     ersha (Ersha) | Monday, January 29, 2001 - 02:04 pm 
I defaulted on a credit card 8/97. The company charged it off, reporting it now as a chargeoff/past due and sold the account to Commercial Financial Services, Inc., who filed for bankruptcy 6/99.
Now I'm trying to fix my mistakes and clean up my credit report as much as possible. I had 4 charge-offs and I've negotiated payoffs on 3 so they are now reported as paid chargeoffs. I just found out that my 4th chargeoff was sold to CFS, who's no longer in business.
What can I do to get this 4th account to read paid/chargeoff on the original creditors report when I don't have a creditor to negotiate with? The original credit card company wants nothing to do with my problem because they sold the account. |
| Christine Baker (Admin) | Monday, January 29, 2001 - 03:16 pm
Are you going to get a mortgage?
If you don't, you're wasting your time and money paying these charge-offs.
I would start by DISPUTING the CFS charge-off. If they verify, you'll know who to pay. |
| ersha (Ersha) | Tuesday, January 30, 2001 - 06:55 am
Yes, I'm trying to get approved for a new mortgage and to have the charge-offs show as paid is the only way to get this done.
How do I dispute the CFS charge-off when CFS is no longer reporting it. What's reported is the original credit card company stating charged-off/past due on the Experian report and Collection records/open account on the Trans Union report.
I'm looking at the 2 credit reports right now and the Trans Union report does reference CFS as the account holder, it's Experian that just refers to the original account. |
| ersha (Ersha) | Tuesday, January 30, 2001 - 07:17 am
CORRECTION: I was looking at an old Trans Union report. Both Experian and Trans Union are only reporting what has been reported to them by the original credit card company. |
| ersha (Ersha) | Tuesday, January 30, 2001 - 07:28 am
I just spoke to a Trans Union customer service rep and they said it's better for my file to show transferred to another lender and $0 owed.
Is it better for my report to read that way or is paid charge off better? |
| MV (Mel) | Tuesday, January 30, 2001 - 09:26 am
You need to dispute the account that is being reported by the original credit card company. Since they sold the account, you probably cannot get any info from them and they will probably not discuss it with you. So, file the dispute with Exp and TU and tell them it's "not my account." The original company PROBABLY will not have the record so they will not be able to verify it and the CRA's will have to delete it. Then it won't show up AT ALL in your report which is much better than a paid charge off. |
| Christine Baker (Admin) | Tuesday, January 30, 2001 - 10:01 am
Yes, agreed. Also, TRANSFERRED with a 0 balance is much better than a paid collection. |
