Ok, on 4/23, I disputed some items with Experian (online). Within 2 weeks, they came back verified. But, there's something I didn't notice before.... Check this out: 4/23 Status: Collection account. $3008 past due as of 8/2001. 5/13 Status: Collection account. $3080 past due as of 8/2001. How can that be? Isn't that a very serious error in reporting?
Yeah, This is the company that sent me a photocopy of my application and that's it. I haven't heard anything from them in over 3 months regarding my validation. Not only that, but a report I have dated 2/2000 says that the date of status is 2/1998 and the report I got yesterday has 8/2001 as the date of status. Maybe it's time to sue....
It was charged off in 1997. It doesn't matter if it is accruing interest. If it is, then they need to change the date, they can't just insert a new dollar amount wherever they feel like it. I think, right?
Here's my guess, once an item is charged off as bad debt, the OC has written that off on their taxes, therefore the OC can not collect anymore interest on it. However, I think if a CA takes over the account, the also take over your original terms. In this case, it's the OC still reporting.
The OC isn't allowed to report it. The CA bought the debt, and two agencies reporting the same debt is against the law. So, if your theory is true, then I REALLY need to sue.
I believe the OC *is* allowed to report it, but they have to show a zero balance and "account sold or transferred" is supposed to be noted on the account. Whomever they sold it to is also allowed to report it. L
Whyspers, you may be right, but the reason I got the OC off is because it looked like I was $5000 in debt not $2500. (at the time it was that amount). Discover hasn't reported it since, just the CA who bought it.
This sounds like what is happening to me. I have two accounts that were charged off in 98, everytime the CRA has verified the accounts the amount on the accounts increases, and is listed as past due. So with each updated listing on these accounts it gets worse! Tell us what you find out.
