I have a charge off with TXU since 2003 which should be falling off my CR this month. I have checked my report and it is still there. I disputed it in July 2010 and theri response was an update. What course of action shoul I take?
I would not just wait, because if the DOFD in your CR has been improperly updated, it may be a long and painful wait.
The very first thing I recommend that you do is to establish the legal date for requried deletion of inclusion of the CO in your CR.
It is not the date of the charge-off. It is the date of your first default on the OC account that led up to the charge-off. FCRA 605(C) prevents inclusion in your CR after, at the maximum, 7 1/2 years from the DOFD on the OC account.
Do you know the DOFD on the OC account? It would necessarily have preceded the charge-off date, most probably by at least six months.
You really cant dispute a "projected" fall-off date. What did you dispute, and what was "updated?"
Creditors and debt collectors dont themselves report a projected fall-off date. It is the responsibility of the CRAs to take what is reported to them, and independently administer CR deletion.
So the legal dispute process really begins, for continued inclusion of a charge-off, in your CR, after 7 1/2 years has expired from the legal DOFD on the OC account that resulted in the CO.
If there is a real issue with a CO remaining in your CR after 7 1/2 years from the DOFD on the OC account, that tells you one of two things.
First, either the OC has incorrectly reported the improper DOFD to the CRAs, or second, the CRAs are not doing their separate job of complying with FCRA 605(a) and (c) by ceasing inclusion in your CR after 7 1/2 years from the DOFD.
Do you have a reported DOFD in your CR, and if so, is it accurate?
Here is the process I would recommend. If you feel that the period for CR deletion has expired, first file a dispute with the CRA for violation of FCRA 605(a)(4), as clarified by FCRA 605(c), which sets the DOFD as the date certain. Provide verification of your DOFD. If they respond back to your that the OC has reported a later DOFD to them, then you have a dispute with the OC under either FCRA 611(a), or FCRA 623(a)(8).
Either the CRA or the OC is at fault. YOu must determine which.