Charge off dispute

[kobe2012]

I still havent gotten any responses from my previous post.... I have a 2 chargeoffs that i disputed 7/14/12...still pending and tomorrow will be the 30th day.... If not verified tomorrow,will equifax delete the accounts on my report???  

I really need to know how this 30 day dispute goes... Any response will be appreciated....

[RobertEG]

When you dispute through a CRA, they have 30 days to complete their reinvestigation of your dispute, and five days thereafter to send notice of the results to you.

The CRA makes the ultimate determination, but usually has only the verification back from the creditor as the basis to make their determination.

Since a charge-off is at issue, they sent a copy of your dispute to the OC for their investigtion, and report of their findings back to the CRA.

Depending upon what the OC determined in their investigation, there are three possiblities.

1.  They can simply inform the CRA that they verify the accuracy of the CO, and the CRA will most likely rubber-stamp their findings, and verify the accuracy of the disputed information. Dispute over

2.  The OC can determine that there were inaccuracies in their reporting, and correct those inaccuracies.  In that event, they are required to update the information with the CRA so as to make it accurate. Deletion is not required if any inaccuracy can be corrected.

3.  The OC is unable to either verify the accuracy of what was reported or correct any inaccuracy.  In that event, the CRA would most likely have no basis to independently verify the accuracy, and would thus be compelled to delete the CO.

With the 30-day reinvestigation time, plus 5 days thereafter to send their results, and  few day's mailing time, not yet passed, it is impossible to predict the outcome of the dispute until you receive your Notice of Results of Reinvestigation from the CRA.... around 45 days or so from date of dispute.

  Give it a couple of weeks.

[kobe2012]

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@RobertEG wrote:

When you dispute through a CRA, they have 30 days to complete their reinvestigation of your dispute, and five days thereafter to send notice of the results to you.

The CRA makes the ultimate determination, but usually has only the verification back from the creditor as the basis to make their determination.

Since a charge-off is at issue, they sent a copy of your dispute to the OC for their investigtion, and report of their findings back to the CRA.

Depending upon what the OC determined in their investigation, there are three possiblities.

1.  They can simply inform the CRA that they verify the accuracy of the CO, and the CRA will most likely rubber-stamp their findings, and verify the accuracy of the disputed information. Dispute over

2.  The OC can determine that there were inaccuracies in their reporting, and correct those inaccuracies.  In that event, they are required to update the information with the CRA so as to make it accurate. Deletion is not required if any inaccuracy can be corrected.

3.  The OC is unable to either verify the accuracy of what was reported or correct any inaccuracy.  In that event, the CRA would most likely have no basis to independently verify the accuracy, and would thus be compelled to delete the CO.

With the 30-day reinvestigation time, plus 5 days thereafter to send their results, and  few day's mailing time, not yet passed, it is impossible to predict the outcome of the dispute until you receive your Notice of Results of Reinvestigation from the CRA.... around 45 days or so from date of dispute.

  Give it a couple of weeks.

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thanks for the response!!!! I guess waiting a week more won't hurt since I've waited 30 days already.... my score lost 27 points when I filed the dispute and I just can't wait
to get those points back.... hopefully, I'll gain more when those charge offs get deleted.. .... am so impatient....

[RobertEG]

Just curious.... what was the inacuracy in their reporting of a charge-off that formed the basis for your dispute?

The two reasons for dispute of a charge-off would be either that the account was not delinquent at the time they took that accounting measure, or that the delinquency had not reached the point where they could reasonably consider it to be "uncollectible."  Debts that have been delinquent for approx 120 days or more usually meet the threshold for assuming a debt uncollectible.

I would imagine that creditor affirmation of the accuracy of having charged-off a debt would be rather simple...... yes, we affirm that the debt was delinquent and that we considered it uncollectible.

[kobe2012]

One was actually a collection that i believe was past 7 years... It recently got deleted on the two bureaus and am hoping they would delete it on EQ .....and the other one was a charge off from an overdrawn bank account that i paid in full in which they haven't updated the account status (im not even sure if its even possible for them to still change the account status to "paid") ..... Im still learning how to clean up my baddies....and learning a lot from this forum... Am doing it little by little