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Has anyone had success getting a charge off removed early?

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billhill
Member

Has anyone had success getting a charge off removed early?

Has anyone had success getting a charge off removed early? I have a CO from Credit One that is showing it is due to fall off of TU in 3/2013. Experian and Equifax both show a 30 day late from March of 2006, then another 30 day late from June of 2006, never to be current again. With it being less than a year before it is scheduled to fall off of each of the reports I wonder what my chances would be to dispute it and possibly have it removed early. It was in the hands of Portfolio Recovery, but their listings for this account have already fallen off all of my reports. Is there any particular way I should approach this, or simply try to dispute it as obsolete? Thanks.

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RobertEG
Legendary Contributor

Re: Has anyone had success getting a charge off removed early?

Disputes apply to contesting the accuracy of information reported to a CRA.  There is no basis for disputing without a showing of error in reporting.

 

"Obsolescence" is governed by the credit report exclusion periods set forth in FCRA 605(a), which in the case of a charge-off, is 7 years plus 180 days from the date of first delinquency on the original creditor account.  Once the credit report exclusion period has expired, the responsiblity is on the CRAs to discontinue inclusion of the charge-off in any credit report they issue, and not on the creditor to delete anything from the consumer's credit file.  Thus, "obsolescence" is not a basis for disputing reporting by the creditor.

 

If the information is accurate, consumers may contact the creditor and request that they delete prior to the credit report exclusion period.

The approach would be to send requests for good-will deletion to the creditor, not to dispute its accuracy.

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