Ive got 2 charge offs on my credit report, Ive paid both of them in full back in 2003 but they still show as having balances. Now am I correct that if I prove ive paid them off, then Ive validated my own bad credit, but if i claim their not mine, that could affect my score just as much by removing history....am I correct in this thinking, and what is the safest route.... Thanx much Aj
I wouldn't think that removing that type of history would hurt. However there is a violation just in the fact that it's listed as a charge-off with a balance. Not to mention the fact that it's paid off.... I'd wait on some of the more experienced members though as far as what course of action to take. You may have leverage to get them removed, but I'm sure it'll be tricky.
i think it depends on what your goals are. when was the last time they reported? you could always do a "never late" dispute if it is an OC reporting and not a CA.
I assume the question here is the net effect on your FICO score. If the COs are listed for 2003, your best bet is to try and get the entire tradeline off. If you look at the categories effecting a FICO score; negative items are 35%, history is 10%. Since they are listed inaccurately (still showing balances), you should try a dispute as "Not Mine" first. You may get lucky and they fall off completely. But, at the same time you should request verification (NOTE: NOT validation) from the Original Creditor via certified mail request. If the OC does not respond, or note the account in dispute, they have commited a violation. This gives you leverage. If the dispute comes back "verified" as correct; then request (via Certified Mail) from the Credit Reporting Agency "How Verified". You most likely will get some form letter response that is not compliant with legal requirements. Then you can threaten to sue for failure to comply with the FCRA. But due to the recent date of CO, you will be better off trying to get the whole tradeline off, rather than keeping it for history points.
Thanx for the quick replies, Im basically for the short term at least, trying to bump my fico up a couple points if possible for my first home purchase. So basically since theyre showing a balance that isnt legit, I should claim not mine.Followed by letters to the crediters asking for verification. Doea having the balance due removed from a charge off make any differance at all? Thanx again AJ
