Hi Everyone - I'm so glad I found this forum because I'm in desperate need of help. I have three Capitol One credit cards that I haven't used since about 2000. They all have charge-offs on them and should be removed from my credit report soon. I went to check my credit report in February and I noticed that the date of charge-off was changed to 11/06. I want to fight them on this. Luckily I'm a pack rat and have copies of various credit reports from 99-06. I have to go through them again closely to see when the earliest charge-off is, but at first glance it looks like 2/2001. I also have some statements from them. Since I rarely throw anything away I might have all of the statements, I'd just have to go through a bunch of papers just to make sure I have everything. So my question is...since the earliest charge off I have on record is 2/2001. Should I wait until next year (when the accounts are SUPPOSED to be removed) to fight them or should I fight them now. I have a validation letter ready to go, I got it online and I think it might be a little on the harsh side so I'm going to review it again before I send it. I was also planning to send copies of the old credit reports, and the validation letter to all three agencies. Can someone help me out with this?
So long as they are out of SOL (Statute of Limitations) for your state, meaning they cannot leaglly collect on the debt, (it has nothing to do with the seven year reporting period) then go ahead and begin your quest. The real question is are you looking to have these items removed from your reports or is your ultimate goal to collect some huge cash settlement because they damaged you in some way? Either way, the path appears the same, you just need to have a clear objective from the start, allways keep your eye on the ball. If the debt is within SOL, you may want to consider letting sleeping dogs lay. Keep meticulious records, as in beyond reproach.
First, you should be disputing with the CRAs that have this listed as a Charge Off date like this. I recommend that you submit the disputes in writing, send CMRRR, and specify that you dispute the Charge Off dates, AND request the DATE FIRST MAJOR DELIQUENCY REPORTED, if it is not listed on your credit report(s). If you have previous copies of your credit reports (showing older CO dates), I would include them as "evidence" in your dispute. As "re-aging" the CO date is a violation, IF they have not notified you of insertion of negative information on your account. The DATE FIRST MAJOR DELIQUENCY REPORTED is actually the date for length of time allowed for reporting on credit reports per the FCRA. I would not send copies of your original statements yet. Let the dispute process work first, you may get lucky and the tradeline(s) will delete.
Re: SOL Thank you for the help. I just want to get these off of my credit report. I don't really want to sue anyone. I looked at the credit reports again last night and I have to say these things are really confusing and jump all over the place. The reports I have are for 2000, 2002 (I think, can't remember this morning), 2003, 2006, 2007. On at least one of the reports it clearly states that the account was closed in Feb. 2001 for two of the cards and June 2001 for the 3rd. They also show Charge-Offs WAY before 11/06 like it says on the new 2/07 report. A question about SOL. I've lived in California for the last 6 years and the SOL there is 4 years. Do I look for the SOL in the state that I live in or the state that the company is based out of? Is CMRRR = Certified Mail Return Receipt Requested? Thank you for the help, I really appreciate it. Rasheda
Is CMRRR = Certified Mail Return Receipt Requested? Yes, it is, I apologize for not detailing the acronym. A question about SOL. I've lived in California for the last 6 years and the SOL there is 4 years. Do I look for the SOL in the state that I live in or the state that the company is based out of? The SOL can be either, but generally it is in the state of your residence, in your case, you may want to verify the SOL for the state you lived WHEN YOU ACCUMULATED the debt. I just want to get these off of my credit report. I don't really want to sue anyone. I don't think anyone truly wants to sue anyone else, BUT, if you truly wish to repair your credit, (by using all legal options available), then you MUST always be prepared to take the battle to the last degree. I just went through this, and I was prepared to turn an issue over to an attorney to handle, only then did I get results. I also did not want to sue, but when you run out of options, always be prepared to go the distance. A bit of advice; sometimes it helps to organoze the activities; I recommend that you gather up all the reports, statements, notes and any other information you have; then write it out in a "timeline" of events. It helps you organize, and it helps when you communicate with the creditor or CRA. It also helps pinpoint where errors happened, and when. It is a bit of work, but it pays great dividends as you pursue correcting this item. Last, but not least bit of advice, NEVER GIVE UP! At times it becomes very frustrating, and you feel like you will never get anywhere.But persistance is often the key to wearing down the party to where you get results.
