Denied for a credit card due to: Re-aged collection accounts, scheduled to be removed in 11 months

[boelshine]

I applied for a credit card with Chase and was denied due to "Credit report shows current/past bankruptcy - charge off, public record." The decision to deny my application was based on the information found in my Experian credit report.

I ordered my Experian consumer report to review the negative information. I do not have any bankruptcys or public reports, but I do have charged-off credit card accounts, with a DOFD in 2015. According to my report, they are all scheduled to be removed by the end of 2022.

I called the Chase lending department for reconsideration, asserting that the accounts are now obsolete because the DOFD is 6+ years ago and the information is due to be excluded from my Experian report in less than a year. I argued that my current positive credit history for the past 6 years is more relevant to my financial reliability compared to these obsolete accounts that are due to be removed very soon.

The Chase lending department denied my reconsideration request, stating on their end these accounts appear to be only 2-3 years old. Chase stated they were using the "Date Last Reported" to calculate the age of the account(s). Chase stated they do not see earlier dates on my report and they have to base their decision on the information they are seeing, even if the DOFD is more relevant to the credit bureaus.

Would these accounts be considered "Re-aged" since the creditors are not accurately reporting when the account(s) first went into default / how many months the account(s) have been in default for? In this case, could I ask for the account(s) to be removed immediately, because they are unduly and unfairly impacting my credit-worthiness, given that these accounts are old/obsolete but appearing to be releatively new?

[CH-7-Mission-Accomplished]

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@boelshine wrote:

I applied for a credit card with Chase and was denied due to "Credit report shows current/past bankruptcy - charge off, public record." The decision to deny my application was based on the information found in my Experian credit report.

I ordered my Experian consumer report to review the negative information. I do not have any bankruptcys or public reports, but I do have charged-off credit card accounts, with a DOFD in 2015. According to my report, they are all scheduled to be removed by the end of 2022.

I called the Chase lending department for reconsideration, asserting that the accounts are now obsolete because the DOFD is 6+ years ago and the information is due to be excluded from my Experian report in less than a year. I argued that my current positive credit history for the past 6 years is more relevant to my financial reliability compared to these obsolete accounts that are due to be removed very soon.

The Chase lending department denied my reconsideration request, stating on their end these accounts appear to be only 2-3 years old. Chase stated they were using the "Date Last Reported" to calculate the age of the account(s). Chase stated they do not see earlier dates on my report and they have to base their decision on the information they are seeing, even if the DOFD is more relevant to the credit bureaus.

Would these accounts be considered "Re-aged" since the creditors are not accurately reporting when the account(s) first went into default / how many months the account(s) have been in default for? In this case, could I ask for the account(s) to be removed immediately, because they are unduly and unfairly impacting my credit-worthiness, given that these accounts are old/obsolete but appearing to be releatively new?

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You don't argue early exclusion with a lender; it is something to bring up with the credit bureaus by either disputing the tradelines as too old to report or calling in and asking for a supervisor and requesting a (courtesy) deletion.    You already know the correct dates and have seen them on your own reports.   Chase is likely looking at the most recent update dates, but still they are going to consider anything still on your reports and not give you an arbitrary date after which they will ignore something.   

[Red1Blue]

Have you pulled your Free Annual Credit Reports and see what is listed in them?

[boelshine]

I have recently accessed my Experian credit report online and it does not show the DOFD, or even the date of charge-off(s). It has a "Status Updated" date and "Balance Updated" date, which are both several years after the DOFD.

Even my Experian consumer report (ordered through mail) does not show the DOFD - it only shows the date the entry is due to be removed.

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@Red1Blue wrote:

Have you pulled your Free Annual Credit Reports and see what is listed in them?

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[boelshine]

I didn't argue early exclusion with the lender - I argued that the accounts are 6+ years old and about to drop off, so they should not have as much of an impact compared to my past 6 years of solid financial history.

However, they're incorrectly seeing the accounts as 2-3 years old. So are these accounts considered re-aged then? In which case, could I contact EXPERIAN, to have the accounts removed even earlier?

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@CH-7-Mission-Accomplished wrote:

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You don't argue early exclusion with a lender; it is something to bring up with the credit bureaus by either disputing the tradelines as too old to report or calling in and asking for a supervisor and requesting a (courtesy) deletion.    You already know the correct dates and have seen them on your own reports.   Chase is likely looking at the most recent update dates, but still they are going to consider anything still on your reports and not give you an arbitrary date after which they will ignore something.   

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[tnhomestead]

The creditor can update your account monthly if they want. You owe the money, so they can update. I have 2 falling off in 6 and 9 months and the collection agency updates them monthly to keep my score down. It's a way of trying to get you to pay.

So one option is to pay them, other is to wait for them to drop off.

[OmarGB9]

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@boelshine wrote:

I didn't argue early exclusion with the lender - I argued that the accounts are 6+ years old and about to drop off, so they should not have as much of an impact compared to my past 6 years of solid financial history.

However, they're incorrectly seeing the accounts as 2-3 years old. So are these accounts considered re-aged then? In which case, could I contact EXPERIAN, to have the accounts removed even earlier?

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@CH-7-Mission-Accomplished wrote:

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You don't argue early exclusion with a lender; it is something to bring up with the credit bureaus by either disputing the tradelines as too old to report or calling in and asking for a supervisor and requesting a (courtesy) deletion.    You already know the correct dates and have seen them on your own reports.   Chase is likely looking at the most recent update dates, but still they are going to consider anything still on your reports and not give you an arbitrary date after which they will ignore something.   

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They're not re-aged. Chase is just seeing what they want to see. They're using the last updated dates from 2-3 years ago as their basis. It's really just an excuse, but anyway it has nothing to do with Experian and the way it's reporting. As long as the fall off dates are still showing 2022, everything is fine and Chase is just giving you a reason because they're required to by law, whether the reason makes sense or not.

[FireMedic1]

Did you happen to settle or pay these CO's on the last update Chase is seeing? That might be why. Something happened then for that particular update.

[boelshine]

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@OmarGB9 wrote:

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They're not re-aged. Chase is just seeing what they want to see. They're using the last updated dates from 2-3 years ago as their basis. It's really just an excuse, but anyway it has nothing to do with Experian and the way it's reporting. As long as the fall off dates are still showing 2022, everything is fine and Chase is just giving you a reason because they're required to by law, whether the reason makes sense or not.

Thank you for clarifying that this is not considered re-ageing. Would it be correct to say that an account is only considered "Re-aged" if the CRA continues to report it after the 7.5 year clock has run, or if the FCRA compliance date is updated to after the initial DOFD?

My concern is that the DOFD(s) / FCRA compliance date(s) are not listed in my report, nor does my report accurately show the number of months the account(s) have been in default. Only by ordering my consumer report was I able to determine when the negative information was scheduled to drop off. Shouldn't my report indicate as to when the account(s) went into default?

Does Experian not list the DOFD in their credit reports, because lenders want to base their decision on the Last Updated date, rather than the (more relevant) DOFD? In other words, as @tnhomestead and you alluded to, Experian is not including the DOFD/FCRA compliance date in my report as a way of making my account seem younger than it acually is, or maximizing pressure on me to pay, until it drops off?

[boelshine]

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@FireMedic1 wrote:

Did you happen to settle or pay these CO's on the last update Chase is seeing? That might be why. Something happened then for that particular update.

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Negative, I never reset the SOL by admitting the debt or making a partial payment. In fact, my Experian consumer report shows all the negative information is scheduled to drop off this year. The issue I have is that Experian is not including the DOFD / number of months late, in my credit report. So Chase is basing their decision on the other dates that are being reported to them by Experian (the Last Updated Date).