First Premier Bank - 9 years on credit report!

[houtexx]

I had a First Premier credit card in 2003.  My account ended up being closed and charged off in 2004.  The last time I spoke to anyone at First Premier was in 2005 to try and negotiate a settlement amount, but that went nowhere. I've had absolutely no contact with them since early 2005.

I recently got my free yearly credit report and was shocked to see First Premier Bank still listed! It says the account was opened in 2009 and is to remain on my credit report until 2017.  I thought the time limit for an item on your credit report was a maximum of 7 years from the chargeoff.

How do I get this removed?  If I contact them, will that extend the amount of time the item is on my credit report?  I was going to dispute it on my credit report, but my home was wrecked by Hurricane Wilma in 2005 and I don't have any paperwork to prove I'm right. 

I've spent 3 years rebuilding my credit (with much help from this forum). I want to get this blemish removed. I'm even willing to pay them something, but from the original amount I owed which was less than $100, they now claim I owe $478.

[shols44]

Contacting them will not reset the clock.

Dispute with the three CRAs as re-aged account. Include old copies of your CR if you have them. Dispute directly with FP, let them know you have caught them red handed, demand the TL be deleted immediately. If no response, file a complaint with the BBB, CFPB and your state AG. Also, sue! 

[guiness56]

Don't dispute with the CRAs and FP, only one or the other.  I would do the direct dispute with FP and include all supporting documents.

[virgo]

Guiness, this is what I was talking about with FP. They don't report for a while, start reporting and the CB'S system flags it as a new account. This is what I sued Experian for last year. Its the CB's screwing this one up.

[RobertEG]

As I understand the scenario, they closed the first account, which had a charge-off in 2004.  By definition, any reported DOFD on that account would be required to have a reported DOFD that was prior to the CO.  Thus, you can go to the bank on the fact that any reported DOFD related to the exlusion of the CO must now have been more than 7 yrs plus 180 days ago.

The issue then becomes, how did they report a new account with an opening date of 2009, and additionally, did they report a new charge-off after that date?

A direct dispute over the issue of you having entered into any new account agreement with them in 2009 would address that issue.  If they have no documentation of an account agreement executed by you, then reporting of a new account would clearly be erroneous.  If they verify, then small claims court would be my immediate next stop.

The remaining issue is whether the new account also includes the reporting of a charge-off.  If not, there would be no DOFD relevant to that CO.

If so, then first delinquency, if the debt continued in arrears since their original CO, would have the same DOFD, prior to the 2004 CO.

Finally, if they took a second charge-off, which would be necessary in order to report a new, later DOFD, then how did they charge-off the same debt twice?  The IRS kinda frowns on such double tax writeoffs....

[houtexx]

I just wanted to say thanks for the replies and information. I've disputed the item with all three agencies.  Now, I just have to wait until I hear back from them.

Part of the problem is I just don't have any supporting documents. A huge oak tree came crashing into my house and the water damaged just about everything.  I took what I could and moved.

RobertEG, it is only one CO from 2004. First Premier has just magically decided that the CO now happened in August of 2010.  They just added 5 years to the opening date and the charge off date.

[RobertEG]

I dont see that your lack of supporting records would come into play, as they must comply with FCRA 623(a)(5) in reporting the DOFD.

A DOFD must, per sections 605(c) and 623(a)(5), have been the commencement of delinquency that preceded the reported CO or collection.

You dont need to document the fact that a DOFD with a reported date later than the collection or charge-off to which it relates is an improper reporting.

The statute takes care of that issue for you.

"FCRA 623(a)(5)(A),  Duty to Provide Notice of Delinquency of Accounts

A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action, shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action."