My husband has 1 negative TL on EX. It is a listing by Sears. They sold the account to RMA. It is listed as a charge off with a $0 balance. It has been re-aged by 2 months, so I disputed with Experian as re-aged. They "verified". I have some questions about this. First of all...would a mortgage lender see this as an unpaid charge off even though it says $0 balance? Second, should I dispute this again with EX as settled with CA? Or should I provide them copies of the old Sears statements proving that it was re-aged? Perhaps a phone call?
No. At one point both Sears and RMA were reporting. I disputed as duplicated and they removed the RMA. Left the Sears. We really want to refinance in April. This item is due to come off in 9/2003, but should be off in 7/2003.
Had 2 charge accounts report the same way. The mtg co. still requiring proof paid in full. The accounts were from 01' no collections showing, only R9 account sold or transferred.
If the account is that old and the mortgage company want proof it's paid off I'd go to a new mortgage company.
my sis got her mortage refin while disputing 2 accounts with Eqx, when she apply the mortage, the lender pull the report that has note "in dispute", then they just ask her to write a letter explaing that wasnt her, that is under investigation blah blah blah...so she closed last week...with 5.40%@15year..
Is there any other way to dispute this? They sold to RMA. I sent validation to RMA because they were reporting to EQ. They could not validate, so they deleted. Could I go back and dispute on those grounds with EX? I would really like this off. Our only other option would be to 1)try to refinance with it on or 2)provide proof of re-aging and refinance in July. I'm not sure what I should do. Honestly, I can't even understand why the lender would care. It's way past SOL in my state. They couldn't even sue for it at this point.
I know lots of people that got loans with charge offs 2-3 years old. I would consider a new lender. Check and see if the fact that they can't validate will put the lenders mind at ease.
I haven't sent a validation letter to Sears. It is my understanding that OCs do not have to validate. Should I try anyway? Also, we have to use this one lender until 9/2003. We got our subprime loan almost 3 years ago. If we refinance through anyone else before September, we must pay about $9000 in a pre-payment penalty. They haven't said anything about this TL yet, as they haven't pulled our credit yet. But they did say that we must qualify under the Fannie Mae requirements...which say no unpaid charge offs.
I think I would deal directly with the CRA and not the OC. If you have proof of the actual date of delinquency that led to the charge-off you should be able to sumit this to the CRA with your dispute letter. After you send it call them every day and ask if they have received it yet and bug the crap out of them. Oh wait a minute...did you say this is past SOL? going back to re-read your post.
Re: Re: Please help - Sold Charge Off Okay....I'd do the above with the CRA and if you are SURE this is SOL you can rattle Sears' cage for them too.
Re: Re: Please help - Sold Charge Off It is past SOL for a lawsuit. Technically, I think the legitamate 7 year reporting period is through 6/2003. Date of first delinquency was 7/1996. We don't have all of our statements, so I'm not quite sure. DOFD may have been as early as 6/1996. I think at this point we are going to submit these statements from Sears as proof of re-aging and accuse EX of not properly validating, asking to speak to their legal department. This is worth suing over.
