Now that I have gotten my collections account removed, Iâ??ve turned my attention to removing the paid chargeoff items on my account. However, there seems to be some differing methods. First, I have a general question on chargeoffs. Can an OC chargeoff an account if it has not been late for 180 days? For example, on one of my credit cards that I recently paid off in full, there is a note of 4 90 days late and it has been charged off. Now, I have seen the following suggestions for removing chargeoffs (in no particular order). 1. 1-2 Punch (Note: there have been responses to this suggestion asserting that an OC does not have to validate). 2. Disputing the TL with the CRAs as â??Not Mine.â? Then, if the CRA verifies the TL, sending a procedural request. 3. Disputing the TL with the CRAs as â??Not Chargedoff.â? 4. Corresponding directly with the OC (e.g. phone calls, goodwill letters, nutcase letters). Iâ??ve spent a lot of time searching this site. I would like some guidance on the best method, or combination of methods, to remove my paid chargeoffs from my CR. Please note: my paid chargeoffs have recently been paid (i.e. last 2-3 months). There is another chargeoff that I am currently paying off. Thank you all! I love this site and the commitment to helping one another.
It may or may not matter in the end, but if you mention the OC specifically, sometimes that helps identify the best method.
I am working on a chargeoff removal myself (BofA). I am using nutcase/1-2 punch combo with a Fair Credit Billing Act twist.
The OCs that I am working on paid charge offs are Discover, Chase, and Texaco. I am currently paying off another charge off account with Citibank. LA, do you mean posting what you sent? Thanks!
If it works, I'll post it. I used this from FAQ. The Original Creditor (OC) is bound by the Fair Credit Billing Act and FCRA. The Fair Credit Billing Act says that they must respond to your written dispute within 30 days acknowledging receipt of the dispute. They must resolve the dispute within 2 billing cycles or 60 days. Until the dispute is resolved, the OC cannot report anything negative on your credit reports or send the account to a collection agency. The Fair Credit Billing Act applies to open ended accounts which are commonly considered to be credit cards or charge cards. It does not apply to fixed payment contracts. --- Originally posted by MindCrime They are still bound by the FCRA, and they do have to respond. § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2] (a) Duty of furnishers of information to provide accurate information. If a consumer sends a request for validation of a debt that an OC is reporting (to the OC), the OC cannot simply ignore the consumers request (as what was done to the original poster). The OC, according to section 623 (a)(1)(B) cannot report disputed information to the CRA's (such as late pays) and by doing so (still reporting) is a violation. (See thread for details of the thread and the cited FCRA section) The FCRA also says the OC has 30 days to complete their investigation. So, an ideal way to make this "work" would be for the consumer to send a validation letter (modified so as to not reference the FDCPA, but still include facts from the FCRA, and making reference that the OC needs to prove what they are reporting is true) to OC and also dispute through the CRA after the consumer receives the signed green card back from the OC. That way, the OC is now locked into a 30 day time frame.
I believe that the 180 day limit is the maximum time from the date a payment is late (the account becomes delinquent) that the creditor has to do the charge off. A lender can close an account, charge it off, and sue for a judgment the day you are late on your first payment because technically being late on a payment is breach of contract. In practice, most lenders give everyone lot's more slack.
