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New Member
shebs
Posts: 4
Registered: ‎01-09-2013
0

Two Charged Off/Sold Accounts Out of SOL - Getting them off my CR?

First:

 

I have an old Washington Mutual (now Chase) CC debt on my CR, which is out of the SOL (last active April 2008) and should drop by the end of this year. The OC reports the debt as charged off and sold. The CA has also reported it. Should I just hold tight and see if both entries drop off this year or should I make an active effort to at least get the charge off deleted?

 

Second:

 

I have a loan that was last active in August 2006 that was charged off and sold. Both the OC and the CA are reporting it on my CR. Since it is way out of the SOL and should have fallen off my report in 2011, would it be wise to DV both the OC and the CA in an attempt to have both entries deleted?

 

Thanks in advance!

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Two Charged Off/Sold Accounts Out of SOL - Getting them off my CR?

[ Edited ]

shebs wrote:

First:

 

I have an old Washington Mutual (now Chase) CC debt on my CR, which is out of the SOL (last active April 2008) and should drop by the end of this year. The OC reports the debt as charged off and sold. The CA has also reported it. Should I just hold tight and see if both entries drop off this year or should I make an active effort to at least get the charge off deleted?

 

Second:

 

I have a loan that was last active in August 2006 that was charged off and sold. Both the OC and the CA are reporting it on my CR. Since it is way out of the SOL and should have fallen off my report in 2011, would it be wise to DV both the OC and the CA in an attempt to have both entries deleted?

 

Thanks in advance!


First - Don't poke the bear.  Wait it out if it's that close.

 

Second - You need to write a dispute letter to the CRA for DOFD greater than 7.5 years.  No need to contact the OC and CA.  

 

Edited to note:  Date of last activity doesn't matter, it's Date Of First Delinquency (DOFD) that matters, or the first time you were late and didn't catch up.  See DOLA, DOFD, SOL.. AHHHH!

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

New Member
shebs
Posts: 4
Registered: ‎01-09-2013
0

Re: Two Charged Off/Sold Accounts Out of SOL - Getting them off my CR?

Thank you!

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Two Charged Off/Sold Accounts Out of SOL - Getting them off my CR?

SOL means that the CA can't sue you after 5 yrs. If the debt is valid try pfd's. Bad debt never goes away unless you try to pay for it, being a settlement offer or pfd.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Two Charged Off/Sold Accounts Out of SOL - Getting them off my CR?

Good advice up there.  The SOL and CRTP are two entirely different things.  Just because it's past the SOL doesn't mean it can't still be reported, it just means they can't legally sue you for it.


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New Member
shebs
Posts: 4
Registered: ‎01-09-2013
0

Re: Two Charged Off/Sold Accounts Out of SOL - Getting them off my CR?

Thanks -- I just read up on CRTP and I'll just let the loan TLs sit until the end of the year, which will be seven years from DOFD.

Mega Contributor
RobertEG
Posts: 18,558
Registered: ‎03-19-2007
0

Re: Two Charged Off/Sold Accounts Out of SOL - Getting them off my CR?

The exclusion period for collections and charge-offs is 7 years plus 180 days from DOFD, not 7 years.

 

You can choose to rely on expiration of the CR exclusion periods to shield the unpaid, delinquent debt from others by way of a simple pull of your CR, but it still exists.

You take the chance that a future creditor wont become aware of it through other means, such as affiliate sharing or simply asking you if you have any unpaid, delinquent debt.

There is still good reason to pay delinquent debt that has become excluded from your CR.


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