Credit Card Center Advertiser Disclosure†
02-20-2013 09:15 AM
Hello everyone. Thanks for all your help and advice re: my previous questions and concerns about this. I got a letter in the mail from Portfolio Recovery stating that the dispute investigation was done, and they will request for all 3 credit bureaus to have this deleted from my records! My question is, Victoria secret is still reporting as a charge off. They sold the account to Portfolio (which they are going to delete). Now what do I do?? Do I also dispute the Victoria Secret charge off? They were reporting as well as Portfolio. Please help me!
02-20-2013 09:19 AM - edited 02-20-2013 09:19 AM
02-20-2013 09:44 AM
Can you PM me with who and where you sent your letters to in order to get Portfolio Recovery information deleted? I settled two accounts with them recently and would like to try to get those items deleted from my report.
ALL HELP IS APPRECIATED! Thanks!
02-20-2013 10:31 AM
I'm pretty dense when comes to understanding my credit report and any rights that I might have. I posted last night a ton of questions one is about portfolio as well. My post lists my report from trans. Portfolio bought the capitol one card from 2007 and is reporting it as a factoring company and open. Like I said I know squat but I didn't think that it was allowed to be reported twice negatively for the same debt?
02-20-2013 10:56 AM
In actuality, the credtior and debt collector are not simply reporting the same debt, they are reporting separate acts taken along the way to secure paymet of the debt as the debt remains delinquent.
A charge-off is an accounting measure taken by a creditor, while a collection is the reporting of authority by one other than the party with whom the debt originated to collect on the debt. Each stands on its own, notwithstanding the fact that they are based on the same debt.
No different than reporting both a 30 and 60 day late on the same debt.
02-20-2013 11:08 AM
Thank you for explaining that. I guess my other question is how are others having them disputed and deleted? From outside appearances it looks as though my credit reporting are the same as others yet they disputed it and had it deleted. Or am I just completely missing the details of why they had it deleted? Thanks
02-20-2013 11:20 AM - edited 02-20-2013 11:25 AM
Deletion can still be obtained, but requires that you request the good-will deletion by the party who reported.
Deletion based on a dispute means that they asserted some inaccuracy in the reporting, and that inaccuracy was resolved by deletion of the reporting.
Perhaps because the reporting was actually agreed to be inaccurate, or perhaps because the reporting party simply did not verify during the dispute.
You can dispute if you have an actually inaccuracy, with some basis and documentation. A dispute is not appropriate based only on payment of the debt.
Dspute of the accuracy of a charge-off would require some showing that the debt was either not delinquent at the time they took their accounting measure, or that their determination that the debt had reached a stage such that it had become "uncollectible" was improper. Extremely difficult to dispute a charge-off on its merits.
The CRAs have a written policy that deletion should not be made based only on payment of a debt. That often makes requests for good-will deletion difficult.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.