Credit Score Dropped 46 points. Advice Please.

[Anonymous]

I checked my Transunion credit score and it dropped 46 points.  Even though I had "opted out" before applying for a mortgage, I had a collection pop up the same day that I applied for a mortgage on-line.  The collection is from First Revenue for $80.80.  I called Transunion who didn't have the name of the OC and suggested I dispute the item.  I did but then googled First Revenue, got phone number, and called to inquire about the OC.  I was told that the OC was Cingular Wireless, this account was supposedly charged off in December 2002.  I have had the same wireless account since then and pay my bill in full every month.  I am sure I do not owe them anything.  I checked and the SOL in my state is 3 years.  What should I do about this account?  They did offer a pay for delete, but I don't think I owe this.  Needless to say, I need it removed immediately so I can get my 724 Transunion score back.  Makes a difference in my mortage rate.  Any help would be appreciated.

[XAVIERSMAMA]

If this was charged off in Dec 02 than it probably has a DOFD even earlier than that and should be past the reporting time.  Do you know when you first became delinquent with Cingular?  The CA is betting that you need to have this paid before closing and will just pay it instead of disputing it and holding up your loan.  How long do you have before you intend to apply?  I would dispute it with the CRA as too old to report if you have longer than a month before you intended to purchase.  Otherwise you can see if the CA will do a PFD if you just want to get it off quickly.  If they won't play ball then you may have to wait for the dispute process to complete and the item to be removed.