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Frequent Contributor
Posts: 403
Registered: ‎01-08-2013
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Getting rid of CO's

I have two CO's, one from first premier that I paid but is still be reporting, $400 and an HSBC acct that was fraudulently opened, and shows a CO balance of $1175. Both are from 2007. LVNV picked up the HSBC acct and have been sending them DV letters, but without success. Currently rehabbing SL, but my focus are the CO's. since they're more than 5yrs, what impact is that having on my scores. All the accts are being reported the same on all 3 CR's. Looking for some insight as continued courses of action.
Amex Plat.(NPSL) Amex PRG(NPSL), Amex BCE($18K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($5K), Chase Marriott($5K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(April 3, 2015): FICO EQ: 741, TU: 703, EX: 711 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!
Valued Contributor
Posts: 1,541
Registered: ‎08-30-2012
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Re: Getting rid of CO's

The balances are being factored into your util which is killing your scores.


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 712|EQ 695|EXP 723 (FICO)
Total credit $185,250; Util 14%
Goal Score: 700 across the board.
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Epic Contributor
Posts: 20,296
Registered: ‎03-19-2007
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Re: Getting rid of CO's

A CO is a prior accounting measure taken by the creditor, and is not negated by any subsequent payment, non-payment, or status of the account.

Thus, getting a CO deleted, other than by a GW request, requires showing that their taking of the CO was improper as a matter of fact.

If the account was delinquent at the time they exercised that accounting measure, it is next to impossible to challenge their busijess decision.

 

It is noted that one of the COs was apparently taken on an account that is asserted to have been fraudulently opened.

The FCRA identity theft process makes provision for blocking any information that is asserted to have resulted from fraud or identity theft from your credit report, provided you follow the procedure of filing a police report stating that you never authorized the account, and thus its opening was the result of someone using your identity.

Have you filed a police report regarding that account, and sent it to the CRA?

Frequent Contributor
Posts: 463
Registered: ‎11-28-2012
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Re: Getting rid of CO's

I would suggest a formal complaint for the LVNV Funding account since you know it is not your debt. Requesting DV through the BBB since they are not providing it directly, LVNV will normally include a fraud affidavit with their response, for you to complete and return. Once they receive the notarized affidavit, I believe they delete shortly thereafter. Better Business Bureau of Upstate South Carolina would service that complaint. 

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Frequent Contributor
Posts: 403
Registered: ‎01-08-2013
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Re: Getting rid of CO's

That's exactly what I did. The whole process took about two weeks. It's already been deleted on Experian. Haven't check the other two. Thanks for the advice.

Amex Plat.(NPSL) Amex PRG(NPSL), Amex BCE($18K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($5K), Chase Marriott($5K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(April 3, 2015): FICO EQ: 741, TU: 703, EX: 711 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!
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