Need help with old charge-off

[Sharkboy]

Hi everyone, I've been hanging out in the forum for a few weeks and have learned so much from all of you. I started rebuilding my credit a couple of years ago after I crashed and burned back in 03.

Recently I pulled my CR's and found an old Providian CO on my TU and EX reports. I had completely forgot about it since I have only been looking at my EQ reports which doesn't even show this account on it. I'm sure it's mine although I don't agree with the balances.

EX Original limit $5,850
High Balance $8,708

TU Original limit $5,900
High Balance $8,708

I don't believe this card had a limit anywhere near $5000 and the high balance is obsurd. It went delinquent 9/03 and charged off 3/05. It never went to collections, I'm guessing it was "misplaced" when Wamu took over.

I'm afraid to dispute this, because it might awaken the sleeping giant. I settled all my other debts but can't really afford this one. It is scheduled to fall off 07/2010. What should I do?

Thanks in advance

[chane]

Originally Posted by Sharkboy

Hi everyone, I've been hanging out in the forum for a few weeks and have learned so much from all of you. I started rebuilding my credit a couple of years ago after I crashed and burned back in 03.

Recently I pulled my CR's and found an old Providian CO on my TU and EX reports. I had completely forgot about it since I have only been looking at my EQ reports which doesn't even show this account on it. I'm sure it's mine although I don't agree with the balances.

EX Original limit $5,850
High Balance $8,708

TU Original limit $5,900
High Balance $8,708

I don't believe this card had a limit anywhere near $5000 and the high balance is obsurd. It went delinquent 9/03 and charged off 3/05. It never went to collections, I'm guessing it was "misplaced" when Wamu took over.

I'm afraid to dispute this, because it might awaken the sleeping giant. I settled all my other debts but can't really afford this one. It is scheduled to fall off 07/2010. What should I do?

Thanks in advance

Since it appears to be about 5 years old, you should check with your states statute of limitations. It may not be legal for them to collect on it anymore. If it's past the SOL, dispute the hell out of it.

[Olisellana]

Originally Posted by chane

Since it appears to be about 5 years old, you should check with your states statute of limitations. It may not be legal for them to collect on it anymore. If it's past the SOL, dispute the hell out of it.

So how do you know if it is past the SOL? I mean like me I'm in Germany does it go by where I currently live or by my place of residence being i'm in the military. Also wondering how he would dispute that to have it taken off his credit report. He still owes the money but if it is past the SOL what purpose does that serve?

[chane]

Originally Posted by Olisellana

So how do you know if it is past the SOL? I mean like me I'm in Germany does it go by where I currently live or by my place of residence being i'm in the military. Also wondering how he would dispute that to have it taken off his credit report. He still owes the money but if it is past the SOL what purpose does that serve?

It would go by the state in which you opened the account. The laws discussed at this site are all US laws, so if you opened it in Germany, I have no idea.

He would dispute it with the CRAs. He still owes the money technically, but LEGALLY they can NOT attempt to collect on it anymore if it is past the SOL. So, disputing it with the CRAs wouldn't wake the sleeping giant (OC or CA).

When we talk about "waking the sleeping giant" we're talking about: If he disputes it and still owes on it, that could piss off the creditor and they could sue you and then you would have to pay it and there would be a judgment on your credit report. Judgments are negative marks that can stay on your report for 7 years.

OC = original creditor
CA = collection agency
CRA = credit reporting agency or consumer reporting agency
SOL = statute of limitations

[Sharkboy]

Thanks for the info Chane, I opened the account in GA (4yr SOL) but now live in AZ (3yr SOL).

Is the SOL based on when it went delinquent or the date of the CO?

Can they still sell it to collections?

How should I dispute it? I don't know what to say, the thing is legit except the interest and fees on it is unreasonable.

Would it be stupid to go to them and ask for a second chance? Re-open the account and let me pay it as a new CC? I have a perfect history with Wamu on my other card.

[chane]

Originally Posted by Sharkboy

Thanks for the info Chane, I opened the account in GA (4yr SOL) but now live in AZ (3yr SOL).

Is the SOL based on when it went delinquent or the date of the CO?

Can they still sell it to collections?

How should I dispute it? I don't know what to say, the thing is legit except the interest and fees on it is unreasonable.

Would it be stupid to go to them and ask for a second chance? Re-open the account and let me pay it as a new CC? I have a perfect history with Wamu on my other card.

I'm not familiar with all of the different state laws, but I think the SOL is based on when it went delinquent. You'll have to check your state's law to be sure.

They can still sell it to collections, but your legally not obligated to pay it if it's over the SOL.

Dispute it the same as you would any other account. Don't give them a reason, just let them know that you would like to dispute it.

You could try talking to them, some creditors are cool and will try to work with you; most of them won't. I'd rather deal with an OC any day over a CA, though.

[CreditCrisis]

I have two collection items on my account that do not have the creditors info on them. They have all other info, (ie: dates, status and account number) but no creditor info. How do I go about disputing or paying these accounts? How the heck do i found out what they are for?:confused:

[scorch]

Originally Posted by CreditCrisis

I have two collection items on my account that do not have the creditors info on them. They have all other info, (ie: dates, status and account number) but no creditor info. How do I go about disputing or paying these accounts? How the heck do i found out what they are for?:confused:

You can send them a debt validation letter.

[scorch]

And dispute with the CRAs too. Sorry.

[CreditCrisis]

where do i send them? I got my credit report thru identityguard.com and they dont tell you which CRA is reporting the info. and when i go on EQ's site, it tries to have me validate my info, but then tells me it cant. freaking annoying!!!