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Valued Member
Posts: 26
Registered: ‎04-22-2007
0

Chase buyout of Pier One kills my credit score?

I recently disputed my CO'd Pier One account, requesting that the account information be reported correctly.  They were reporting my limit at $62 and the balance at $581.  Because of the limit, my overall util is showing at 205% with my other cards at low util.  This is why I disputed it.
 
So, I pull my CB yesterday, and suddenly I have a new account from CHASE-PIER ONE.  So I say...HUH?  After searching through other forums, I found a thread talking about how Chase bought out Pier One National Bank last November.  Fine.  However, the newly reported charged off account dropped my TU score 90 points in one day!!!
 
The Chase account is reporting a completely new account number, but all the other info is correct reagrding balance, date opened, DOLA, etc.  But no limit.  So back to square one on that issue.
 
So, today, I pull again, and the Pier One account updates correctly.
 
So why in the world would an account information update request actually go through on an account that has been sold?  Now they are both reporting.
 
My major issue is that of the newly reported CO'd account.  This is totally screwing me.
 
Obviously, I can dispute that there are duplicates of the same account, but most likely the original account will be removed, leaving me with the account that has caused so much damage.  It has not yet reported to the other CRA's.  So now I am scared that it will and kill those scores.
 
How do I handle this?  I am making an assumption when I say that Chase will be able to validate the debt since they bought the bank, not the debt, so that is not an option.  What am I to do about the newly reported CO, even though the DOLA is 4 years.  My state has a 6 year SOL.  Can I PFD since this is technically a report from OC?  A DV won't work given the circumstance.  HELP?
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Chase buyout of Pier One kills my credit score?

DV anyway...you are only assuming Chase will be able to validate the debt. They may not be able to, or the DV letter may be lost in the paper shuffle surrounding the acquisition. The odds of you getting it removed if you don't send a DV are zero. The odds of a DV working for you are greater than zero. You do the math.
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in a credit-scoring postnuclear Stone Age...
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
0

Re: Chase buyout of Pier One kills my credit score?

[ Edited ]
I know someone who recently spoke to chase about a closed account from a bank recently taken over. It shows on their credit report. Chase had "no" information that the account ever existed. You might have a slightly greater advantage.

Message Edited by ilovepizza on 05-23-2007 04:46 AM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Valued Member
Posts: 26
Registered: ‎04-22-2007
0

Re: FOLLOW UP: Chase buyout of Pier One kills my credit score?

I disputed this as "not mine" a few weeks ago.  Because I suddenly have an account on my CB with a brand new account number...so I thought that was valid.  I have never received an communication from Pier One stating that they were bought out, so why would I know?  Yesterday, I received a letter from Chase.  It says:
 
"In reasearching this claim, we have found other accounts which you currently have with Chase.  If you believe that this information is not valid, please complete the Affirmation of Fact document.... Upon receipt of this document, an investigator from our Fraud depatment may contact you. 
 
If you agree that the account is valid, please complete and send the Acceptance of Liablity....
 
If we do not receive a reponse from you, we will conclude our investigation based on the facts we have available to us.  The account will continue to report as currently shown at the credit bureaus.
 
Please note the Pier1 account XXXXXX was recently acquired by Chase Bank and the new account number is XXXXXXX."
 
NOTE:  I have had other accounts with Chase/Bank One in the past, all of which are closed/paid.  This is what they want me to sign:
 
"I, ____________ have never applied for a credit card, nor have I relinquished any personal information about my residency, etc.......for the purpose of obtaining credit with Chase, Bank One, First USA Bank, or its affiliates including, but not limited to, Wachovia Bank and First Card.
 
I cerify that I have not given anyone permission to apply for such an account, and I further certify that I have not benefited in any way from this fraudulant application"
 
 
Obviously, I am not claiming fraud here.  What should I do?  Doing nothing is enough for them to say that I validated the debt by ommission.  However, they have broken some rules here.  One, this new account has killed my score because it is showing as a new CO, which it is not.  Secondly, they make no reference to the original creditor in the new account with exception of the creditor name "Chase-Pier One", but the amount is different by one dollar (but different), the account number is different, and the DOLA has changed by 4 months (and not in my favor).  What the heck???
 
The only reason that this came up was because I disputed my Pier One account for false reporting of the account information.  The Pier One has come off on TU and EQ, and the Chase has shown up.  EX shows the PO, but I assume the Chase will take its place soon enough.
 
How should I respond to this?  Any help on this with part or all of it would be greatly appreciated.
Valued Member
Posts: 26
Registered: ‎04-22-2007
0

Re: FOLLOW UP: Chase buyout of Pier One kills my credit score?

Just a follow up in case any one else has this problem...
 
I disputed both accounts at the same time with "account information incorrect" on the Chase and "account sold" on the Pier One.  Both accounts have come off of my CB and my scores are back to "normal".  EQ back up 70 points..woo-hoo!!
 
Thanks everyone for the help. 
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