Posted December 5, 2007 So the best way to rid of an account after SOL has expired but before it is obselete is to try the usual disputes with the CRA's. Not mine, etc, and just hope for the best? Link to comment Share on other sites More sharing options...
lovebug5 Posted December 5, 2007 Report Share Posted December 5, 2007 So the best way to rid of an account after SOL has expired but before it is obselete is to try the usual disputes with the CRA's. Not mine, etc, and just hope for the best?Not in my opinion...The accounts that you're speaking of are being reported to the CRA's solely by HSBC, correct? If so, you cannot use the DV process because HSBC is not a CA. You need to request an investigation with HSBC per Section 623 of the FCRA. In you request for an investigation you need to provide ample reason as to why this needs to be investigated. If you do not provide this information, the OC is not required to respond. However, if you do provide this information - the OC has 30-days from the date of receipt to respond to your request and complete their investigation.So what I would do is dispute with the CRA's for completeness and accuracy of all fields and then request an investigation with HSBC. If the account comes back as verified from the CRA's and HSBC fails to investigate properly (if being given the necessary reasons to), you've got a couple of violations. Link to comment Share on other sites More sharing options...
admin Posted December 5, 2007 Report Share Posted December 5, 2007 At the risk of repeating myself...the FIRST thing one should always do, the very first step ANYONE should EVER take is....Dispute with the credit bureaus. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted December 5, 2007 Report Share Posted December 5, 2007 I'm confused...what is the first step again? Link to comment Share on other sites More sharing options...
Priceless Posted December 5, 2007 Report Share Posted December 5, 2007 What if the OC (Nations Bank) no longer egsist because they merged with BofA? Is Nations Bank still considered the OC? or does that previlage now belong to BofA? Link to comment Share on other sites More sharing options...
MrsW Posted December 5, 2007 Report Share Posted December 5, 2007 Not in my opinion...The accounts that you're speaking of are being reported to the CRA's solely by HSBC, correct? If so, you cannot use the DV process because HSBC is not a CA. You need to request an investigation with HSBC per Section 623 of the FCRA. In you request for an investigation you need to provide ample reason as to why this needs to be investigated. If you do not provide this information, the OC is not required to respond. However, if you do provide this information - the OC has 30-days from the date of receipt to respond to your request and complete their investigation.So what I would do is dispute with the CRA's for completeness and accuracy of all fields and then request an investigation with HSBC. If the account comes back as verified from the CRA's and HSBC fails to investigate properly (if being given the necessary reasons to), you've got a couple of violations.Ok it is all starting to make sense now.Once i have disputed with the CRAs, do I send the request for investigation to HSBC immediatley, or do I wait for the response of the disputes first? If they delete, then great I won't need to waste $6 sending a CMRRR to HSBC, or is this just dragging my feet, and I should just send the request for investigation to HSBC asap and get the ball rolling, still, of course hoping for 3 deletes anyway. I mean these charge off accounts are dating back about 5 years.... Link to comment Share on other sites More sharing options...
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