Charged Off. Now what?

[SmellyMonkey]

I have a tradeline that was charged off on 08/2007 according to my credit report. What does that mean? What can I do about it? I am in FL so the SOL is 4 years (I learned that thanks to this forum!)

[Blue Demp]

I was told today by a few folks to dispute the TL as "obsolete". Hope that works for you!

[cv91915]

What does your CR show as the DOFD (and is it accurate) and/or how long does your CR say that this item will report?

[SmellyMonkey]

I honestly do not know; I am still not used to reading those reports. This is what is showing:

 

Experian:

Reported delinquencies: 07/2008=R6,06/2008=R6.

Account closed by consumer

last paid 12/2007

 

TransUnion:

Account closed by consumer

 

Equifax:

Last Reported delinquencies: 07/2008=R5,06/2008=R5,05/2008=R5.

Account closed at consumer request

 

Now, I have another credit report, by TU through myfico, that states

Pay Status: Charged Off

Date closed: 08/29/2007

Date paid: 12/04/2007

Last payment made: 12/04/2007

Estimate month and year that this item will be removed: 07/2014

 

Does any of that help answer your question? And, what do those R5 and R6 stand for?

Edited October 8, 2013 by SmellyMonkey

[cv91915]

Yes, that helps. This tradeline will report until 7/2014... Unless you dispute early it as obsolete.

 

There's plenty of content on this board for obsolete disputes.... Read up. It's probably a few months early to do that so you have some time.

 

Here's a quick primer on R codes: http://www.ehow.com/info_7742175_r3-credit-report.html

[SmellyMonkey]

Thanks for the info. Haven't found enough info yet but am still searching. How soon should I be considering disputing it?

[cv91915]

Thanks for the info. Haven't found enough info yet but am still searching. How soon should I be considering disputing it?

 

3-6 months early is conventional wisdom, with 3 months early being most likely to be successful across the board. There are additional discussions here about which bureau tends to drop things earliest (I mean, closer to the 6-month timeline than the 3-month one) if disputed as obsolete, but it's been too long since I performed mine to remember.

 

I made my decisions on how to do mine last year based on old posts, so I know the info is out there... I just can't remember any more than this.

[SmellyMonkey]

Thanks for the info. So I will set my calendar to dispute it by April 2014. And that should give me time to find all the info I need.

[SmellyMonkey]

Resurrecting thread, if I dispute as obsolete (http://creditboards.com/forums/index.php?showtopic=521705) too early, can I do it again later?

[moosetracks]

Resurrecting thread, if I dispute as obsolete (http://creditboards.com/forums/index.php?showtopic=521705) too early, can I do it again later?

 

Yes you can try it again.

[kcochran01]

Hello, I have two accounts that are closed. I believe that these are the dates they were opened.

 

Date Opened

09/01/2008

 

And it shows this as well

Status Updated

10/01/2009

 

Can I dispute this based off the Opened date or when the account was last updated.?

[tweak]

Hello, I have two accounts that are closed. I believe that these are the dates they were opened.

 

Date Opened

09/01/2008

 

And it shows this as well

Status Updated

10/01/2009

 

Can I dispute this based off the Opened date or when the account was last updated.?

 

Neither.

 

I assume these are negative accounts.

 

The important date is the Date of First Delinquency (DoFD).

The DoFD is listed on your Equifax (EQ) report.

The DoFD is the 30-day late after which you never again became current, leading up to when the account was charged off.

If you quit paying entirely, your report would show 30-60-90-120-150-180/CO.

 

If the negatives are late pays, but you brought it current and the account never charged off, do not dispute it.

The account will turn positive 7 years after the final late pay, and it will help your credit at that point.

 

 

You may want to start your own thread for personalized help to your questions.