Odd updated report from Equifax

[schmitzy84]

I disputed an old charge-off account from BOA.  I am still waiting for a response from TransUnion and Experian but Equifax reported it back as verified and that BOA provided additional information and updated the account. 

 

It still shows up as a charge-off but under payment history it now states that I am paid as agreed and have been since a month after it was charged-off.  They also changed my credit limit from what it was to $0. 

 

I should be hearing from TU and Experian soon.  I have already drafted a 623 dispute letter but I was wondering if there was anything else I should do?

[S. Louis Blisko]

If this is a credit card there are a couple of questions first.

 

1) Age? When was it charged off?

 

2) Did you at any time DV the bank regarding this debt?

 

The answers matter in terms of strategy.

[schmitzy84]

If this is a credit card there are a couple of questions first.

 

1) Age? When was it charged off?

 

2) Did you at any time DV the bank regarding this debt?

 

The answers matter in terms of strategy.

 

1.  The account was charged off in 8/2009

 

2.  I have not DV the bank regarding this debt yet.  I was waiting until the CRAs responded to my disputes.  I have a 623 dispute letter drafted.

[S. Louis Blisko]

Instead of 623 send a DV to the bank. Keep it simple and request as much as possible.

 

1) Original signed app

2) Statements

3) Payments

4) Notices

 

Wait 30 days (although the law does not require that) and then if they don't respond or send little or nothing then use that to get the bureaus to remove.

 

If you need more help at that point reach out.

 

If you use 623 now you'll never know what if any validation they provided the bureau beyond an electronic thumbs up as to whether or not the info is valid.

[admin]

You can't send DVs to banks, who are the original creditors.  You can only send to a collection agency.  

 

I would send a 623 dispute to the bank.  

[S. Louis Blisko]

Agreed. I had assumed since it was from 2009 that there was an agency in the middle.

[Torden]

Agreed. I had assumed since it was from 2009 that there was an agency in the middle.

 

Many OCs never sell their accounts.  Some only do so if they are strapped for cash at the time.  You can get a 1099-C from an OC.  They may or may not put it on any CR.  They may or may not sue you directly or outsource the attorneys.  They could just let it rot and never grant any credit to you ever again.  And we are not surprised by any action.