05-16-2012 08:26 AM
Still a little new to the credit rebuilding industry, and I am a bit confused with what I am reading on my reports.
So I have a charge off with American express in the amount of about 1000 dollars.
According to my Experian Report -
"the accout is scheduled to continue on record until September 2013"
they also reported a charge off in March of 07 and November 2011
According to my Equifax Report-
Date of first delinquency is 4/07
Date major delinquency 1st reported is 2/08
they show a charge off in March of 2009
So Can i write Amex a letted for Pay for delete? The statue of limiations here in NY is 6 years.
05-16-2012 08:35 AM
You could certainly send them a PFD, actually AMEX seems to be pretty good about deleting old derogatory accounts, especially if they are PIF. Also if you wanted to take advantage of opening an AMEX account in the future you'll probably need to PIF. Since you are within SOL you should at least be aware that they might file suit, but hopefully they won't.
Since you live in New York, you would also benefit from the NY statutes for credit reporting on paid COs, which is 5 years.
05-16-2012 08:41 AM
can you (or someone else) explain how Experian says it will be off my report in september 2013, which would put the date of 1st delinquency March 07. But Equifax shows otherwise. If the date of 1st deliniquency is in fact the march 07 date i am not within the 6 year SOL and can offer less than the full amount. is this correct? if so why do the 2 reports show different info?
05-16-2012 09:03 AM - edited 05-16-2012 09:06 AM
You can always offer less, it just depends on your tolerance for the possibility of being sued.
Charge~off accounts can remain for up to 7.5 years from the DOFD, so based on that it would seem that Experian thinks the DOFD was in 2006.
Equifax is reporting a DOFD of March 2007 which would put the drop off date sometime in 2014.
Do any of your credit reports show the monthly payment history, or do you have any records to clarify when you first became deliquent without catching up, prior to the Charge Off ?
IMO your best option ( if you can afford it ) is you PIF, then based on the NY Statutes you should be able to have it removed, based on the 5 year CRTP for paid COs. Also this gives you the option to open another AMEX in the future with likely backdating on your credit reports.