First Premier Bank Charge-Off Re-aged Can They Do That?

[1hottchic]

Good Morning All!

I hope you all had a very Merry Christmas!

Here is my question. Just recently I have been in discussions with First Premier Bank regarding an account that was taken out in my name by my sister (long story short I didn't want to prosecute her for it but Premier says that is the only way to remove it from my records).

The account was charged off in 2009. However, just recently I pulled my FICO for my three month review and see they have re-aged the account to include 90+days late for 2010 when since May of 2010 the account only had late information dating to right before the charge-off can they do that?

If not what is my recourse?

There is a balance of $479.00 (that I could pay) though I haven't paid but the accounts charge-off status is only a little over a year old so I'm not sure what the best thing to do.

This is the only account that is still within the statue of limitation on my report and the only baddie I have left to clean up.

Any advice or assistance is greatly appreciated.

Thanks!

[BV80]

Since you are able to pay it, you could contact First Premier and offer a pay for delete. Don't know if it would work, but considering the small amount, they might agree to it.

If they do agree, be sure to get everything in writing before paying a penny.

[1hottchic]

Thanks for the reply tried the pay to delete method its a no go.

I'm just more concerned that they have re-aged my account after it was charged off, and I'm concerned if I pay the balance the 7 year clock will also reset.

Any thoughts on the re-aging and resetting of the 7 year clock?

[BrokenCredit]

Remember the laws work for consumers to. When an account is charged off, from the 1st date of delinquency before it was charged off, will mark how long it can be reported to the CB's. There can be no re-aging from that point on. Sounds like you might want to try doing a settlement on the phone since we are in a recession and follow up with a letter stating what you had agreed upon. Also, state that if they agree with what is in the letter you;ll need something in writing before you pay.

Get rid of this. Whenever you pay a negative off your scores may go down a bit, but there are ways to get your scores to go through the roof. Let me know what happens.

[BV80]

Broken is correct. A negative account can only stay on your CR for 7 years after it's been charged off.

Fair Credit Reporting Act

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(a) Information excluded from consumer reports.

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

Does the account still say charged off?

[1hottchic]

Remember the laws work for consumers to. When an account is charged off, from the 1st date of delinquency before it was charged off, will mark how long it can be reported to the CB's. There can be no re-aging from that point on. Sounds like you might want to try doing a settlement on the phone since we are in a recession and follow up with a letter stating what you had agreed upon. Also, state that if they agree with what is in the letter you;ll need something in writing before you pay.

Get rid of this. Whenever you pay a negative off your scores may go down a bit, but there are ways to get your scores to go through the roof. Let me know what happens.

I knew I was right regarding the charge-off date and wanted to be sure that I wasn't losing my mind they in fact did re-age the account just recently. Thanks for reassuring me on that one.

As far as doing a settlement they have flat out said NO and to be honest I don't want to piss them off since the charge-off is only a little over a year so I have no problem paying the past due. I need to do that because the ratio of my revolving balances to your credit limits are being affected. I don't carry a balance on my other cards but there is a balance on this card.

I guess I'll just have to pay this and be done with it. Kinda sucks but this is the only baddie on my report so it shouldn't hurt me to much.

Thanks again for your help.

[1hottchic]

Broken is correct. A negative account can only stay on your CR for 7 years after it's been charged off.

Fair Credit Reporting Act

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(a) Information excluded from consumer reports.

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

Does the account still say charged off?

Yes I know that it can remain for 7 years after the charge-off my concern was them re-aging the account to keep it on there longer.

The account was charge-off last year in May so six more years of this bull **** account. URRG....

[BrokenCredit]

They can't re-age it, it is against the law. You can dispute this with the CBs. No matter how many collection agencies get this account after the charge off, the 7 years starts from the last time you paid the account.

[1hottchic]

They can't re-age it, it is against the law. You can dispute this with the CBs. No matter how many collection agencies get this account after the charge off, the 7 years starts from the last time you paid the account.

I agree and again thanks for reaffirming this I am already disputing this account with the CB's like I said I just pulled my FICO report and see that just recently they re-aged the account.

I'm on it thanks again.

[WhoCares1000]

The truth is, they cannot re-age the account but that has to be dealt with CRA level first before you can argue it with First Premiere. Most likely, First Premiere will give that one up for other tactics.

I would me more worried about when if First Premiere going to sue you. It is obvious that they want to go after your sister and you are not letting them so they are going to hang you for the debt. You have 2 choices, either pay this debt or file a police report so that they can go after your sister. The debt is still owed. Personally if it were my family member that did this, I would have already filed a police report but each to their own.

My suggestion if you do not want to report your sister for identity theft is to just pay the debt if you can afford to do so and be done with it. Once you take care of this, it will be 7 years then the debt is removed from the report. Maybe sooner if you decide to challenge it after 2 - 3 years. Otherwise, this is going to be a thorn in your side. If First Premiere manages to get a judgment (and the judge will tell you the same thing First Premiere did regarding reporting your sister), then they will be able to tack on legal fees and maybe even charge interest. The SOL of a judgment can go as long as 20 years.

[1hottchic]

The truth is, they cannot re-age the account but that has to be dealt with CRA level first before you can argue it with First Premiere. Most likely, First Premiere will give that one up for other tactics.

I would me more worried about when if First Premiere going to sue you. It is obvious that they want to go after your sister and you are not letting them so they are going to hang you for the debt. You have 2 choices, either pay this debt or file a police report so that they can go after your sister. The debt is still owed. Personally if it were my family member that did this, I would have already filed a police report but each to their own.

My suggestion if you do not want to report your sister for identity theft is to just pay the debt if you can afford to do so and be done with it. Once you take care of this, it will be 7 years then the debt is removed from the report. Maybe sooner if you decide to challenge it after 2 - 3 years. Otherwise, this is going to be a thorn in your side. If First Premiere manages to get a judgment (and the judge will tell you the same thing First Premiere did regarding reporting your sister), then they will be able to tack on legal fees and maybe even charge interest. The SOL of a judgment can go as long as 20 years.

I appreciate your candor and I was going to pay the account to be done with it, but wanted to make sure that the account doesn't get re-aged and make it worse for me. I'm well aware of how judgments work and have no intention on letting this go that far.

I just wanted to be sure I was understanding what I was looking at I already informed First Premier that paying the debt was no problem I just don't want them changing the account information all willy nilly....

Thanks again for your feedback...

[em26]

I'm pretty sure if you pay the debt it does re-age. It's 7 years from the last activity, so if you pay the debt without some kind of assurance that it will be taken off you may end up waiting an additional 7 years.

[BrokenCredit]

If the debt is paid it does not re-age anything. When paid if it stays on for a period of time who cares the negative balance owed is gone. It will effect the credit, but it will be fine depending what kind of other good credit he has on the report.