What the heck is this?

[Anonymous]

Major Derogatory
A derogatory account has appeared on your credit report.
Here are the details of this account:

Reported By: Experian
Reported On: 09/05/2008
Alert Type: Grid Code L (Charge-off)
Creditor Type: All Banks - Non-Specific
Date Last Updated: 02/01/2004
Date of Alert: 09/04/2008
Creditor Name: FIRST BANK & TRUST CO
Creditor Address: 18528 LEE HWY
ABINGDON, VA 24210-8004
Creditor Phone Number: (276)6232323


I did have a BUSINESS ACCOUNT with this bank. I have disputed this with the CRA. As this is not a personal account but it is on my CR. Now the bank updates this morning as GRID CODE L (charge off) what the heck is that?

I know how this happened. I just can't figure out how to fix it. Back in May 2004 I wrote a check for $2000 to a company that I had a truck loan with. The check went through. But then I received a note from the bank that pays checks (can't thing of its name) that they paid this for me. What the heck it went through my bank. I had the money in there. Then I don't know how this happened. But the check came back through my account 2 times. I tried at the time to find out what was going on. The bank said it couldn't of been paid because it is still coming through. I said look at my account it was paid. But they said that they had the check and that it was not going through now. I DO NOT KNOW HOW THIS HAPPENED. And at the time. I just gave up on trying to find out. Now what do I do. The bank has charges on me. The company I paid said they were paid. By the way this is just on my EX account.

I went and started a new account yesterday. NO PROBLEM. Thank goodness. As I was just not liking the bank I have.

My CR states that this will stay on my CR until Aug 2010. After the trying to get this off and not being able to although it should be under my Bus ID. I just figure what the heck. Only 2 more years and it would come off. Now they add a MAJOR DEGROTORY to my account instead of just DEGROTORY and now add the GRID CODE L.

I give up! As I have moved since then and I have threw a lot of old paper work away.

[Anonymous]

The Grid Code thing......I think that is something to do with CRA language for how the items report. Such as this one is a Charge off. A CO is a major derogatory. A late is a plain derogatory.

Did this account have a PG on it? If so, they can report on your personal credit report, in my understanding.

Is First Bank and Trust the bank you banked with, the bank the check was drawn on?

Not sure what this means:

The check went through. But then I received a note from the bank that pays checks (can't thing of its name) that they paid this for me.

Are you saying a different bank covered the check instead of the bank the check was written on?

[Anonymous]

No. The check went through my acct and then the Federal Treasury Bank (I remembered the name) said they paid it for me. I am not sure what the heck went on and no one would tell me what was going on either.