Bravotwo Posted October 9, 2013 Report Share Posted October 9, 2013 Hi, I had a cc charged off in 8/2007. My account was sold to a collection agency. Eventually the collection agency garnished my bank account and took the entire amount. So, the debt was paid in full. I'm trying to rebuild my credit but this is a big ding, of course. The crux of my situation is that the original creditor, Chase, has me on my credit report as being late 120 days from 12/2007-9/2009. How is this possible if they sold it? How can I fix this so I can improve my credit rating? Any advice would be appreciated. Link to comment Share on other sites More sharing options...
willingtocope Posted October 9, 2013 Report Share Posted October 9, 2013 "Late" is both an event and a status. Once an account goes 120 days past due (the event) its listed as 120 days late (the status) from then on. If it was charged off in 2007, that probably means the "date of first delinquency" (DOFD) was six months earlier. It could be that the tradeline is about to fall off your reports...7 years from DOFD. Link to comment Share on other sites More sharing options...
Bravotwo Posted October 9, 2013 Author Report Share Posted October 9, 2013 "Late" is both an event and a status. Once an account goes 120 days past due (the event) its listed as 120 days late (the status) from then on. If it was charged off in 2007, that probably means the "date of first delinquency" (DOFD) was six months earlier. It could be that the tradeline is about to fall off your reports...7 years from DOFD.No, it doesn't appear the item will drop off anytime soon. Last payment date 8/2007. Date closed 3/2008. Date updated 10/2009. Maximum delinquency 120 days in 9/2007 and in 9/2009. So they have me for a few more years. Link to comment Share on other sites More sharing options...
willingtocope Posted October 9, 2013 Report Share Posted October 9, 2013 According to the FCRA, its the date on which the account went delinquent with the original creditor and was never brought current that begins the 7 yr reporting period. So, with 120 days late in 9/2007, that puts the DOFD at 5/2007 or so. Should fall off 5/2014. If you can't wait that long, you might try disputing in writing with each CRA as "not mine" and see if the cc verifies. Link to comment Share on other sites More sharing options...
CordusAdmin Posted October 9, 2013 Report Share Posted October 9, 2013 @Bravotwo - to add on to what @willingtocope put, here is more info on the steps to disputing with the CRA's. Wouldn't hurt to try. http://www.creditinfocenter.com/repair/Repair.shtml There are also links to sample letters to use. Good Luck! Link to comment Share on other sites More sharing options...
Recommended Posts