I have an account appearing on all three reports with Radio Shack. I disputed it on all three reports, but it came back verified on all three. The account was opened in 12/95 and no payment was made (long story... I was 18). The balance is now $165 after all the interest and everything... I know it is stupid. Anyway, I mailed 2 letters offering payment for deletion and never heard anything back. I did not acknowledge the debt in those letters, but made it clear that I did not acknowledge it. I finally tracked down a phone number to call and spoke with a very nice lady. I said I would be willing to pay $50 for deletion instead of going through the whole validation process since the amount is so small. She said the lowest they could go is 60% ($99). She told me that Citibank will not accept payment for deletion. Does anyone have any input on this claim concerning Citibank? She also said that it is scheduled to fall off my reports in 8/03, but could stay on longer. She said they can keep it on for 7 to 10 years! WTF? She also said I should not pay it! She stated that if I paid it, then it would stay on my report for another 7-10 years from today! She said she did not agree with that, but that is what her manager tells her. Anyway, I told her that was against the law. She asked that I fax her something showing that (from the FCRA or something) so "we" can prove that to her manager. I am trying to find out what to do. My wife and I are in the mortgage process and were told this account needs to be taken care of. Our house closes on August 15th, so I don't feel that I have time to do the whole validation thing. Please write back with any advice and/or opinions on how to handle this. Thanks... Dan
http://www.ftc.gov/os/statutes/fcra.htm Check out the above link for the FCRA (also in the board's FAQ) If you can contact this same woman again, use this to show her what the law really says. The longest that derogotory info can stay on your file is 7 years. After that, it SHOULD come off your report automatically. I think the concern here is that, after you pay, the account might be updated with "Payment after chargeoff" instead of "chargeoff". You late payments will come off normally, but the account could still be reported an additional 7 years because of the update in status. It would still be considered a derogotory account, and not much better than it is now. The best thing for you at this time is to get the account deleted completely. Unless they will agree to delete for payment, it may not be in your best interest to pay at all. If you really want to get the account off before the 7 years, maybe you should try the usual verify/validate process. I'm sure that other people on this board are better informed than I, so maybe someone will give you better ideas. Good luck!
This has been addressed several times. Paying an account does not reset the 7 year clock. Your best bet is to send the validation letter. Gib
I know that... she apparently doesn't. I guess I am just sort of looking for advice on how to handle this considering the mortgage. Dan
Re: Radio Shack / Citibank... HELP Some mortgage companies will ignore a past derog IF it's been paid. Since it's only $165 - IN THOSE CIRCUMSTANCES ONLY - would I tell you to pay it. If it's only $165 - and it means your mortgage... then yes paying it might be the best option. The problem being with that is that if they KNOW you are going for a mortgage - they know they've "got" you and aren't likely to go for deletion. Otherwise, I would tell you to dispute it with Radio Shack/Citibank. I think I still would get online and do it immediately with the bureaus! (use another reason than you did the first time. i.e. if you said "not mine" dispute as "never late" or something else. THEN, also send a validation letter to Radio Shack/Citibank today. This is an old account that would have come off next year and it's likely that they cannot validate it. If you got online today and disputed it - they have 30 days to validate and you might make it. You might not as many verify any way - and you are running short on time. However, that would help you get it off your report for the future. The good news is that paying it is NOT re-starting the clock, so you would not be stuck with another seven years. If anyone has better advice- or if I am wrong - please speak up! Mommy2cats
Re: Radio Shack / Citibank... HELP Dan, Here's one other thought. Citibank was wonderful in deleting an old chargeoff for us via a goodwill letter. Here's the link to the letter which we faxed. http://consumers.creditnet.com/stra...=&postid=193780&highlight=goodwill#post193780 If you decide to go this route, it would be wise to use this letter just as a guide. You don't want it to appear that this is a "form letter to clean up your credit." I would also offer to pay in full, they may take you up on it, they may not, but it sounds like the money isn't the issue, you just need to get rid of the derog. Now, one other thing. I get confused about who is Citi NA and who is Citi USA. Mine was for Citi NA. If others are aware that Radio Shack is Citi USA and that this address wouldn't work, please correct me. All the best! DemPooches
