My Mother-in-law had a CC chargeoff with GE capital that was sold to Arrow Financial in Feb 2003. She settled with Arrow on 2/28 and has now just rec'd her letter proving final settlement. On her credit reports GE shows as a chargeoff. Arrow never reported this because she paid it off within 30 days after they bought the account. How should she proceed in removing the GE Capital derog.? Is it too early to dispute this even though they sold this to Arrow back in February? Should she wait? How long before you would dispute? Thanks in advance!
I wouldn't wait. I'd want it off now. I would dispute it now as "not mine". Is the oc still reporting a balance owed? When they sell it, it should show as "charge off, acct sold or transferred, zero balance". If it doesn't, you can use this for possible future disputes if the not mine doesn't work.
I would start with a general "not mine". If they verify, you can send a dispute to GE referencing section 623 of the FCRA. Advise them they are in violation of that rule by verifying info they know to be incorrect. You can then advise them you will not file suit as long as they delete the item immediately. They are already in violation for reporting a balance. But I still believe you should start with the not mine. You never know, it may be deleted first try.
Re: Re: CC Chargeoff Why wait? I don't think waiting 6 months will make any difference. It is new and at 6 months it will still be fairly new. Might as well go for it now.
