I had an account with Cross Country Bank (now Applied Credit) that was charged off back in either September 2002 or December 2001, depending on which credit report you read. A few credit companies tried to collect on it thru the years but could never validate and would then drop it. My Equifax and Trans Union have now deleted it on their reports after my last dispute as it has run the 5 years. It was never paid and has been SOL since 2006 (State of GA is 4 years). Recently, I noticed it still on my Equifax report and disputed it. Dispute came back as verified and it now says it will stay on my credit report until Feb 2009 and that it was discharged in 2004!! What can I do about this as it certainly was not written off in 2004, but back in 2001 or 2002? Can anyone please help in directing me as to how to handle this from this point on? Thank you in advance.
From my experience with this company.. and with the CRAs, it would appear that the CRAs contact the company the company says yes it is valid and that is how the CRA reports it. I paid off an account with this company over 4 years ago, they never reported it paid,(it was actually settled for about 75%) but that small balance grew to about $2200 (fees and interest) I sent letters with all proof of the settlement, the offer, the acceptance and the receipt of funds and acknowledgement it was settled in full. Despite all documentation, and several disputes, the CRAs just took Applied Banks word for it. There was/is no real investigation. Anyway since I did settle it, and they were falsely reporting a balance as well as a charge off.. I wrote a letter of complaint to my Attorney General who referred me to BAnking commissioner in Delaware. I finally got a letter stating they will delete it. Good luck..
Remember: SOLs don't have anything to do with how long a negative account can stay on your credit report. A negative account will stay on your credit report for seven years, even though the SOL - ability of the creditor/collection agency to sue/collect from you is 4, 5, or 5 years.
The Feb 2009 date indicates they are reporting a DOFD of about Feb 2002. Who knows what the "discharged in 2004" means. They aren't reporting you filed some kind of BK are they?
