SCREWCREDIT
Member
I'll truncate this and get the point as quickly as I can
Back in 1/97 I had was approved for a credit card when I opened an account at a federal credit union.. Up until 3/97 I paid the card ontime.. I was 18, due to incooperative parents I had difficulty holding my job and was unable to paid the card off.. it had a $1500 limit with a $1000 balance .. come 12/97 it had been charged off
At 19 I moved out of state (florida) temporarily to help my dad up north.. apparently someone attempted to serve me.. upon contacting the credit union several weeks after I learned someone had been to the house looking for me I contacted the credit union ready to pay back the debt I owed.. they advised me to contact their attorney and gave me the number.. when I called, I spoke to a lady "filling in" for the primary lawyer who brought up my name on her pc and said I had already been sued.. well I'm not sure how true that is..
a) they never served me.. they couldnt find me and were never told I was out of state.. they were simply told "i wasnt there right now"
b) I've checked public record.. I have not actually gone down to the county building to search the local database but the same online records are available for free and when searching for my name, no judgements or civil recordings are found
c) no such public records appear on any credit report
I think the lady was full of crap but theres always a slight chance I could be wrong and the case was proceeded with but for some reason never recorded in which case anyone would have an extremely difficult time locating the awarded judgement
Back to the story.. For years I suffered from denials on simple credit card requests due to this unpaid charge-off appearing on all 3 credit reports.. While the balance was not reported correctly, it was being listed as $2300 and change, I disputed it with Equifax several times.. Upon doing so, every 6 months I'd dispute it.. it'd come back accurate and remain in the state its being reported..
the last report date on the account was 3/2000 I believe.. A few months back I disputed the amount again.. this time I was shocked when Equifaxs investigation results concluded they had changed the account state from unpaid charge-off with a balance of $2300+ to "Closed by consumer" with a balance of $0 only indicating many late payments..
Well I figured there was a mixup in the reported state but I'm not going to say anything.. this is in my favor.. I attempted the same dispute tactic with Experian a month later.. however I received the investgation results which state "remains".. I have not yet attempted to correct or dispute the Trans Union data being reported.. but will shortly..
I really like the credit union I used to be at and as soon as the account defaulted my checking account privledges were immediately suspended.. my savings account is still active but I've obviously not used it since 1997.. I emailed the credit union and asked if I was ever eligible to open another account with them again.. they claimed anyone who defaults on a credit line or loan is eligible to reapply for as a member one year after the default as long as the debt has been paid back.. I'd like to reopen an account here.. so in order to do that I'd have to pay off the debt.. on the other hand, I dont know if its a good idea or not.. the credit union claims that if I open an account with them again they'll always be able to see there was a charge-off that occurred in 1997.. I forsee the first few lending requests being difficult and very guarded where as now with the loan I was approved for a few weeks back.. I'm offered free checking and have the opportunity to build a good relationship with them
I had 3 accounts with Bank of America.. decent balances, 1k-2k on average in one.. 200$-2500$ in another depending on the month and what my expenses were.. and about $400 in my savings.. I was a great customer for over 3 years.. great account histories, I dont write checks so I never had any overdraw problems on the account.. I applied for a credit card, denied.. I applied for the installment loan I finally just got, denied.. I applied for a SECURED CREDIT CARD.. DENIED due to "unpaid charged-off account".. give me a friggin break.. the debt is OLD and I've had other "secured loans" they granted me after the charge-off.. I currently have about 5k in the two accounts I now hold with them and I just looked and saw I was hit up for 2 5$ maintenance fees for not having one direct deposit a month in my checking and not maintaing more than 2k in my savings.. this bank sucks and I'm moving
Well here's how I look at this.. I know what has happened is my fault anyway you look at it.. and I've taken full responsibility for the damage I've done to myself.. even though I was young and depended on relatives to help me build a base for life, this is still my doing.. I didn't have to accept the credit card i was approved for.. but it was my first card and I was excited about it.. I do want to pay the debt back and in fact I may have to.. I'm going to the police academy in 6 months and most departments do pull credit reports upon hiring.. while credit doesnt disqualify you from employment.. if they see a 6 year old unpaid $2200 debt they may say something about it.. it's not illegal but it doesn't look good either.. at least if it was paid off they can see a mistake was made but it was corrected properly..
I'm not concerned really about the department or hiring process.. what i am concerned about is whether or not it's worth it to pay back this debt.. in 2 years it will expire from all my credit reports as it will have been 7 years from the date of the 1st deragotory report.. Because of Equifax's investigation results that were in my favor, I just now was approved for a 6500k individual title loan through a popular local bank with an "ok" interest rate.. I also was approved awhile back before the investgation results for a capital one 50$ limit kmart card.. I've been paying everything ontime and fully intend too.. Somehow months ago I was able to get a Verizon wireless phone with an "unlimited credit status" before any modifications were made to the delinquent credit card account
i believe the salesman pushed the sale regardless of the credit requirement.. cause I told him upfront I'd probably need to put a deposit down in order to get the phone knowing that credit account dinged my score..
here's something hilarious.. my credit score with equifax was 618 BEFORE the modification of the credit account in my favor.. after it was 642.. with Trans Union reporting the same data with the credit account showing charged-off and a balance of $2300.. my credit score shows as 522..
It's absolutely insane how one credit bureau can rate you 100 points lower than another.. The federal government needs to change regulation of consumer credit agencies because the way they do things is totally ridiculous.. you dispute an account and most of the time they simply "call" the reporting company and merely ask "is this account correct".. the company says "yes" and it stays..
anyway.. whats anyones thoughts on this? do I pay it and if I do, will it RESET or affect the accounts expiration date? it's supposed to be 7 years from the first delinquency so it shouldn't have any affect on it.. but if this happens the credit union will report to equifax a 0 balance but the state of the account will most likely change from being in my favor of "closed by consumer" to "charge-off" again.. it sounds risky
if I don't pay it.. and I demand the bureaus remove the account after 7 years.. to my understanding a debt never expires.. so can it be legally relisted for another 7 years if it does not have a 0 balance? also should the department I apply at after graduation pull all 3 credit reports, they may see the discrepancy in the account listings and be confused or ask questions about it..
not sure what to do.. help me out if you can
thanks
Back in 1/97 I had was approved for a credit card when I opened an account at a federal credit union.. Up until 3/97 I paid the card ontime.. I was 18, due to incooperative parents I had difficulty holding my job and was unable to paid the card off.. it had a $1500 limit with a $1000 balance .. come 12/97 it had been charged off
At 19 I moved out of state (florida) temporarily to help my dad up north.. apparently someone attempted to serve me.. upon contacting the credit union several weeks after I learned someone had been to the house looking for me I contacted the credit union ready to pay back the debt I owed.. they advised me to contact their attorney and gave me the number.. when I called, I spoke to a lady "filling in" for the primary lawyer who brought up my name on her pc and said I had already been sued.. well I'm not sure how true that is..
a) they never served me.. they couldnt find me and were never told I was out of state.. they were simply told "i wasnt there right now"
b) I've checked public record.. I have not actually gone down to the county building to search the local database but the same online records are available for free and when searching for my name, no judgements or civil recordings are found
c) no such public records appear on any credit report
I think the lady was full of crap but theres always a slight chance I could be wrong and the case was proceeded with but for some reason never recorded in which case anyone would have an extremely difficult time locating the awarded judgement
Back to the story.. For years I suffered from denials on simple credit card requests due to this unpaid charge-off appearing on all 3 credit reports.. While the balance was not reported correctly, it was being listed as $2300 and change, I disputed it with Equifax several times.. Upon doing so, every 6 months I'd dispute it.. it'd come back accurate and remain in the state its being reported..
the last report date on the account was 3/2000 I believe.. A few months back I disputed the amount again.. this time I was shocked when Equifaxs investigation results concluded they had changed the account state from unpaid charge-off with a balance of $2300+ to "Closed by consumer" with a balance of $0 only indicating many late payments..
Well I figured there was a mixup in the reported state but I'm not going to say anything.. this is in my favor.. I attempted the same dispute tactic with Experian a month later.. however I received the investgation results which state "remains".. I have not yet attempted to correct or dispute the Trans Union data being reported.. but will shortly..
I really like the credit union I used to be at and as soon as the account defaulted my checking account privledges were immediately suspended.. my savings account is still active but I've obviously not used it since 1997.. I emailed the credit union and asked if I was ever eligible to open another account with them again.. they claimed anyone who defaults on a credit line or loan is eligible to reapply for as a member one year after the default as long as the debt has been paid back.. I'd like to reopen an account here.. so in order to do that I'd have to pay off the debt.. on the other hand, I dont know if its a good idea or not.. the credit union claims that if I open an account with them again they'll always be able to see there was a charge-off that occurred in 1997.. I forsee the first few lending requests being difficult and very guarded where as now with the loan I was approved for a few weeks back.. I'm offered free checking and have the opportunity to build a good relationship with them
I had 3 accounts with Bank of America.. decent balances, 1k-2k on average in one.. 200$-2500$ in another depending on the month and what my expenses were.. and about $400 in my savings.. I was a great customer for over 3 years.. great account histories, I dont write checks so I never had any overdraw problems on the account.. I applied for a credit card, denied.. I applied for the installment loan I finally just got, denied.. I applied for a SECURED CREDIT CARD.. DENIED due to "unpaid charged-off account".. give me a friggin break.. the debt is OLD and I've had other "secured loans" they granted me after the charge-off.. I currently have about 5k in the two accounts I now hold with them and I just looked and saw I was hit up for 2 5$ maintenance fees for not having one direct deposit a month in my checking and not maintaing more than 2k in my savings.. this bank sucks and I'm moving
Well here's how I look at this.. I know what has happened is my fault anyway you look at it.. and I've taken full responsibility for the damage I've done to myself.. even though I was young and depended on relatives to help me build a base for life, this is still my doing.. I didn't have to accept the credit card i was approved for.. but it was my first card and I was excited about it.. I do want to pay the debt back and in fact I may have to.. I'm going to the police academy in 6 months and most departments do pull credit reports upon hiring.. while credit doesnt disqualify you from employment.. if they see a 6 year old unpaid $2200 debt they may say something about it.. it's not illegal but it doesn't look good either.. at least if it was paid off they can see a mistake was made but it was corrected properly..
I'm not concerned really about the department or hiring process.. what i am concerned about is whether or not it's worth it to pay back this debt.. in 2 years it will expire from all my credit reports as it will have been 7 years from the date of the 1st deragotory report.. Because of Equifax's investigation results that were in my favor, I just now was approved for a 6500k individual title loan through a popular local bank with an "ok" interest rate.. I also was approved awhile back before the investgation results for a capital one 50$ limit kmart card.. I've been paying everything ontime and fully intend too.. Somehow months ago I was able to get a Verizon wireless phone with an "unlimited credit status" before any modifications were made to the delinquent credit card account
i believe the salesman pushed the sale regardless of the credit requirement.. cause I told him upfront I'd probably need to put a deposit down in order to get the phone knowing that credit account dinged my score..
here's something hilarious.. my credit score with equifax was 618 BEFORE the modification of the credit account in my favor.. after it was 642.. with Trans Union reporting the same data with the credit account showing charged-off and a balance of $2300.. my credit score shows as 522..
It's absolutely insane how one credit bureau can rate you 100 points lower than another.. The federal government needs to change regulation of consumer credit agencies because the way they do things is totally ridiculous.. you dispute an account and most of the time they simply "call" the reporting company and merely ask "is this account correct".. the company says "yes" and it stays..
anyway.. whats anyones thoughts on this? do I pay it and if I do, will it RESET or affect the accounts expiration date? it's supposed to be 7 years from the first delinquency so it shouldn't have any affect on it.. but if this happens the credit union will report to equifax a 0 balance but the state of the account will most likely change from being in my favor of "closed by consumer" to "charge-off" again.. it sounds risky
if I don't pay it.. and I demand the bureaus remove the account after 7 years.. to my understanding a debt never expires.. so can it be legally relisted for another 7 years if it does not have a 0 balance? also should the department I apply at after graduation pull all 3 credit reports, they may see the discrepancy in the account listings and be confused or ask questions about it..
not sure what to do.. help me out if you can
thanks