Key Bank now reporting as charge off, 7 years later

[RobertEG]

I would consult an attorney for advice on any state statutes or regs regarding the reinstitution of cancelled debt,  particularyly if you claimed the debt as income and paid the taxes on that income after receipt of the 1099c.

As for a dispute, then your basis is their reporting of four accounts as opposed to only one?

[Anonymous]

Many thanks to both of you.

For the dispute, I guess I am more asking about the 4 new lines showing the first delinquency to be January 2013 (even though they all say last activity June 2008). Does this re-age my DOFD? And yes, is there is a dispute since I have 5 neg lines, 4 of charge offs, instead of just the 1 showing the lates?

I did not pay taxes on the cancelled debt (had very little income that year) so I don't know if I have a case against that. But yes, it was very very bizarre how they handled the whole thing. You'd think I would have received a call or letter after the first 30 day late but nada. They just gave up after the 90s days, closed the acct, and then cancelled the debt & marked it all charged off. Then uncancelled, and it has continued to report ever since as closed, with 4 lates (now 3). It was affecting me less & less just showing as lates from 2008 but now the new upgraded status to lates AND charge offs has essentially screwed me. 

Would something like Lexington Law in this case be advisable to at least attempt to clean up my EQ report from the damage it has just incurred?

[RobertEG]

I would consult an attorney.

It appears to be far beyond admin handling provided by a credit repair organization.

They wont be able to advise you on legality of, for example, the reinstitution of cancelled debt.

[Anonymous]

Ok, thank you. And pardon my ignorance, I'm definitely in over my head. A credit repair attorney is not the correct type to obtain as they can only handle run of the mill inaccuracies? I don't really have the funds for a bigwig lawyer right now so I fear I may just be stuck with all of this if a lower prices credit repair attorney service cannot help.

Should I be concerned that these will not drop off this year being that they are reported as the negative activity starting in January 2013 with 90 day lates, even though it also shows my date of last activity as June 2008?

[gdale6]

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@Anonymous wrote:

Ok, thank you. And pardon my ignorance, I'm definitely in over my head. A credit repair attorney is not the correct type to obtain as they can only handle run of the mill inaccuracies? I don't really have the funds for a bigwig lawyer right now so I fear I may just be stuck with all of this if a lower prices credit repair attorney service cannot help.

Should I be concerned that these will not drop off this year being that they are reported as the negative activity starting in January 2013 with 90 day lates, even though it also shows my date of last activity as June 2008?

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They have to abide by the original DoFD of the account(s) if they dont its a violation of federal law and you would simply file a CFPB complaint once the CRTP has passed. A credit repair firm is not usually staffed by lawyers they are people like you and I who sit there and write disputes to the CRAs, thats all that they do and we can do that stuff ourselves. You would most likely want to have an opinion from a consumer credit lawyer if you see your way clear at some point to have the funds to pay him/her.

[Anonymous]

Thank you again for everything. I guess for now I will hope to see all of this drop off this year and if not I'll dispute with the CFPB which as I understand would be December 1st of this year.