Rebuilding Your Credit

[rob22]

Hi,

I'm looking for some expert advise regarding the reporting sol.  If an account is closed by the credit grantor (4/2004) due to over the limit and late payments can this be used as the date of first delinquency?  I did continue to pay although the account was never again below the limit and never reopened by creditor and despite years of payments it actually charged off in the fall of 2006.  It is still with the original creditor (in their recovery department) and the charge off itself does not seem to figure into the fico scoring model at all now. I would like to perhaps settle this account with OC in the hope of removing it from my report as obsolete for reporting.  I am in NY so my understanding is that a paid (or settled) charge off can be removed in five years from DOFD . Do you think I have a legitimate claim that the real date of first delinquency had to have been at the very least 3 months before they closed the account to further purchases (the actual last purchase ever made on this account was in 1999 and does not even show on the stack of statements the creditor sent me from 2000 to 2006). I really need to get this charge off removed but I don't want to update the delinquency in any way. Any thoughts or advise would be truly appreciated. 

Message Edited by sidewinder on 01-19-2009 12:46 PM

[rob22]

One more thing the account has remained over the limit (even with about 18,000 of payments) from at least 2001.  I have statements which show this to be the case.

Message Edited by sidewinder on 01-19-2009 12:49 PM

[sidewinder]

I moved your questions into a new thread. I edited both of your messages to change the subject line, but didn't edit the body of the message in any way.

DOFD is the date the account went delinquent and was never brought current prior to CO or collection.

Date closing has no impact, IMO.

You need to look back over your payment history and find when you went delinquent without being current again before the CO.

Get your full report from the CRA and look to see what the estimated date of removal is or from an EQ report look at DOFD.

Paid collections/charge offs are removed 5 years from DOFD in NY, correct.

Message Edited by sidewinder on 01-19-2009 12:55 PM

[rob22]

    Hi Sidewinder,

 Thanks for your reply.  If account was closed due to delinquent payment history (2004) and it was over the limit wouldn't this be considered delinquent?  If the account was closed to further purchases and it continued to remain over the limit (statements required the minimum payment along with the additional payment which would have brought the account under its prescribed limit which I was never able to do) wouldn't this be the start of the delinquency which ultimately lead to the charge off?  If I was never able to bring the account into the terms required by the creditor can it not be argued that this was the start of the first delinquency (for reporting only...I know that my continued partial payments my have extended the SOL legal) .

[sidewinder]

What does your EQ report show as DOFD?

What estimated date of removal is shown on your TU or EX report?

[rob22]

 First let me say "Thank You" for your help and consideration with my situation.

The credit reports read this way:

Experian: DOLA 5/2007  DOLP 3/2007  Date closed: not reported , 1/07 ok 2/07 ok,3/07 ok, 4/07 ok,

5/07 CO through 12/08

TU: shows no late pays ...every month shows ok Date closed 11/05 DOLA 3/07

Equifax: status as of 7/08   DOLA: Nov 2005, Date closed: not reported, recent history July 06/ 90,Aug/06- 90, Sept /06-120, Nov/06 -120, 12/06 ok 1/07 through 6/08 shows ok

I made payments after account actually showed as charged off...I didn't realize this had happened. I believe they credited the account with my last payment in March of 07 although the payment was sent and received at the end of 06.

All show the account as in dispute ...this was long before the charge off notation. I did write to the Original creditor asking for a full accounting of this and they sent me statements from 2000 through 2006.  The statements show no purchases (only interest , penalty and over the limit charges which kept the account in negative amitorzation for the full six years) . They advised that I should contact their recovery department for the options avalible , but I would like to understand the implications of the SOL before I proceed.

[sidewinder]

It doesn't appear you are looking at reports that came directly from the CRA.

You need these as they provide more information and will show DOFD or estimated date of removal.

If you haven't already, get your free annual reports.

If you have your Experian report number from when you pulled your reports before, you can go to their website and towards the bottom in the middle it will say "review report again", click that and enter your report number and other information and you'll see a current copy.

Otherwise go to TransUnion's online dispute and go through the steps to get a report to use for disputing. You don't actually have to complete a dispute, but can view your report.

If you've been denied credit in the last 60 days, are unemployed, and under some other circumstances you can get a free report from the CRA. If it is for denial of credit, you get a report from the CRA the creditor used.

TransUnion

Experian

Equifax

[rob22]

Sorry I always remember something after I post...The statements I received show there were no charges made from 2000 to the time of charge off but there were payments made over the six year time @ more than 20,000 (original credit line was only 5600.00) No purchases were made to bring this over the limit it was made so by the interest and fees. The final charge off balance is a little more than 6,000. and it show the same amount on all three reports.

[rob22]

I am basing the information on what is showing from the my fico site.  I did get a free annual report , unfortunately I did not write the number of the report down so I am unable to view it again and I don't know what it showed as the drop off date . Is there anyway to get that same detailed report (I would be willing to pay for it) but I can't figure out where to go to purchase it.  I will try the online dispute as well.

[sidewinder]

Go to each CRA website to purchase a report directly from them.

www.equifax.com

www.experian.com

www.transunion.com