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I have an old MBNA chargeoff, DOFD October 2004. MBNA is now Bank of America.
I disputed with CRA (Experian) because the amount being shown is different than my records show. An amount that was the subject of an identity theft dispute has somehow been added back in. I disputed on the basis that the account was charged off and paid, and therefore should not report past the 5-year mark in NY. Equifax and TU both deleted, but Experian validated with B of A. There is no CA reporting and, like I said, this account is due to age off this fall.
This is my last baddie. It's the only one keeping me from applying for a mortgage right now. My choices are (I think, correct me if I'm wrong):
1. Send an OC letter, since the OC has verified after my dispute via the CRAs, in hopes that they can't verify (due to the age of the account and the merger of MBNA and B of A...maybe they can't do it in 30 days' time).
2. Do nothing, and apply for a preapproval even with a CO on one credit report.
3. Wait until fall, when the house I want will be gone, and who knows what other factors affecting may change.
What's the rush in owning? I live in NY, and I'm trying to move into a district with a better public school. Right now, I'm sucking it up and paying private school tuition, but I'm a renter.
Advice?
Did you cite the NY state CRTP in your letter to EX?
Sure I did. Here's my letter to Experian, in case it can be of any use to anyone.
December 28, 2010
Experian
NCAC
PO Box 9701
Allen, TX 75103
RE: Dispute of two (2) items in my consumer credit report
Dear Sir or Madam:
My recent credit report contains two material errors that require prompt remediation.
This public record should be removed.
2. Under “Accounts in Good Standing,” oddly enough, Experian is currently listing an old Bank of America account (XXXX…) with derogatory information that violates NY FCRA Section 380-J: Prohibited information, which states, in part, that
(a) No consumer reporting agency
shall report or maintain in the file on a consumer, information:
(iv) accounts placed for collection or charged to profit and loss
which antedate the report by more than seven years; or accounts placed
for collection or charged to profit and loss, which have been paid and
which antedate the report by more than five years;
In other words, since I am a NYC resident (proof enclosed), the NY FCRA laws provide for the removal of accounts where the date of first delinquency is more than 5 years past, and the account has been paid or charged off. I enclose a copy of my most recent Experian consumer credit report (report XXXXXX), which shows the account was charged off to loss, and was paid. As you can see, the account reflects a $0 balance. Though my report currently lists this charge off as an “Account in Good Standing,” the listing of this account should be totally removed, because it still contains derogatory information.
This account should be totally removed.
I am hopeful that Experian has mistakenly violated the NY statute, and not intentionally reported stale derogatory information. I would like to provide Experian the opportunity to remove this information, as the other 2 major credit reporting agencies did timely in the summer of 2009, per the relevant statute.
I enclose proof of my New York City residency in the form of a copy of my NY Driver License for your convenience.
I would appreciate your prompt reply preferably within 15 business days, as derogatory information in both these cases causes adverse consequences that are undeserved for properly aged and paid accounts.
Regards,
FISHY
Enclosures: