On my last Equifax credit report I have a tradeline that is Cbusasears the DOLA is 1/97. On my latest Equifax report Cbusasears DOLA is now 12/03. On each of the reports the balance is zero. The only other diffrent thing is the report that has a DOLA of 1/97 says I am 120 days late and account transfered or sold. But on the report that has the DOLA of 12/03 it does not show me late or that it has been transfered or sold. I am not sure what to do about the DOLA. The DOLA has changed but if I dispute it, then it will show the 120 days late again I am afraid. Any suggestions?
Dispute it as incorrect DOLA, & Obsolete... 0 - 1997 1 - 1998 2 - 1999 3 - 2000 4 - 2001 5 - 2002 6 - 2003 7 - 2004 1-2004 it hit the reporting SOL. That is most likely why it was re-aged in 12-2003...
Gonzo: As I said, it became illegal for them to put it on your credit report after 1-2004. This is why they re-aged your account to keep it on, they broke the law. Dispute it as OBSOLETE, Date of Last Activity January, 1997 Under the FCRA, they can only report the account for 7 years from the DOLA, they knew it, and re-aged it to try to evade it. Most people will not post another answer when the answer has been given already. If you want a second opinion though, I am sure that someone else would be nice enough to provide one, if you ask for one instead of just posting an empty bump.
Wait a minute--he says the balance is zero, not that it's closed. If this is still an open account, they can report the account. If I read this properly, it was reporting a 120 day late in 1997. Now it's not reporting late. The DOLA (which, depending on the report, could be the reporting date) is 12/03. The reason I say depending on the report is because I've seen some online ones that only give a reporting date, it's the status date and not the real DOLA. If it's the status date it's perfectly fine. They've removed the late because it's past the 7 years. They can report positive info, even if it's a closed line, for 10 years. If it's open, it's fine. If it's closed, I'm not sure I see what difference it makes anyway. Closed lines don't count in ratio computation, and there's no negative info. I'd leave it alone.
The "Account transferred or sold" notation should indicate that the account was charged-off... and not open... But that doesn't preclude EQ from listing that the account is open, even though it is not.... With the other two CRAs it is at least possible to see whether there is any thing negative with the trade line, instead of trying to guess as to whether or not the trade line may have a negative that we can not see with the naked eye. EX -X- and TU's splitting negative/positive trade lines to different sections of the report helps make that at least a little bit easier. If you are a member of PG, you may want to pull the PG report to see how it looks through PG, since then it will tell you whether or not EQ is reporting the account status as "open" or "closed", and whether there may be any negative notations which you may not be able to see in the native EQ report. IF the re-aging made the account into a totally positive trade line, then Hedwig would be right, you don't want to touch it... But that is a big IF...
No, the "account transferred or sold" doesn't mean it's charged off. It can mean that, but it can mean that it's been transferred or sold to a different bank, as so many are these days. This is Citibank/Sears. The accounts were transferred or sold from Sears to Citi. The notation will be there to indicate that there may have been a previous account. In my case, the account number has stayed the same, so it's the same entry. If Citi issues a new card with a new number (which they may when it renews), the new entry may show up as another entry with a different number, and you could trace if from the account sold one to the new one.
I have several mortgages that are "transferred or sold." Same mortgage, different servicer. You can actually pretty much follow the trail. There may be some overlap or gaps, but it's usually within a few months. For example, opened Oct 1995, Lender A, amount $100,000, payment $1100, pays or paying as agrees. Account transferred or sold. Perhaps a last reporting date, perhaps not, depends on how they report. Then find lender B, amount $100,000, payment $1100, opened March 1996, pays or paying as agreed. Perhaps this is the last entry, or perhaps it's transferred or sold and another entry appears. I have 6 mortgage listings on my report, only 2 are actually open.
