Experian Drama - Two CA's same Tradeline ARRRGH!

[Anonymous]

Hey Everyone-

Two issues with my Experian report

Issue #1: I have both Pentagroup Financial and AFNI for the same OC:

Pentagroup

Date Opened: 11/2004

Reported Since: 01/2005

Date of Status: 02/2005

Last Reported: 04/2006

Credit Limit/Original Amount: $1,321

Recent Balance: $1,321 as of 04/2006

Status: Collection Account. $1,321 past due as of Apr 2006 

will fall off Mar 2010

AFNI

Date Opened: 01/2006

Reported Since: 03/2006

Date of Status: 03/2006

Last Reported: 03/2006

Credit Limit/Original Amount: $1,321

Recent Balance: $1,321 as of 03/2006

Status: Collection Account. $1,321 past due as of Mar 2006 

will fall off Jun 2010

Note: I get Settlement letters from AFNI all the time for 50% off.

Question: Should I DV Pentagroup or just tell them the actual situation? Should I call, e-mail, or write? Or should I contact AFNI? Or dispute with Experian?

Issue #2: Bad HSBC TL listed with Accounts in Good Standing?

Date Opened: 10/2001

Reported Since: 09/2002

Date of Status: 09/2002

Last Reported: 09/2002

Credit Limit/Original Amount: NA

Recent Balance: NA

Recent Payment: NA

Status: Transferred, closed.

Account History: Charge Off as of Sep 2002

Question: Seems like it would fall off Sep 2009 but as a good account it would stay on up to 10 years? What should I do? Dispute with Experian?

Thanks for all your help!

[llecs]

With the CAs, if you have the $$$ to PIF or SOL hs expired, then you could dispute the oldest as being a collection for the same account (seems like there's a dispute reason for that; loss on words). It'll go away. If SOL isn't an issue, then also DV AFNI. Personally, I would skip the dispute and DV both.

Per HSBC, don't touch it! That comment will go away in September and it will report as a positive TL from there on out.

[ScoreBooster]

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@llecs wrote:

Per HSBC, don't touch it! That comment will go away in September and it will report as a positive TL from there on out.

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Could you please be more specific on that one? I always though the entire account with missed payments would be deleted after 7 years post DOFD. So only the negatives go away (remarks, missed payments etc.) go away and the rest remains? That would be news to me..

BTW, congrats on your 10,000th post..

[Anonymous]

If it makes a difference on my report, this is listed in the "Accoutns in Good Standing" section. Maybe if it was listed as a negative account then the whole thing would disappear?

[ScoreBooster]

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@Anonymous wrote:
If it makes a difference on my report, this is listed in the "Accoutns in Good Standing" section. Maybe if it was listed as a negative account then the whole thing would disappear?

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That could be the reason why. All my accounts that have ANY negative indication are listed to drop off my report about 7 years after DOFD. What confuses me a bit is the comment that the negative remark would disappear after 7 years but the account would be reported as positive TL "from there on".

First, it's strange that a charge-off is listed as a positive TL in the first place (usually, before a TL is c becoming a charge-off, you miss a few payments). Second, I never heard of negative account turning into a positive account after 7 years as previously suggested - I was under the impression that positiv accounts stay on file for about 10 years and negative accounts are deleted after 7. But a transformation from bad to good after 7 years would be news to me..

[Anonymous]

Negative accounts remain for 7 years. Positive accounts remain for 10 years.

A closed account with just negatives will not have a DOFD. The lates will drop one by one as they reach 7 years.

Once all the lates fall off the account will be a positive account and could possibly remain for 10 years from date closed, like any positive, closed account would.

[Anonymous]

invza-- Does FICO flag the account?

[ScoreBooster]

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@Anonymous wrote:

Negative accounts remain for 7 years. Positive accounts remain for 10 years.

A closed account with just negatives will not have a DOFD. The lates will drop one by one as they reach 7 years.

Once all the lates fall off the account will be a positive account and could possibly remain for 10 years from date closed, like any positive, closed account would.

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I see. I guess you're referring to those accounts that might have some lates (30, 60 days) BUT were paid in full in the end. That makes sense.

That just leaves the question how that could be the case on a charge-off account because I'm sure every charge-off account has a DOFD. And again, it's very confusing that an account with such a remark or status is listed as positive tradeline.

[Anonymous]

Sidewinder - funny you should ask that - it's only listed on Experian - nowhere to be found on Eq or Trans