OC Direct Dispute

[JGWantsAHouse]

Hello All,

I want to send this to a Consumer Finance Company that has CO on my CR.  I haven’t had any contact with them for years and I don’t think they have sold it to a CA.  The biggest concern that I have is an account that says it was closed 10/2005 but the DOFD was 02/2006. 

I want to send them this letter today requesting they investigate all of the accounts that they are reporting on TU & EQ. Here is the details of one of the accounts and the letter:

FINANCIAL SERVICE  

Payment Responsibility:  Individual          

Date Opened:  06/2005  

Date Closed: 10/2005

Date Reported: 11/2010

DOFD: 02/2006       

Balance Amount:  $0           

Monthly Payment:             

High/Limit:   $390          

Account Status:  Late 30 Days           

Past Due Amount:  $0         

Comments:  LAST REPORTED DELINQUENCIES: 09/2005=I2,08/2005=I2 ACCOUNT PAID SECURED   

To Whom It May Concern:

This is a Notice of Direct Dispute with you, under the provisions of FCRA 623(a)(8)(D), of the accuracy of information you have posted to my credit file.

In November of 2010 I disputed with Equifax the xxx acct# xxx for the date of last activity and the dispute was returned verified.  After some further investigation on my part, I am also concerned that these accounts may not belong to me, and/or the reporting to Equifax and Transunion may be inaccurate. 

 In compliance with FCRA 623(a)(8)(D), and enacting regulations published at 74 Fed Reg 31484 (July  1, 2009), this Notice includes:

 Identification of the specific information being disputed:

Transunion and Equifax reporting for Acct Numbers: xxx

Basis for the dispute:

xxx has a date closed of 10/2005 and a date of 1st delinquency of 02/2006.  This can not be accurate.

xxx has no balance.  What is the balance?

Supporting documentation:

            I have included recent copies of my credit reports.

Under the provisions of FCRA 623(a)(8)(E), you have the duty to review all of the information in this Notice of Dispute, to complete your investigation, and report back to me the results of your investigation, within 30-days of my Notice of Dispute.

In addition, I humbly request that you provide me with complete transaction and payment history, a copy of any signed contracts or agreements, and total outstanding balance you believe I owe.

[JGWantsAHouse]

Update...I checked my Equifax today and my chargeoffs were gone! I wish they would have sent me a letter to explain this to me though. I receive absolutely no response from them.. I'm going to wait a few days to pull myfico score.
Although my score watch says there were no changes I hope I got a couple of points for this.

[llecs]

Based on what you showed, it wasn't a CO. It only shows two 30-day lates from 2005, which wouldn't have hurt your FICO score due to the age. I see the DOFD at a later date and that's puzzling, but the comments were clear of a CO reference. The status even mentions that it was only 30 days past due. Did your FICO report from here ever mention the CO?

Congrats on the removal. If the age of 6 years is younger than your AAoA, you might see a bump if AAoA improved.

BTW, you can have a DOFD after the date of closure. Let's say you have a CC with out bank. Because of whatever reason, we decide to close it (e.g. we go out of business, we stop CC servicing, you are late one too many times, we take adverse action, whatever). You still would have to pay the balance. This is rare, especially post CC Act, but at any time we could call in the balance and you'd have to PIF immediately or if you are late at a later date, then we could CO it. In essence, you can have a DOFD after date of closure.

[JGWantsAHouse]

Thanks for your response. It was a consumer finance company. I had taken out a small loan and I think it was refinanced to another loan which I then defaulted on. The second loan showed as charged off.. Apparently this one was late too but I'm not sure because I don't recall. I was just confusEd of how this one was reporting the DFD as 2/06 and it was already refinanced into another loan by then. The last reported delinquencies for the account in question was 06/2005 and 09/2005.

[JGWantsAHouse]

I just got a score alert and it went back up to 645 (it had dropped to 637 a couple months ago when I removed a dispute comment)

[llecs]

Congrats! Even if it was a positive, I'd strive to get a CFL off too.

[RobertEG]

It might still be worth your effort, if only out of curiosity, to find out exactly what DOFD was reported to your credit file, and by whom.

FCRA 623(a)(5)(B)(iii) includes the specific stipulation that no DOFD can be reported to a CRA that is later than the date the account was "placed for collection,charged to profit or loss, or subjected to any similar action"

Deletion of the CO would not have deleted the mandatory reporting of the DOFD to the CRA, so it must be in your credit file.

You can compel the CRA to provide you the DOFD reported to your credit file, and the name of the party who reported it.

Just send them a request under FCRA 609(a)(1), identifying the requested information.  Such requests require that you provide proof of your identity and the required processing fee, which is currently $10.50. Compliance with a request for any information in your credit file is compulsory on the part of the CRA.

[JGWantsAHouse]

Wow! Thanks so much.  You guys give the best information ever!!  I will definitely check it out because I'm really not satisfied with the fact that they just deleted the accounts frome my file. It's been on there for 5 years and I want to know why.

After further review, they have removed three accounts. See below:

F FINANCE  xxxx DOFD: 08/2005 Payment Responsibility:  Individual           Date Opened:  06/2005           Balance Date:  03/2006           Balance Amount:  $506           Monthly Payment:  $67           High/Limit:   $506           Account Status:  Collection           Past Due Amount:  $535          Comments:  LAST REPORTED DELINQUENCIES: 02/2006=I5,01/2006=I5,12/2005=I5 AMOUNT IN HIGH CREDIT ORIGINAL CHARGE-OFF AMOUNT CHARGED OFF ACCOUNT

S FINANCIAL SERVICE   Account Number:  xxxx DOFD: 02/2006  Payment Responsibility:  Individual           Date Opened:  06/2005           Balance Date:  11/2010           Balance Amount:  $0           Monthly Payment:              High/Limit:   $390           Account Status:  Late 30 Days          Past Due Amount:  $0          Comments:  LAST REPORTED DELINQUENCIES: 09/2005=I2,08/2005=I2 ACCOUNT PAID SECURED

S FINANCIAL SERVICE   Account Number:  XXXX  DOFD:12/2005 Payment Responsibility:  Individual           Date Opened:  10/2005           Balance Date:  04/2006           Balance Amount:  $390           Monthly Payment:  $65           High/Limit:   $390           Account Status:  Collection          Past Due Amount:  $354          Comments:  LAST REPORTED DELINQUENCIES: 03/2006=I5,02/2006=I4,01/2006=I3 AMOUNT IN HIGH CREDIT ORIGINAL CHARGE-OFF AMOUNT CHARGED OFF ACCOUNT