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New Member
Ficofeind
Posts: 6
Registered: ‎11-07-2012
0

611 Credit One Bank

[ Edited ]

After failing to get the negative information removed by the CRA's I sent a letter directly to Credit One Bank.  They are reporting on both Experian and TransUnion. Account status Closed and payment status charged off.  I requested they validate what they are reporting.  I got this reply:

 

Thank you for your inquiry with Credit One Bank. Please be advised that ownership of this account has been transferred to Sherman Financial.

 

We have forwarded your inquiry to them, on your behalf. To discuss your issue further, or for more information, you can reach them at:

 

I am wondering how I can get them to remove these negative items.  I certainly can't offer to settle because the balance is $0.  I was thinking of sending them a copy of their response and a letter asking for removal.  I'm not sure how it should be worded. 

 

Can someone help me please? I would greatly appreciate any and all help.

 

Bryan

Valued Contributor
p-
Posts: 2,633
Registered: ‎06-05-2008
0

Re: 611 Credit One Bank


Ficofeind wrote:

After failing to get the negative information removed by the CRA's I sent a letter directly to Credit One Bank.  They are reporting on both Experian and TransUnion. Account status Closed and payment status charged off.  I requested they validate what they are reporting.  I got this reply:

 

Thank you for your inquiry with Credit One Bank. Please be advised that ownership of this account has been transferred to Sherman Financial.

 

We have forwarded your inquiry to them, on your behalf. To discuss your issue further, or for more information, you can reach them at:

 

I am wondering how I can get them to remove these negative items.  I certainly can't offer to settle.  I was thinking of sending them a copy of their response and a letter asking for removal.  I'm not sure how it should be worded. 

 

Can someone help me please? I would greatly appreciate any and all help.

 

Bryan


I think we'll need more information, i.e. how old is it, what is the outstanding balance, why can't you offer a PFD?

  8-12-14: FICO EXP: 797 - EQU: 734 - TRAN: 739 - AVG: 757 - +207 points from JUN 2008 - MY CREDIT JOURNAL

New Member
Ficofeind
Posts: 6
Registered: ‎11-07-2012
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Re: 611 Credit One Bank

Thanks for your reply.  The account status is closed.  It was closed in 2008 and the balance is $0.  It says charge-off.  I cannot even remember having this account and I have disputed several times with the CRA's.  I don't think I can offer a PFD because they say they don't own the account any longer and the balance shows as $0.  I would offer them money if that would help.

 

Thanks

 

Bryan

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: 611 Credit One Bank

Keep GWing

Valued Contributor
p-
Posts: 2,633
Registered: ‎06-05-2008
0

Re: 611 Credit One Bank


Ficofeind wrote:

Thanks for your reply.  The account status is closed.  It was closed in 2008 and the balance is $0.  It says charge-off.  I cannot even remember having this account and I have disputed several times with the CRA's.  I don't think I can offer a PFD because they say they don't own the account any longer and the balance shows as $0.  I would offer them money if that would help.

 

Thanks

 

Bryan


Sounds to me like Credit1 charged it off and sold it to Sherman.  That means a GW to Credit one is your best bet, but you need to be aware that Sherman might be a ticking time bomb - they could start reporting you at any time.  

 

If it was me, I'd talk to the folks over at Credit 1 and see if any information about the balance can be found, or if you can establish what the DOFD is.  That will help you decide what to do.  It would also be smart to ask them to send you any relevant account history information that they can.  Maybe you'll get lucky and find an innacuracy that legitimizes your dispute.  

 

If the DOFD is in 08 and the balance isn't too low, I'd contact Sherman and just PIF before it hits your report.  If it's a large account, start saving now and pray they don't file suit before SOL.  If it's close to aging off, let sleeping dogs lie.

 

 

  8-12-14: FICO EXP: 797 - EQU: 734 - TRAN: 739 - AVG: 757 - +207 points from JUN 2008 - MY CREDIT JOURNAL

New Member
Ficofeind
Posts: 6
Registered: ‎11-07-2012
0

Re: 611 Credit One Bank

Thank you very much for your help!  I am going to post what I plan on sending to Credit1 for your consideration.

New Member
Ficofeind
Posts: 6
Registered: ‎11-07-2012
0

Re: 611 Credit One Bank

 

To Whom It May Concern:

 

RE: Account number ending in: 0663

 

I am writing to see if you would be willing to make a "goodwill" adjustment to your reporting to the two credit reporting agencies (Experian and TransUnion). The above referenced account was placed with you for collections. 

 

Because you are no longer attempting to collect a debt, I would like you to consider deleting the account from your records and stop reporting to the three credit reporting agencies. I am not aware of what account this is in reference to other than a credit card.  I do not recall opening a credit card with your company but it was almost 7 years ago.  Can you provide any information on the balance owed or the date of first delinquency?  I was only 20 years old and going to college at the time the account was opened.  I mention this not to justify neglecting to make timely payments but to show that my irresponsible behavior as a young adult is not a good indication of my actual creditworthiness. I understand that this is an unusual request--particularly as the account was in collections for some time.

 

The Credit One Bank representatives that I have spoken with over this time period were always very cordial with me. I have heard horror stories about aggressive collections agencies that will stop at nothing to collect a debt. I am happy to say that I did not have an experience like that with Credit One Bank. When the subject comes up, I often mention how impressed I am by how courteous and respectful your representatives have been to me. I appreciate your patience during this time of learning for me. As I have gotten older, I have become more and more aware of the need to honor my financial obligations. I have maintained excellent payment records with all of my creditors; I have never had a single late payment on any of my other accounts. 

 

I have been married for a year now and my wife and I are about to begin the process of buying our first home. This collection account on my credit report is having a negative impact on my FICO score which may prevent me from being able to secure financing for a home purchase, or it may greatly increase the cost of doing so. Since this collection account is not a reflection of my current creditworthiness, I am requesting that you give me a second chance by deleting this account. I sincerely hope that there is redemption at Credit One Bank and I beg you for such consideration. Please let me know if you require any further information from me that would help in reaching a positive outcome. Thank you very much for the time you have taken to read my letter.

 

Sincerely,

 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: 611 Credit One Bank

OP, ignore my advice of GWing if you never had a Credit One acct. Call the police and use the police report to get it off. I got confused by the talk of settling.

New Member
Ficofeind
Posts: 6
Registered: ‎11-07-2012
0

Re: 611 Credit One Bank

In all likelihood it is my account.  It was 7 years ago and I was incredibly irresponsible at the time.  I probably had it sent to me in the mail, didn't pay attention to the name, used it once, and decided to never pay it.  I do vaguely recall having a card I never paid around that time.  I am pretty sure it is legitimate.


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