I had a Visa account which was charged off in Jan 1997 and was then sold to a CA (who by the way did not collect from me since they never validated the debt and it is now out of SOL. Yahoo!) . Anyway, last year (Mar 2003) when I was applying for a mortgage, I noticed that Experian had an incorrect balance for the Visa CO account. It showed the balance of $7K to the OC dated on the CO date of Jan 1997. Therefore, I disputed the balance amount and Exp corrected the mistake - the balance was changed to $0 due to the OC. Now, when I check my Experian report, this item is still there even though it has been more than 7 years since the CO. The report states that the balance of $0 was verified and updated on Mar 2003. Shouldn't this item be removed or do I now have to wait until 2010, another 7 years from the "verified and updated" date for the item to disappear? Thanks for your help.
It should definitely come off your report. Correcting a mistake at some point in time absolutely does not reset any kind of statute. It should have disappeared as of January, 2004. Call and have it corrected.
