TSCMage Posted May 25, 2012 Report Share Posted May 25, 2012 I have 2 BoA credit cards charged off from 2006 and 2007. They are OoS so I'm not concerned with being sued. 1 of them is reporting correctly, so there isn't anything I can do but wait until it falls off. The other is reporting a high balance that I know is incorrect. The original credit limit was $8k, I know it was maxed out when I stopped paying it, my CR shows $10k charged off, which makes sense with interest and late fees, but it's showing a high balance of $13k. I don't have my last statements, but I know the balance was never that high. I disputed it with the CRAs and they came back verified. I've been reading about the 623 dispute method, and found a sample letter. I don't want to make a rookie mistake and send something that sounds totally ridiculous like the DV letters found all over the internet. Below is the sample letter. Is this what I should use?Dear Sir/Madame:I am writing to dispute the account referenced above. I have disputed this account information as inaccurate with the credit bureaus <insert names of credit bureaus here>, and you have been able to verify this debt. How is this possible? I was <not late> <this is not my account> <I am only an authorized user>. I request that you send me the proper proof that what you are reporting is true, or if you cannot, to immediately remove it from my credit report. In the event that you can not verify the item pursuant to the FCRA, and you continue to list the disputed item on my credit report I will find it necessary to sue you for improper reporting of information to the credit bureaus regarding my credit history, actual defamation damages and declaratory relief under the FCRA. According to this regulation, I may sue you in any qualified state or federal court, including small claims court in my area. You have severely limited my ability to <purchase a home> <get a job> <get a credit card>.In light of the recent changes to the FCRA (FACTA), consumers now have the right to go directly to the original creditor and ask for proof of negative information. In addition, court case opinion No. 00-15946 CV-99-00290-D.C. by the US Court of Appeals 9th Circuit, Nelson Vs. Chase Manhattan, the court ruled that the creditor has the responsibility to investigate and make sure that correct information is being reported to the bureaus, and that the consumer has a right to sue under the FCRA, should his or her rights be violated.While I prefer not to litigate, I will use the courts as needed to enforce my rights under the FCRA.I look forward to an uneventful resolution of this matter.Sincerely, Link to comment Share on other sites More sharing options...
BV80 Posted May 25, 2012 Report Share Posted May 25, 2012 Creditors and JDBs are allowed to charge interest on charged off or sold debts. If interest has been building up for several years, that's probably the reason for the amount. Link to comment Share on other sites More sharing options...
TSCMage Posted May 25, 2012 Author Report Share Posted May 25, 2012 Creditors and JDBs are allowed to charge interest on charged off or sold debts. If interest has been building up for several years, that's probably the reason for the amount.If the OC sold the debt, isn't that where their ability to charge interest ends? I figure some JDB tacked on interest or fees, but that shouldn't effect the balance on the original TL should it? Link to comment Share on other sites More sharing options...
BV80 Posted May 25, 2012 Report Share Posted May 25, 2012 If the OC sold the debt, isn't that where their ability to charge interest ends? I figure some JDB tacked on interest or fees, but that shouldn't effect the balance on the original TL should it?If the OC sold the debt, their entry should state "sold" or "transferred". In addition, they can no longer update their TL period, and their entry should a reflect a -0- balance. If the OC's entry doesn't state that the account has been sold or transferred, and the OC is still updating, then it hasn't been sold. If there's any other TL's related to the account, those would be from collection agencies. Link to comment Share on other sites More sharing options...
TSCMage Posted May 25, 2012 Author Report Share Posted May 25, 2012 If the OC sold the debt, their entry should state "sold" or "transferred". In addition, they can no longer update their TL period, and their entry should a reflect a -0- balance. If the OC's entry doesn't state that the account has been sold or transferred, and the OC is still updating, then it hasn't been sold. If there's any other TL's related to the account, those would be from collection agencies.It shows sold to another lender and last updated 2/2008. It shows balance $0 and high balance of $13k. I just disagree with the high balance. I suppose it doesn't much matter, it comes off next year anyway. Link to comment Share on other sites More sharing options...
BV80 Posted May 25, 2012 Report Share Posted May 25, 2012 It shows sold to another lender and last updated 2/2008. It shows balance $0 and high balance of $13k. I just disagree with the high balance. I suppose it doesn't much matter, it comes off next year anyway.You could dispute it with the CRAs. Who knows? Maybe the OC won't feel like verifying, and it will be deleted. Doesn't hurt to try. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted May 26, 2012 Report Share Posted May 26, 2012 "you disagree".....you're right, it doesn't matter.Don't send that out. It reeks of "internet form letter". You'll get no answer, they'll just laugh at it and toss it in the trash.I wrote a couple 623 letters a couple years back, use the search function above and see if you can find 'em. Make it personalized, make it YOURS. But yes, since it falls off next year, you may just want to let it go. When was the last time you disputed these with the CRAs? You mentioned you did, but didn't mention when. If it's been awhile, go ahead and do it again. Link to comment Share on other sites More sharing options...
TSCMage Posted May 30, 2012 Author Report Share Posted May 30, 2012 "you disagree".....you're right, it doesn't matter.Don't send that out. It reeks of "internet form letter". You'll get no answer, they'll just laugh at it and toss it in the trash.I wrote a couple 623 letters a couple years back, use the search function above and see if you can find 'em. Make it personalized, make it YOURS. But yes, since it falls off next year, you may just want to let it go. When was the last time you disputed these with the CRAs? You mentioned you did, but didn't mention when. If it's been awhile, go ahead and do it again.Sorry Amerikaner83, I missed your reply I disputed it last month. Thanks for the insight on the 623 letters. I was afraid the letter was to form letterish and wouldn't be taken seriously. I'm learning as I go. Link to comment Share on other sites More sharing options...
cinnamngrl Posted June 2, 2012 Report Share Posted June 2, 2012 Originally Posted by TSCMage View PostIt shows sold to another lender and last updated 2/2008. It shows balance $0 and high balance of $13k. I just disagree with the high balance. I suppose it doesn't much matter, it comes off next year anyway.You could dispute it with the CRAs. Who knows? Maybe the OC won't feel like verifying, and it will be deleted. Doesn't hurt to try. I don't know how federal law interprets "high balance", because it is mostly BS as we all know. It isn't illegal to make mistakes, it is illegal not to respond to requests for verification and correction. Link to comment Share on other sites More sharing options...
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