Hoping I can get some advice.
Here’s my situation. My dad had a First USA card (that eventually became Bank One/Chase) where I was an authorized user on the account. My dad passed away.
So at the end of 2004-beginning of 2005, I talked to someone at Bank One about the account. First they transferred me to different departments. The Settlement Department, the Estates Department, I don’t know where I finally ended up, but eventually I talked to a guy who said that since the original owner of the account had passed away, instead of paying it off the completely, they could “forgive” a percentage of the balance. I thought, “Ok, extra money in the end”.
This is what the account looked like after I paid the unforgiven amount:
I even received a letter from Bank One Letter dated January 10, 2005. Here it is VERBATIM:
“Dear Est(ate) of ______,
Thank you for your settlement payment on the credit card account noted above. We will report your account to the credit bureaus as “settled,” with no payment remaining due.
In the event your payment is returned, this settlement will no longer be valid and your account will be returned to its previous terms.
If you have any questions, please call us toll free at 1-800-955-9030.
Customer Support Division”
Since I never heard from any collection agency or Bank One ever again, I assumed everything was cool.
Back to the present. I’m reviewing my credit reports seriously for the first time in years, and I notice that I have an EQ “Negative Account” and a TU “Adverse Account”. (There’s no mention of any negative account on EX).
Here’s the details:
I bought a car in November of 2007 and the Credit Check sheet showed that I had a score in the mid 700’s. So it seems that my Fico score is ok. Based on that info, I recently applied for a CC, but was denied because of “Chargeoffs or bad debt collections” and “delinquent past/present credit obligations”.
I’m not sure what to do. They have been reporting this every month even though it’s been charged-off. Is that how it works? It gets reported every month until 2011? Do I contact them and send them a copy of the letter stating that the “Past Due”s should be saying $0 instead of $4,233? How will this affect me if I start contacting them? Do I do nothing and just wait for it to fall off in 2011?
cat-like-stealth wrote:Just updating for whoever cares.I was going to write letters to all the CRA's and OC. But before I drafted up the letter, I was checking out the other threads and found the Backdoor Number thread and saw the number for Chase. Thought, what the heck, give it a try.The first lady who answered had no idea what I was talking about and transferred me over to their Estates Department. I thought this was going to be the start of the transferring merry-go-round. But the lady in the Estates Department talked to me for about 4 minutes, said she was going to send a "request to remove this entry" form to the CRA's and that it would take 30-90 days for it to reflect in my credit report. And we were done. Just like that.I'm stunned. Should it be that easy? Or should I hold off celebrating until December?