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Can US Bank do this?


ndkblondie
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I have an old charge off from 2008 with US Bank, out of SOL in California.  The original loan was an SBA guaranteed loan and the SBA took it back from USB in 2009.  I made an agreement with the SBA when they took it back from USB and started making payments to them back in 2010.  My CR is still showing USB as a charge off with a balance and past due amounts.  I called USB to inquire about the status of the account.  USB told me they no longer have the account, it is with the SBA and they can't do anything with it. I said since they no longer have it they can no longer report the balances and past due amounts on my CR.  They disagree and say they can still report those amounts because they weren't paid.  I told them this loan was federally insured and they have already been paid for it and it is not legal for me to be responsible for paying back this same debt twice.  They are reporting the activity I paid to SBA in 2010 as THEIR activity even though I paid SBA directly and USB confirms they no longer have the account. SBA says they can't do anything and I need to work it out with USB.

 

How do I get this sucker off my credit report if they are just going to verify it in a dispute?  It's a biggie and we are trying to get a loan.

 

To make things worse, our lender is now saying we should avoid disputing because there can be no disputes appearing on the credit report or the bank won't approve.  Lender says disputes are very hard to remove from credit reports, they want me to work directly with the OC if at all possible.  This seems to be taking away our basic rights to ensure our credit reports are reporting accurate information.  


Thank you!!

 

 

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I've heard from many people that having disputes on your credit report can knock out a loan.    If you've truly paid this loan off and it has a zero balance, you can threaten to sue the collection agency for reporting inaccurately.  That's the direction I'd go.  

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Sorry if I was confusing, it's not a collection agency, it's the original creditor, US Bank, who is reporting.

 

Can the OC US Bank show a balance and past due amounts on my trade line  if they no longer own the account?  I am not asking them to remove the charge off, I simply want it to show a 0 balance and 0 past due since they don't own it any longer.

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