Status "meaning"

[atlastontheroad]

On an Ex report I have the message  "Paid,Closed/Account charged off. $4 written off. "

I paid the account, it's more than five years from the first delinquency.  In NY, paid/charged off accounts have a five year "life."  DOFD is sometime in 2002.

Does the $4 that I JUST noticed come into play?  The only thing I can guess is that the timing difference between the payoff and closure of the account generated a $4.00 svc fee or interest/fees.

Should I dispute it as obsolete per NYS FCRA with this status?  Or should I call Crapital One and give them their four bucks?

Opine away, oh masters of credit!

atlast....

[Anonymous]

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atlastontheroad wrote:

On an Ex report I have the message  "Paid,Closed/Account charged off. $4 written off. "

I paid the account, it's more than five years from the first delinquency.  In NY, paid/charged off accounts have a five year "life."  DOFD is sometime in 2002.

Does the $4 that I JUST noticed come into play?  The only thing I can guess is that the timing difference between the payoff and closure of the account generated a $4.00 svc fee or interest/fees.

Should I dispute it as obsolete per NYS FCRA with this status?  Or should I call Crapital One and give them their four bucks?

Opine away, oh masters of credit!

atlast....

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I'm not experience in NY laws, but sounds like you are confusing reporting SOL with legal SOL.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Message Edited by sidewinder on 03-02-2008 09:52 PM

[Anonymous]

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sidewinder wrote:

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atlastontheroad wrote:

On an Ex report I have the message  "Paid,Closed/Account charged off. $4 written off. "

I paid the account, it's more than five years from the first delinquency.  In NY, paid/charged off accounts have a five year "life."  DOFD is sometime in 2002.

Does the $4 that I JUST noticed come into play?  The only thing I can guess is that the timing difference between the payoff and closure of the account generated a $4.00 svc fee or interest/fees.

Should I dispute it as obsolete per NYS FCRA with this status?  Or should I call Crapital One and give them their four bucks?

Opine away, oh masters of credit!

atlast....

---

I'm not experience in NY laws, but sounds like you are confusing reporting SOL with legal SOL.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

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Not in NY.  CO's and CA's have a five-year reporting period if they are paid.

New York State Consolidated Laws - General Business Law

ARTICLE 25

FAIR CREDIT REPORTING ACT

S 380-j. Prohibited information.

(f) (1) Except as authorized under paragraph two of this subdivision,
no consumer reporting agency may make any consumer report containing any
of the following items of information.

(iv) accounts placed for collection or charged to profit and loss
which antedate the report by more than seven years; or accounts placed
for collection or charged to profit and loss, which have been paid and
which antedate the report by more than five years;
[emphasis added]

[Anonymous]

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cheddar wrote:

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sidewinder wrote:

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atlastontheroad wrote:

On an Ex report I have the message  "Paid,Closed/Account charged off. $4 written off. "

I paid the account, it's more than five years from the first delinquency.  In NY, paid/charged off accounts have a five year "life."  DOFD is sometime in 2002.

Does the $4 that I JUST noticed come into play?  The only thing I can guess is that the timing difference between the payoff and closure of the account generated a $4.00 svc fee or interest/fees.

Should I dispute it as obsolete per NYS FCRA with this status?  Or should I call Crapital One and give them their four bucks?

Opine away, oh masters of credit!

atlast....

---

I'm not experience in NY laws, but sounds like you are confusing reporting SOL with legal SOL.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

---

Not in NY.  CO's and CA's have a five-year reporting period if they are paid.

New York State Consolidated Laws - General Business Law

ARTICLE 25

FAIR CREDIT REPORTING ACT

S 380-j. Prohibited information.

(f) (1) Except as authorized under paragraph two of this subdivision,
no consumer reporting agency may make any consumer report containing any
of the following items of information.

(iv) accounts placed for collection or charged to profit and loss
which antedate the report by more than seven years; or accounts placed
for collection or charged to profit and loss, which have been paid and
which antedate the report by more than five years;
[emphasis added]

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Nifty.

Is that part of the FCRA, or part of NY statutes? Does each state have FCRA statutes?

[Anonymous]

sidewinder wrote:

Nifty.

Is that part of the FCRA, or part of NY statutes? Does each state have FCRA statutes?

That is NY statute.  It's a part of the NYS General Business Law.  I don't know if each state has its own FCRA.

[atlastontheroad]

On one report, it shows a $4 charge off.  Do I call cap1 and pay it or just dispute it as "obsolete" with the CRAs?

Thanks to cheddar, I know the statute in NYS.

atlast....

[atlastontheroad]

bump

[Anonymous]

Yes, if you live in NY, owe $4 on a CO from 2002, pay the OC the $4 and then dispute with the CRAs as obsolete (beyond the legal reporting time period).  If you can wait, it might be best to save your dispute until the CO is updated to "Paid" status by Cap1.  The CRA most likely will not remove it until that happens.