How do I handle this incorrect reporting?

[beanie7132]

On my Transunion - There is Elan Financial reporting a balance of $1963.00 with a status of Charged Off. I thought CO'ed accounts should be listed with $0 balances...?

TU says it is scheduled to be removed 10/13 and hasnt been updated since 12/2007. Should I do anything with this account? I do not plan on paying it, I am not sure its even mine, possible its a bought out CC from my credit union. I am weary of disputing and resetting the account and having an end result of it being on my reports longer.

I will credit myFico, I bit the bullet and signed up for SW and also bought my TU report and score.... this is how I noticed this. Does anyone have any suggestions? What would you do in this case?

Thanks in advance.

[Anonymous]

If the OC still owns the debt they report a balance.  If they sold it they report a 0 balance.

If you plan on a mortgage you may need to pay it eventually.  Otherwise, I would leave it alone.

Nothing can make it stay on your report an longer. 

[beanie7132]

Thanks! I think I will leave it alone.

I am not anywhere near Mortgage Ready and do not see that in my future for a few years. When I am ready, do you think this will affect me? If its been say 4 or so years since it fell off? I know the lenders can see an entire history and some will make me pay all the old stuff, but is there ever a point where it just becomes a moot point?

[Anonymous]

That would be entirely up to the lender.  Some will, some won't.  Some want things paid within the last 2 years, others don't.

[beanie7132]

Thanks!

[DaBears]

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@beanie7132 wrote:

On my Transunion - There is Elan Financial reporting a balance of $1963.00 with a status of Charged Off. I thought CO'ed accounts should be listed with $0 balances...?

TU says it is scheduled to be removed 10/13 and hasnt been updated since 12/2007. Should I do anything with this account? I do not plan on paying it, I am not sure its even mine, possible its a bought out CC from my credit union. I am weary of disputing and resetting the account and having an end result of it being on my reports longer.

I will credit myFico, I bit the bullet and signed up for SW and also bought my TU report and score.... this is how I noticed this. Does anyone have any suggestions? What would you do in this case?

Thanks in advance.

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Also keep in mind that unpaid debt stays in your credit file forever until paid or you proving the unpaid debt is not yours.

[Anonymous]

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@DaBears wrote:

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@beanie7132 wrote:

On my Transunion - There is Elan Financial reporting a balance of $1963.00 with a status of Charged Off. I thought CO'ed accounts should be listed with $0 balances...?

TU says it is scheduled to be removed 10/13 and hasnt been updated since 12/2007. Should I do anything with this account? I do not plan on paying it, I am not sure its even mine, possible its a bought out CC from my credit union. I am weary of disputing and resetting the account and having an end result of it being on my reports longer.

I will credit myFico, I bit the bullet and signed up for SW and also bought my TU report and score.... this is how I noticed this. Does anyone have any suggestions? What would you do in this case?

Thanks in advance.

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Also keep in mind that unpaid debt stays in your credit file forever until paid or you proving the unpaid debt is not yours.

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Umm, read a couple of posts up!.  You slept too much today lol.

[DaBears]

LOL oops!!!!