I had a card with Bank Of America that was charged off, then payed in settlement. It's reporting differently on all three reports and I don't think that any of them are correct, but I'm not quite sure how it should be reporting. I tried to dispute as 'not mine' with all three bureaus, but it came back verified. Currently on Transunion it's reporting as having a $4100 balance with $208 past due. Clearly this is wrong, because it's been settled (and has been since around 8/05). Currently on TU it's showing no payment history at all. The past due part is not helping my score at all. I just disputed it with TU and said that it's showing a balance and a past due amount and that neither are correct. On Equifax it's showing that it was charged off in 9/05 (which is pretty close to correct) and that it has a $0 balance, however it's showing 120 days past due every month from 10/05 until 10/06. This is 12 120 day late payments that are obviously incorrect, since it was settled long before those were reported. Other than the not mine dispute above I haven't tried to dispute this again. How should I dispute this? Finally, on Experian it's showing a $0 balance, however in the payment history it has a Charge Off notation every month from 06/05 until 08/06. Are they allowed to do that or should it just show charged off once? Also, it's showing that $7000 was charged off, however this is also not true - at the time of the settlement the total balance was about $7000, but I paid about $4000, so only $3000 was actually charged off. Again, other than 'not mine' I haven't tried to dispute this again. How should I dispute this? Thanks much, Brett
Need a few details to tell you how it should be reporting now: Did you settle with BoA, or with a collection agency? When exactly did you settle this account? A charged off account should state "Charged Off" in the "account status" description. It should also state "Sold/Transferred" in the description if it was sold/transferred to a collection agency. If the account was settled directly with BoA it should show a "Paid/Settled" notation in the status area. A charge off should show a $0 balance if it is transferred to a collection agency. If it is a "held in house account" it can still show the last balance. Under the "Date Of Last Activity" it should show the date your settlement payment was processed. What is critical in the account reporting is the "Date of First Major Deliquency", this is the date where the account first became "late" and was never brought current. The "Charge Off" date should be roughly six months later than this date. This date is critical for the statute of limitations for reporting on your credit reports. As for "payment history", an account can continue reporting as "CO" in the history, it just shows nothing changed in the account status. If you did not receive any documentation at time of settlement payment, you should request it now from BoA. You can also request a "credit letter" from BoA as to how BoA is reporting the account to the credit reporting agencies. I would get the letters first, then review each account again as reporting. Dispute each incorrect detail in general terms (i.e. payment history incorrect, Date Of Last Activity incorrect, Date of First Major Deliquency missing, etc.)
It was settled with BoA before it went to a collection agency. I made two or three payments to settle the account, but the last payment was in 8/05 On EX it says â??Paid in settlement/Account charged off. $7000 written offâ? (which is wrong â?? the balance was $7000 m but I paid $4000 in the settlement) On TU it says â??Charged off as bad debtâ? and nothing about the settlement. It also lists the balance as $4000 and a past due amount of $208 On EQ it says â??Charge Offâ? in the current status field, it also says â??Additional information â?? settlement accepted on this accountâ? EQ also shows 120 days past due every month from 10/05 until 9/06 It wasnâ??t transferred, but EX and EQ are showing a $0 balance. As I said before, TU shows a $4000 balance, which I believe is incorrect. The balance was $7000 and I paid $4000, so that should leave $3000. Iâ??m only seeing Date of Last Activity on EQ and there itâ??s showing 11/04. No complaints there I did get a letter from BoA saying that they accepted the settlement and that they consider the account paid in full. I donâ??t have a credit letter. What exactly is a credit letter and should I request one? If I request one now am I running the risk of them bringing my file out of archive and making it more likely for them to verify a dispute? Iâ??ll spend some time tonight looking at whatâ??s reporting and see where I should start disputing. Thanks again, Brett
A "credit letter" is BoA's own term for a written report of how your account is reported to the credit reporting agencies. Go to the BoA cardservices website, you will see the link to request the report for your account.
