Rebuilding Your Credit

[MrChairman]

I have a Cap 1 C/O that is scheduled to fall off in June. Will it come off auto or will I have to dispute the tradeline? Is there any way I can get it off earlier? Lastly, since this is so old will I see an increase at all in my score?

[Shogun]

Is it reporting incorrectly?  What would be the reason for a dispute?

[MrChairman]

I was saying when June hits and its still on my report, could I dispute it to have it removed then?

[RobertEG]

The CRA is responsible for monitoring the reported DOFD on the OC account, and excluding the charge-off from your credit report no later than 7 years plus 180 days from the reported DOFD.  You need nothing except monitor your report to ensure it happens.  A dispute would not be appropriate, as the issue is not one of inaccuracy of reported information. To attempt earlier exclusion, you can try sending the OC a GW request. 

If the charge-off remains in your CR after its required exclusion date, send a complaint to the CRA for their violation of FCRA 605(a)(4).

How much score increase you are likely to see depends upon whether you have any other remaining major derogs.

[MrChairman]

This is my only derog. I just figured since it was so old a score increase would be minimal.