Help please! Anyone? Key Derogatory SBA Line of Credit Charge Off US Bank[ Edited ]
11-15-2012 04:51 PM - edited 11-18-2012 02:21 PM
Hi everyone. I’m fairly new here. You have been a great help. Here’s my item for today: My husband and I own a small business. In 2001 we opened an SBA Line of Credit with US Bank. Limit - $9500. In 2009, in the depths of the recession, we couldn’t continue to make the payments. We contacted US Bank, hoping they could help – we had heard there may be a government program. No help there. We contacted the SBA, made contact with an individual here in the SBA SoCal office. He made plan to call us back – said there may be some options. We waited. After a week I began leaving him voicemails. After a couple weeks of voicemails to his direct line went unreturned, I called the main line of the SoCal office. The receptionist informed me that the man had DIED! Oh boy. No one had thought to change over his phone or his outgoing message – or to transfer his files to another employee. By this time, the SBA person told me, our account had gone from US Bank back to the U.S. Treasury. So I called the Treasury. They said it was now at a CA. I called the CA, and it was too late to work out any government “recession” program. The last payment we made was in January, 2010. Here are the details:
It is NOT being reported as in collections. It shows as a credit item, with US Bank.
Oh, and also, EX has it reported twice! Same Account number but different address and phone number for US Bank. Here it is:
So, I have learned from recent mistakes not to take any action without asking advice from experienced folks like you! What can I do with this item?
- Is there still a chance that it can be turned over to collections? What do I do to prevent that? I don’t think I ever made a payment to any CA, although I remember speaking to them on the phone once in 2010
- Should I try a GW letter? And what would I request? The whole item removed from CRs? Change the KD reporting? I’ve read that KD is REALLY bad for the score.
- Regarding the duplicate reporting with EX, I mailed a dispute, priority mail delivery confirmation on 9/28/12. EX result kept item unchanged. I phoned on 11/5/12, and they submitted my dispute. I haven’t received result from that call.
Any advice on any of this? My husband and I were turned down for a refi recently – not due to this particular item – but I am trying to clean up everything.
Thanks in advance for your help!