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A Couple of Questions.


babygirl87
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So i am looking up my credit account

My first question is I have a charge off on my account what do i do about that? How do I handle that?

My second question is I have one that is closed by the credit grantor is there anything I can do about that or how do i got about that.

My last question is when do the statue of limitation starts. Do it start from when it was placed in collections or how does that go. I live in Va if that helps.

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I would dispute those trade lines with the credit reporting bureaus. Depending on how long ago they were closed/charged off, they might fall right off. After that, you could do a 623 dispute with the original creditors.

With regards to the statute of limitations, I believe it starts at the date of last activity. That may differ by state, hopefully someone who knows about Virginia will chime in.

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When was the charge off? When was the account closed? Same account/creditor?

Charge off is simply a tax thing companies do. It doesn't mean they won't still come after you for the debt. A lot of it depends on the company and the age. Disputing a charge off within the SOL can provoke the OC into legal action.

The one that is closed, if you do not owe anything, dispute and then 623 or goodwill letter asking them to change the status might work.

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Date of last activity is not always the last payment. The SOL normally starts first deliquency which is the first time you didn't pay that leads to the current status. So if you never paid, it would be the first time it was due. The date of last activity could be the date it was sent to collections, charged off, etc and is different.

For the charge off, is it the creditor or a collection agency reporting? Date and status they are reporting? Those make a difference.

For disputes, look around the forums..there are lot's of good examples on how to do it. If you are so inclined you can dispute them online as well through the CRA's, but I prefer a good letter in the mail they have to sign for.

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Date of last activity is not always the last payment. The SOL normally starts first deliquency which is the first time you didn't pay that leads to the current status. So if you never paid, it would be the first time it was due. The date of last activity could be the date it was sent to collections, charged off, etc and is different.

For the charge off, is it the creditor or a collection agency reporting? Date and status they are reporting? Those make a difference.

For disputes, look around the forums..there are lot's of good examples on how to do it. If you are so inclined you can dispute them online as well through the CRA's, but I prefer a good letter in the mail they have to sign for.

How would i go about finding out when it went deliquent? For the charge off it's the creditor the status says charged off and it was closed 03/31/2011.

Yes if i do dispute them it weill def be by mail and so i will have a way of tracking it.

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With the late, dispute. Send a dispute letter to the CRA's where it is showing late.

Look at the payment history and other information. If it was charged off and closed on 3/2011 then it most likely went delinquent somewhere around 9/2010. There should be a DOFD or last payment listed.

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Charge off is simply a tax thing companies do. It doesn't mean they won't still come after you for the debt. A lot of it depends on the company and the age. Disputing a charge off within the SOL can provoke the OC into legal action.

Not true.

Once the OC charges off the debt, they are out of the picture entirely. In fact, if you were to phone them, they likely won't even speak to you abou the debt.

I think what you're suggesting to the OP is that just because the OC charged off the debt, it doesn't mean that others won't come after her. The OC's debt will likely be sold to a JDB (junk debt buyer) and the fun begins.

To the OP, - there are two different SOL's. One is the SOL for state - which is when a JDB can no longer sue you for it. (well, they can, but then you can cite that the SOL is over while in court. This isn't relevant now). The other is when the debt will disappear from your credit report, which is 7.5 years effectively from the date of last default. YOUR last default, not when the CA started reporting it, btw.

You can see when the OC has charged it off. You must have been delinquent *much* before that... but even that should be in your credit report.

This should get you started.

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Not true.

Once the OC charges off the debt, they are out of the picture entirely. In fact, if you were to phone them, they likely won't even speak to you abou the debt.

Not always the case. I've got a couple charge offs the OCs are still trying to collect on years later. Never turned over to a CA, just held it themselves. And they LOVE flaunting how the FDCPA doesn't apply since they are the OC. About to bring suit against a few of them under TFC. Heck had one a few years ago charge off, sent it to a CA then take the money through garnishment while I was dealing with the CA. Now they are claiming it was not paid and charged off a year after it was paid....

Just saying sometimes OCs can be as bad or worse than CAs.

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Not always the case. I've got a couple charge offs the OCs are still trying to collect on years later. Never turned over to a CA, just held it themselves. And they LOVE flaunting how the FDCPA doesn't apply since they are the OC. About to bring suit against a few of them under TFC. Heck had one a few years ago charge off, sent it to a CA then take the money through garnishment while I was dealing with the CA. Now they are claiming it was not paid and charged off a year after it was paid....

Just saying sometimes OCs can be as bad or worse than CAs.

I mean, I suppose that disputing a charge off within the SOL can provoke the OC into legal action. That would make sense. But for practical matters, this rarely happens. Typically OC's sell off the debt right?

If you've got OC's still attempting to collect, check the details. Maybe the account is *still* with them, which it could very well be, though that would indicate that it was never *charged off*.

Think about this - OC's typically charge off accounts for the tax breaks. I suppose that they can keep the account on file.

Edited by RockDaddy
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Sorry for hijacking the thread somewhat...but here goes.

2 sperate unsecured loans that were charged off in July 2009. Both reported to the CRA's by the OC. Still get letters from both, but no more calls after my C&D letter last year. They report each month as charged off from 09 to current. Sent DVs and the response was they don't fall under the FDCPA. Sent another informing them TFC 392 applies to OC as well as CA. They sent documentation pertaining to payments, interest, charge off dates and the post default interest they are still adding up.

Currently trying to figure out if I was to pursue FCRA violations in Fed court or TFC violations in county.

Another is a repo from 2009. Charged off around the same time. Basically the same as above, reporting, charged off, received documents showing the dates they charged off etc.

Another was Military Star card (CC used at the base stores basically). Charged off in 2009. Was handed off to NCO in 2009 who started garnishing my wages (without a court order....according to them Star cards are considered gov debts like IRS/Student loans). After NCO was garnishing me the OC hit my tax return and paid it off in full. NCO ended up refunding everything they took. Now OC is reporting the late payments prior to charge off and I love this one...they are now after my last dispute they are reporting it was charged off in July 2011 (After it was paid in full and I got the letter to prove it...inlcuding a repayment because interest had been calculated wrong). So they C/O in 09...garnish taxes in 2011 and now reporting as C/O in 2011.

So yeah, OCs can be just as bad at times.

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Charge off does not mean sold. OC keep charge offs all the time. Cap One keeps charge offs for many years and will sue on them years after the charge off.

Charge off is an accounting term. Charge off has zero to do with how owns the debt. So most defiantly disputing a charge off and if it is still with the OC can wake them up and possibly have them come after you.

The best way to tell who owns the debt (or allegedly owns the debt) is look at the balance. If the charge off says charged off, 3K balance, the OC still has it.

If there is no balance or says sold or transferred to another lender, that is when the OC is out of the picture.

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I'd check the details if you've still got OC's trying to collect years later. Maybe the account is *still* with them, which it could very well be.

Think about this - IF you're not paying the OC and they want to charge it off for the tax breaks, it would seem that they can / and do, do this. However, once they do that, they are no longer associated with that account. That is the reason that OC's typically sell off the account to JDBs, no?

However, challenging an OC about a charge off seems moot. I mean, if they are charging you off, you've obviously not been paying the account, so it's their prerogative.

I'm with you on most things, but to challenge this seems strange unless there are unusual circumstances....

When an OC charges off a debt, they are still associated with it. They can still attempt to collect and/or sue. If they sell it to a JDB, it's because they don't want to fool with it anymore and will get a little money back.

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Charge off does not mean sold. OC keep charge offs all the time. Cap One keeps charge offs for many years and will sue on them years after the charge off.

Charge off is an accounting term. Charge off has zero to do with how owns the debt. So most defiantly disputing a charge off and if it is still with the OC can wake them up and possibly have them come after you.

The best way to tell who owns the debt (or allegedly owns the debt) is look at the balance. If the charge off says charged off, 3K balance, the OC still has it.

If there is no balance or says sold or transferred to another lender, that is when the OC is out of the picture.

Damn,

This forum is so damn interesting. I learn stuff all the time. I had no idea that the OC would / could just sit on things. I thought that once charged off, they just sell the debt off and had no other association with the debt.

I certainly didn't want to be giving misinformation to to Rambler, who obviously has a good point here....

Thank you guys (Colt / BV80) for yet another lesson.

-RD

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Damn,

This forum is so damn interesting. I learn stuff all the time. I had no idea that the OC would / could just sit on things. I thought that once charged off, they just sell the debt off and had no other association with the debt.

I certainly didn't want to be giving misinformation to to Rambler, who obviously has a good point here....

Thank you guys (Colt / BV80) for yet another lesson.

-RD

I know I still learn stuff from the members on these boards. There's so much associated with state laws, federal laws, OCs, CAs, JDBs, credit reports, lawsuits, etc. that I'm not surprised when new information pops up.

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