I checked my credit report and I have a charge off from 61/2 years ago for $78. I'd like to get it removed from my report. The creditor was an apartment complex in Charleston call "The Oaks". I called the number and the name of the company has changed. I'm wondering if I should contact the new company and offer them $78 to remove the entry. Because of the name change, will they have the power to do so? I mean to say that if "The Oaks" no longer exists - who can alter the record? Thanks, Jay
That one lone collection isn't going to stop you from getting a mortgage. Just dispute it through the credit reporting agencies. The Oaks isn't going to verify it and I would be surprised if they actually ever did report it. Are you sure it isn't some debt collector?
Novice I'm not sure who is responsible for the entry on the report - I will have to peruse it more carefully - but I saw no evidence of any collection agency. There was just the apartment name, address, and phone. As you might have guessed, I don't read my credit report very often. I am concerned about disputing the matter - I have read elsewhere that this could "re-activate" the account and put me in Dutch for another 7 years. The only thing worse than having such an entry on your record for 7 years would be to have it for 14!
By disputing it they can't reage it,it will come off this year.However you can let a sleeping dog lie.I understand that just knowing it's there bugs you.
I don't know how I missed this thread the first time around. Anyway, dispute with the CRAs. No harm can come of it, and your worst-case scenario isn't bad at all. Best possible outcome: The tradeline gets deleted from your report because the CA validates with paperwork from a company with a different name. Worst possible outcome: Nothing happens, because the CA validates it. I say go for the gold. I'm a big fan of the "let sleeping dogs lie" philosophy, but you've got nothing to lose here.
Most large apartment complexes have the ability to pull credit reports and put information on credit reports as well. There is a possible danger that getting it removed may hurt your score rather than help it. If that report is the oldest on there and the rest are much newer then your score can drop significantly if it is removed. As others have said, it isn't likely to keep you from getting your loan although the possibility also exists that the lender could insist that you pay it off in order to qualify for the loan. If that happens and a collection agency is involved who subsequently responds with recent collection activity and a report that it is a paid collection then their new report will stay there for another 7 years. I think that you will be better off to let sleeping dogs lie and hope the lender don't make you pay it off.
