If there is an account (line of credit from a bank) listed on credit report as open, showing a 90 day past due balance of $212, but no activity since 11/97, what are ones options, for getting it removed? I've been trying to explain to a co-worker that FHA will make him ante up the money because even though it is old and inactive, it is still listed as an open deliquent account and they won't allow it. I told him he could end up paying the entire balance himself if he wants to get approved, even though it was a joint account with an ex-girlfriend. But, I could be wrong. Any thoughts, advice or suggestions?
Dispute Dispute Dispute All it takes is one instance where the OC does not verify the debt to the CRA within the 30 days and it's GONE. Or..... Patience Patience Patience It will fall of all by itself in December 2004, per FCRA.
He has NOTHING to lose by disputing it. It is past SOL and is almost ready to fall of due to the seven-year mark. Start your dispute now and if it does not come off then dispute it again around June or July of 2004, as â??obsoleteâ? and it should come off then. There is a very good chance with the account being so old that he can get this thing off with his first dispute.
