Please Help Me Get This Process Down

[Anonymous]

Situation: Charge-Off   

Action Wanted: Removal

Action Needed: ?????

I apologize in advance if you have heard this before.  I am having a hard time understanding the process. Have a CAP1 charge off with DOLA of 6/2001. I am aware June 2008 is the earliest it can be removed, however have 7 1/2 yrs which means up to December 2008.

If I am writing a GW to have the charge-off removed early, do I write the CRA or Capital One.  I am confused now because when I called Huntington about their information being removed from my credit report with the 7 1/2 year timeframe, the representative told me the removal time was at the discression of the CRA. 

My other question, since CAP1 has sent no updates for the account since 04, are they truly 'reporting'?  That question further adds to my confusion.

So anyway forum members, please tell me ... who exactly do I write?

[PayYouNever]

PurpleHaze,

If you have a CO that is slated to be at the 7yr mark in two months, then I wouldn't send a GW or anything. Let the sleeping dog sleep! What could happen is, if you ask for GW or DV or PFD, then you open  up the can of worms and they could change the DOLA to today! You'd have to make sure that you keep your previous CBR to send in to the CRA when you do dispute AND you could send a letter indication a violation for inaccurate reporting -- but you'll take a hit to your score, when you don't need to.

I'd say, wait until July 1st, then see what happens on your CBR. Don't take anyone's word that a deletion is at anyone's discretion, the law clearly stipulates 7 years, then it has to stop being reported.

Although, since you're more than 30 months out from the DOLA, the CO probably isn't affecting your score that much anyway. Maybe dragging you down 30 to 60 points, or less... depends on what the rest of your credit profile looks like.

[atlastontheroad]

---

PurpleHaze wrote:

Situation: Charge-Off   

Action Wanted: Removal

Action Needed: ?????

I apologize in advance if you have heard this before.  I am having a hard time understanding the process. Have a CAP1 charge off with DOLA of 6/2001. I am aware June 2008 is the earliest it can be removed, however have 7 1/2 yrs which means up to December 2008.

If I am writing a GW to have the charge-off removed early, do I write the CRA or Capital One.  I am confused now because when I called Huntington about their information being removed from my credit report with the 7 1/2 year timeframe, the representative told me the removal time was at the discression of the CRA. 

My other question, since CAP1 has sent no updates for the account since 04, are they truly 'reporting'?  That question further adds to my confusion.

So anyway forum members, please tell me ... who exactly do I write?

---

Is it a paid CO or unpaid?  If it's unpaid, heck, let sleeping dogs lie.  If it's paid, I would call each of the holy trinity, preface the question with "This is not a dispute, I just need one piece of information."

Ask when it is slated to drop off.  You'll have your answer.  If it's slated to drop off in the next few months, it's been paid for eons, I'm not sure that contacting a CapOne CSR is the worst idea.

I'm in a very similar situation, paid CO rapidly approaching dropoff date.  I'm waiting impatiently and figure I will have to fight with EXP (EXP hates me)....

atlast....is it May yet?

[Anonymous]

Guess I should have been clear and learn to provide all info ( I'll learn)   This is a paid charge-off.  Cap1 issued me another card once I completed my arrangements with them.  I am just wondering how much help (if any) to my FICO score if it gets removed.