Jump to content

Is there anyway to fix this?


Bravotwo
 Share

Recommended Posts

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

"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

"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

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

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.