Credit One Bank help

[Anonymous]

The only negative that remains on 2 of my 3 credit reports is Credit One Bank. I applied for this card in May of 09 and was denied. I moved shortly thereafter and their claim is that the account was approved and card was sent and activated. I did verify with them several years ago that not one single transaction was ever made on this card, but they do claim I activated it. 

This is how they have reported. I don't know how it is possible to report OK in Oct 09 after being 30 late on Sep 09 when they have verified that I have never sent them a dime. This was set to delete Sep 16, but after disputing they have now made the deletion date Dec 16 since the Dec 09 payment appears to be the triggering event by their reporting. I tried calling about this, but was told that the account was too old to access each monthly record.

I know that this is a pretty short time to wait for it to fall off, but I really need to trade in my car soon and would like a better interest rate.

Do I just have to take this one on the chin or is there a way to get this handled with them?

[RonM21]

I'm wondering if they said the account was too old to get the monthly info, then how did they verify all of the account info to not delete it?

[Anonymous]

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@RM21 wrote:
I'm wondering if they said the account was too old to get the monthly info, then how did they verify all of the account info to not delete it?

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I've got the same question!

[RobertEG]

You cannot use a payment history profile to determine the DOFD, and thus the exclusion date of the reported charge-off.

You can make inferences of approx. when the DOFD occured, but you cannot establish it, such as by use of a 30-late.

First, a creditor is not required to report each and every delinquency.  The first reported delinquency could be delayed months from when the account first became delinquent.  The credit reporting requirement is that the account must be at least 30-late when they first report a delinquency, but it does not establish that date as the DOFD.

Second, the gap reporting of OK between delinquencies is common, and does not mean that the account was reported as non-delinquent that month.

It is common in producing commercial credit reports to enter an OK if they dont have or no reproting was made in a given month.  It does not comprise proof that the account was considered non-delinquent.

Third, a DOFD occurs when an account first becomes delinquent under your accunt agreement, which is the day you missed the billing due date.  Howver, a reportable 30-late is only reportable once the delinquency has extended to 30 days past the billing due date.  Thus, the date of a reported 30-late is at least 30 days past the DOFD.

For those and other reasons, the payment history profile cannot be used to establishe the DOFD, and the FCRA thus explicity requries that it be separately reported, and is stored under a code called the FCRA Compliance Date/Date of First Delinquency.

My best guess is that, if you were continually delinquent after your first delinquency AND they reported te first delinquency as soon as it occured, the DOFD will likely be 08/2009, which is 30 days pror to your first reported delinquency.

You are, in my opinion, wasting effort by focusing on disputes over accuracy of the payment history profile of reported montly delinquencies.

The substantive issue is whether the reported DOFD is accurate, which is the only date that will determine the ultimate exclusion of the reported charge-off.

Changing the estimated exclusion date does not mean the DOFD has changed, as they have discretion in estimated eclusion any time prior to the maximum date of 7 year plus 180 days from reported DOFD.

[Anonymous]

Threaten to sue them - they illegally "crammed" you into an account, without your knowledge or permission.

[Anonymous]

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@RobertEG wrote:

You cannot use a payment history profile to determine the DOFD, and thus the exclusion date of the reported charge-off.

You can make inferences of approx. when the DOFD occured, but you cannot establish it, such as by use of a 30-late.

First, a creditor is not required to report each and every delinquency.  The first reported delinquency could be delayed months from when the account first became delinquent.  The credit reporting requirement is that the account must be at least 30-late when they first report a delinquency, but it does not establish that date as the DOFD.

Second, the gap reporting of OK between delinquencies is common, and does not mean that the account was reported as non-delinquent that month.

It is common in producing commercial credit reports to enter an OK if they dont have or no reproting was made in a given month.  It does not comprise proof that the account was considered non-delinquent.

Third, a DOFD occurs when an account first becomes delinquent under your accunt agreement, which is the day you missed the billing due date.  Howver, a reportable 30-late is only reportable once the delinquency has extended to 30 days past the billing due date.  Thus, the date of a reported 30-late is at least 30 days past the DOFD.

For those and other reasons, the payment history profile cannot be used to establishe the DOFD, and the FCRA thus explicity requries that it be separately reported, and is stored under a code called the FCRA Compliance Date/Date of First Delinquency.

My best guess is that, if you were continually delinquent after your first delinquency AND they reported te first delinquency as soon as it occured, the DOFD will likely be 08/2009, which is 30 days pror to your first reported delinquency.

You are, in my opinion, wasting effort by focusing on disputes over accuracy of the payment history profile of reported montly delinquencies.

The substantive issue is whether the reported DOFD is accurate, which is the only date that will determine the ultimate exclusion of the reported charge-off.

Changing the estimated exclusion date does not mean the DOFD has changed, as they have discretion in estimated eclusion any time prior to the maximum date of 7 year plus 180 days from reported DOFD.

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First, thank you for taking the time to respond with so much helpful information. I had read that the triggering event that led into the 180 day late before charge off would be the one used to determine the time frame for exclusion so I suppose that's why I thought disputing the accuracy of reporting would settle that issue. 

I just noticed on second look at the report that this is saying the account was opened 06/2008. If I never paid anything to them, it confuses me as to why this is still on record. 

[Anonymous]

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@Anonymous wrote:

Threaten to sue them - they illegally "crammed" you into an account, without your knowledge or permission.

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Would this be in writing? I've been trying to get to the collections department for over an hour now and keep getting transferred to the wrong place. The collections number on their site is inaccurate and reps keep transferring me to bizarre depts. I've been asking over and over again for the correct number and they transfer me without answering the question. 

[RobertEG]

You need to know the DOFD that they reported to the CRA.

Credit report exclusion of the charge-off is based on that date, and no other, with exclusion requried no later than 7 years plus 180 days from the reported DOFD.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Threaten to sue them - they illegally "crammed" you into an account, without your knowledge or permission.

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Would this be in writing? I've been trying to get to the collections department for over an hour now and keep getting transferred to the wrong place. The collections number on their site is inaccurate and reps keep transferring me to bizarre depts. I've been asking over and over again for the correct number and they transfer me without answering the question. 

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Yes, an "ITS" letter.

[Kutuzov]

All communication with Capone like companies do them all in written. Certified mail return recieve. Just dispute again in written with all 3 CRA and after they verify send them an MOV letter (search the Internet for what it is). After that the way to go is inviting them to court. It ain't bad I got paid a couple times by Capone and friends. You can do a short cut and write them a nasty sue intent letter and maybe they just chill out. I got once a collection calling me I answered the phone heard all what the overseas guy got to tell me, then explained to him all the violations that the company and him did, and if I ever heard of them again I would sue. As of today I have not been bothered again.