I have a credit card debt that is still within SOL that I am trying to get deleted from my credit reports. I have read threads that suggest using OC validation but I am still not sure of the strategy I should use since OC's are not subject to FDCPA. So what else can I use other than PFD to get this off my reports?
How close are you to passing the SOL? How much is the debt? Have you pulled copies of your credit report from all 3 bureaus? I would check them to see if the OC is reporting identical on all 3. If not, you could dispute as inaccurate and wait to see if OC just 'verifies'. If they do, that's a section 623 violation FCRA: Duty of Furnishes of Information to Provide Accurate Information. ....can't be accurate if it says 'x' on one and 'y' on the other.
Yes, they are reporting identically on all 3 reports. I attempted the 1-2 punch but they verified and I have not gotten any response from the OC regarding the validation (which they are not required to do anyway). The SOL is a few years away and the amount is a few hundred dollars. I have the money to pay and I need this removed right away. What now?
Who is the OC? If you don't mind telling us, perhaps some of us have had experience with that creditor and can give you pointers on whether an attempt at a PFD is worth trying. When was the date of first delinquency that ultimately led to the charge off?
Removal may not always be possible. Although a Paid Charge Off still looks the same as a Charge Off, to the scoring system, the fact that it's paid will look better when an actual person is looking at the tradeline. Why does it have to be removed now? Are you trying for a mortgage, typically they'll accept it being there, as long as it is PAID.
Typically, mortgage or employment, however, you can always request someone to review an automated denial. I've done something like a simple letter of explanation for (if there was one or two accounts, in the condition that they were questioning) the adverse condition, and asked that they reconsider the initial decision. While it's not explicitly something provided for, it can be useful if the company will consider the option. Think of it as a goodwill on the application denial.
Thanks Jam. Good to know that there could be possibilities for this for those of us that may have an otherwise good report other than a few late pays from years ago.
