Has anyone had any luck in removing a cap one derogatory? I have a cap one that was charged off in 2005, but they keep reporting it as charged off every month which is hurting the score very bad. It is only a small amout, around $1000. Any suggestions?
How is the tradeline changing? Are they just updating the report by changing only the date reported or are they changing the date of first delinquency? If they are just updating the date reported, then they're doing what they're supposed to when they report (IIRC, I don't have the reporting manual handy at the moment).
It is confusing to me, but the finance manager said they are reporting it every month as a charge off, which makes it look like it just happend, when it actually happened 4 years ago. They list charge off for March, April and May for each month in 2009. I am new at this and don't quite understand. She just said that makes it look like it is delequent right now. Do you think I would be better off paying it right now? Even though it is out of SOL for Kansas.
Well, if you haven't paid it, it's still delinquent. If you pay it, SOL or no, it's no longer delinquent, but it was for 4 years, which will still be on your credit reports. If the Kansas SOL is 4 years, that just means that you can raise SOL as an affirmative defense if you are sued. No matter what the SOL for a law suit is, a negative entry on your credit report can stay for up to seven years. They can report its status every month, so that's not illegal. What is important are the dates being reported. If you've been denied credit, you are entitled to a free copy of your credit report. I would start there to determine
I was sued over a Cap One debt about a year and a half ago. I agreed to a settlement (long before I did my homework here) and paid it immediately. I disputed the entry on my credit report because it was still showing "unpaid" several months later, and within about a month they took it off. It should have been on until 2011, but I'm not about to ask any questions.
Again I am just learining here, but if they charge it off how can it be delinquent? If they wrote it off as a loss who do I owe? They have not sold it to anyone else to my knowledge. I may be (and probably am) way off base, but just asking. I understand SOL only applies to law suits. If I pay it now will the negative stay on 7 years from now or still the first late payment. Thanks again for all the help on this site.
Charge off is strictly an accounting term. You still owe them the money, they have just recorded it on their books as uncollectible. When you pay them, they reverse that entry and "write on" the books the amount you pay. A charge off has nothing to do with the legal status of the debt.
Yes, I did... Only on Equifax and Experian though. The account was 6 months passed SOL 1- Dispute with the CRAs, they verified everything 2- FACTA Letter to Cap1. Asking for validation and complaining about all malicious inaccuracies reported by them in order to maximize the damage to my credit, things like reporting a new charge off every month, listing the account as open/delinquent, increasing the balance twice a month, reporting a judgment in experian only to delete it the next day so I would get an alert if I'm monitoring my credit ... all the dirty tricks they use to keep it "fresh" and scare the heck out me 3- They fixed the inaccuracies and send me back my credit card application, user agreement and last statements. After that they started to call asking for money. They didn't have to obey my cease and desist communications included on the letter, original creditors no debt collectors but I treated them as debt collectors anyway. 4- I sent complaints to the BBB, Attorney General in my state and their state, the comptroller of the currency and the FTC. About the mess they made on my report and the phone harassment, Every complaint with a letter to Cap1 telling them what I'm doing and if they don't quit calling I'm gonna sue'em. They quited This tuck over 3 months. We got into a big argument trough the BBB office, until the BBB closed the case as not resolved. 5- When I had a big pile of papers documenting the process put everything (everything but the proof they sent or any references to it) on an big envelope and send it to the CRAs with another dispute and a threat to sue them under FCRA 617 or even 616. The account was deleted and blocked on Eq and Exp in less than a week. TU Didn't buy it so I froze the TU report. Carl.-
