charge off question

[Anonymous]

according to experian, next month the only charge off from US Bank will fall off my report...yay!!  About 2 years ago i called US Bank direct and tried to negotiate a "pay for delete." The customer service rep was a jerk, unwilling to work with me, and for the past 24 months US Bank has been submitting a status update to the CRAs EVER MONTH. I pulled my latest Experian and sure enough, every single month the US Bank line item shows charge off reported by the original creditor.

Here is my quetion:

next month, when I send in my official VALID dispute to remove the CO....im sure US Bank will keep sending in status updates that the account is still a CO. Does this mean that every month thereafter i will need to dispute the item to get it removed? i am afraid that experian will place the CO on every month; because every month--US Bank is sending in a CO status update.

or....will experian recognize it is aged and just leave it off for good?

make sense?   any advice?

thanks!

[fused]

Welcome to the forums!!!!!

I'm moving your post to the rebuilding your credit forum.

[MarineVietVet]

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@Anonymous wrote:

according to experian, next month the only charge off from US Bank will fall off my report...yay!!  About 2 years ago i called US Bank direct and tried to negotiate a "pay for delete." The customer service rep was a jerk, unwilling to work with me, and for the past 24 months US Bank has been submitting a status update to the CRAs EVER MONTH. I pulled my latest Experian and sure enough, every single month the US Bank line item shows charge off reported by the original creditor.

Here is my quetion:

next month, when I send in my official VALID dispute to remove the CO....im sure US Bank will keep sending in status updates that the account is still a CO. Does this mean that every month thereafter i will need to dispute the item to get it removed? i am afraid that experian will place the CO on every month; because every month--US Bank is sending in a CO status update.

or....will experian recognize it is aged and just leave it off for good?

make sense?   any advice?

thanks!

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Hello and welcome.

You shouldn't have to dispute anything or take any other action. The CRTP (Credit Reporting Time Period) is what dictates how long items can be reported. In the case of CO's and collections that is no longer than 7.5 years from the DoFD (Date of First Delinquency) on the OC account that led to the CO or collection.

The CRA are required to delete this CO at the end of that time frame and can never add it back.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

thanks for the reply! I am just a little paranoid because every month for the past 24 months it appears that US Bank has been trying to make it a point to make my life hard!!

if they continue to send status updates to the CRAs on an item that has legally been removed (has passed the 7.5 year mark), do the CRAs even recognize those?

[MarineVietVet]

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@Anonymous wrote:

thanks for the reply! I am just a little paranoid because every month for the past 24 months it appears that US Bank has been trying to make it a point to make my life hard!!

if they continue to send status updates to the CRAs on an item that has legally been removed (has passed the 7.5 year mark), do the CRAs even recognize those?

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I don't know about that and will let others chime in but the CA cannot put anything on your report after the CRTP has expired.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[RobertEG]

Expiration of any of the CRTPs dont prohibit the continued reporting of information to a CRA.  They can continue to report forever. Usually such extended reporting is blocked from CR inclusion, so it remains unseen.

Expiration of any of the CRTPS, such as 7 years plus sixe months from the DOFD for a CO or a CA, is not a prohibition against a credtior or debt collector from reporting to a CRA.  The CRTPs are imposed on the CRA as a usual blocking of the inclusion of those reported derogs and delinquencies by them in any credit report they issue after those dates.

The so-called "fall-off" dates refer only to CR inclusion, and not to reporting by a credtior, or to continued inclusion in the consumer's credot file. The CA does not "put" anything in your credtit report.  They report to your credit file as they wish, and the CRA decides whether to "put" it in your credit report, using the guidance of FCRA 605(a).  The CRAs dont block postitive information, only the specific items of derogatory information listed in FCRA 605(a).

Certain types of credit inquiries are totally exempt from the restrictions of the normal CRTP dates of FCRA 605(a),  They are set forth in FCRA 605(b).  Thus, the need to retain that information in the consumer's credti file, and to update it, in the event of a permissible pull for a CR that ipermits those items of information to be included..