Disputing item on credit report - Account opened before 18

[Anonymous]

SWIM opened a Capital One credit account before turning 18 by lying about his birthdate. Said account is now charged off and shows on current credit reports. My question is, would it be a good idea to dispute this item on his credit report? At this point he thinks that explaining to the bureaus that he was under 18 when the account was opened could justify a delete from the bureaus because "minors cannot enter any contractual agreements." (Check out http://consumerist.com/2007/03/14/are-minors-responsible-for-their-credit-card-debts/ for more on that.) I personally think that disputing it could actually draw attention to the fact that he falsified information on a credit application and I have no Idea whether anyone would prosecute him for providing false information on an application over three years ago. Does anybody have any personal experience with this? In this type of situation is there any stature of limitation that protects him from being prosecuted?

-A

[RobertEG]

The OC accurately reported in good faith, and the consumer acquired debt that is now delinquent, and charged-off.  The creditor is left holding an empty bag.

I would not address this by disputing the accuracy of their reporting.  That is apt to promote a reaction on their part, with the consumer attempting to obtain CR deletion based on their own fraudulent acts.  The responsible guardian may be also a co-defendant in their legal reaction to recover the debt.  The creditor might not push for criminal investigation and charges, but would most likely pursue their $$.

Personally, I would immediately send them full satisfaction of the debt, with no mention of the fraud, and get the matter behind me.

CR deletion is a bit much to also expect, and legal action is a distinct possibility.