What works best when trying to remove credit card chargeoffs? I have several from BoA, Chevron, and HSBC. Any help would be greatly appreciated. Thanks!
In large part, the best advice is contingent upon whether the accounts are currently defaulted or have since been paid post charge-off. It is also relevant as to whether they've been settled or paid in full. Assuming arguendo that they've not been addressed whatsoever, your options are limited. Typically, HSBC sells bad paper upon charge-off or very close thereabout. This means that they "should" report the account as paid and not transferred/sold. Your best method for removal here is to dispute the status field and any date of initial delinquency/date of last activity. Chevron I cannot speak to. Bank of America will hold on to the accounts for some time and is known to litigate given the right circumstances and thus, I would recommend treading lightly with them if the account is still outstanding.
I don't mean to sound like a praent here, but the best method is to follow the process detailed in some of the "basics" sticky postings. First you should you review your credit reports, and organize them as to data and make a plan for action. Read the Fair Credit Reporting Act (the full 87 page document), and the Fair Debt Collections Practice Act (FDCPA) to learn what the laws and requirements are. Then tailor your actions around these laws. Know exactly what you will dispute, and how. Second, you should submit changes to the CRAs for any outdated addresses or similar personal information. (Yes, this does make a difference!) Then you should request full validation from the Collection Agencies (CAs), and/or the Original Creditors(OCs). These requests should be done in writing, and the requests should be mailed Certified Mail Return Receipt Requested. When you receive the "green card" back from the CA/OC, then you should enter a dispute with the Credit Reporting Agencies, submitting the evidence of your request for full validation. Depending upon the results of the CRA investigation, then its gets more involved. You have to be prepared to pursue full legal recourse, and take the CA or OC to court IF they violate any laws of the FCRA or FDCPA. You also need to follow the basics of organizing yourself, keeping meticulous records and notes, and following a mindset that anything you do should be able to stand up in court.
OC Verification Letter... Below is a sample letter that I'm planning to send to some credit card companies. They show on my credit reports as being charged-off, but they are all listed by the original creditor. As I understand, the OC's are not bound by the FDCPA, but I believe they are bound by the FCRA and the FCBA. My motive is to rack up violations by hopefully sending them all a "very simple" dispute/verification letter in hopes that they'll "blow it off" and not take my letter serious. All I want to do is make them aware that I'm in full dispute of the account. I don't want to remind them of their obligations under the FCRA/FCBA. *************************** Dear «Credit Card Company» I am writing to dispute the validity of the above referenced item pursuant to the Fair Credit Reporting Act. Under the FCRA, I have the right to request verification of the debt you say I owe you. Iâ??m requesting evidentiary documentation that substantiates the information you have furnished and its reporting, including the required commencement of delinquency date, as verification of the information you have provided and its present reporting. This is a written dispute of this account per the Fair Credit Reporting Act and Fair Credit Billing Act. Please be aware that I am exercising all of my rights per these laws and all other applicable laws protecting me. Sincerely, Name ************************** Is there anything that I should add or delete?? Thanks!
Probably to late to invoke the FCBA. The letter is fine however, I prefer not stating the code sections. Just a matter of preference.
