How do I remove a "charge-off" from my credit history?

Question

When I was 18 I got a Victorias Secret Credit Card and charged maybe 150$ on it. I am relatively sure it was paid down to what I thought was a zero balance, went off to college and never thought about it again. Now that I am 27 and trying to purchase my first home with my husband - I found that my credit has been seriouly damaged by this "charge-off" on my account as recent as last month!!!!! In 9 years I have never once been contacted to settle this debt, nor have I ever recieved a bill since about 1999. Yet still, there is sits - a giant black mark on my credit history for all to see. HOW DO I GET RID OF THIS? Do I contact Victorias Secret, do I contact the credit Bueru? Actually now that I am looking at it - it says
Last Reported Date:
01/2008
Responsibility:
Individual
Recent Payment:
$260

I have paid nothing, I have done nothing - how could I have a recent payment? I'm so confused and angry. WTF do I do?

Answer 1

You have some terrible answers here. You don't need any books to solve this issue, it isn't going to haunt you forever and you don't need to put on fraud alerts.



First, negative items fall off your report 7 years from the date of delinquency, so this listing should not even be there. You need to contact the credit bureaus and dispute this listing, saying that the 7 year period is up. Remember that NOTHING can reset the 7 year clock, it's spelled out clearly in the FCRA.



Chances are that it will be removed then, but just to be safe, at the same time, you need to send the collection agency a demand to validate letter, which requires them to provide all the accounting and signed contracts for this account. With this account being 9 years old, all those records are likely lost or not easily found and they will probably ignore the request for a debt this small.



By law, if they cannot validate a debt, they cannot report it to the credit bureaus. On top of that, even if they DO validate the debt you now have proof it is past the 7 year mark, which you can mail to the credit bureaus and again...your problem is solved.



If you follow the procedures listed, this matter will go away in no more than 60 days and if they don't cooperate you have grounds to sue them for violations of the FDCPA and FCRA.



This link explains the debt validation process.

http://creditinfocenter.com/rebuild/debt_validation.shtml



This is a flow chart that breaks down the process.

http://creditinfocenter.com/rebuild/debt_validation_workflow.shtml



Just some general information that may come in handy.

http://www.creditinfocenter.com/repair/



Feel free to contact me if you need any more help. I'm not a lawyer or credit counselor, just someone who understands the law, so my advice is always free. (Standard disclaimer for the spam nazis)

Answer 2

Have you ever thought that someone might have stolen your account?

recent payment form 1/2008 sounds fishy....if the last time you used it was in 1999.

I would have the credit agencies validate the debt.

they need to verify that this was your account and that you actually made these charges. Inactivity from 1999 would cause them to have closed your account in 2000.

Not sure what state you live in and this is important since the statute of limitations has probably passed.

This gives you some negotiating room.

you can offer to pay half the debt (if it WAS proven that it was yours from 1999) but you offer it with the stipulation that you will pay cash for clearance.

You MUST get this in writting...since they know that SOL has expired or is close to expiring (depending on your state) anything that they can get would be gravy. $130 is a small price to pay for the house of your dreams so dont let that stop you.....

further

if they refuse to take it off, be sure to place a statement of file with the credit agencies....at least they can understand what happened and will read it everytime your credit is pulled.



You might consider a local small town bank to finance you since some of them making lending decisions with in house underwritters.

Answer 3

Go to the credit bureau's website and request a verification of the credit card and the charges. There will be choices for you to choose that you want verified, such as that you have no knowledge of the card, that the account was paid in full, the account was closed, etc. It could have been a dead issue until a transaction (perhaps by someone using your identity) resurrected it in January.



Also, put a Fraud Alert on your account with all three credit bureaus. That at least shows that you have genuine concern for the activity on the account which may be by someone else.

Answer 4

The answers you have received from a few people are correct but here is the exact way to do it first you need to go to http://annualcreditreport.com were you are able to get a three reports free as you need to see exactly what all three are reporting if your buying a house. The exact laws that you need to know are here http://www.ftc.gov/credit .In most cases consumer reporting agencies must not report accounts that are 7 yrs old (1999) . If your in a hurry just send a letter to the credit report you are refering to disputing the account as aged you can find sample letters here http://www.creditinfocenter.com just print and send ,they also have all the information you will need to do all this. Good Luck.

Answer 5

unfortunatly for u a 'charge off' stays for a very long time (near forever).



u want to get info from credit reporting agency.

connect with VS and find out if , where ur account is . be persistant about this.

this may take some time.



if the original bill was 150 then 290 would be interest fees etc.

a charge off stay very long.



visit dave ramsey.com to learn the hard lessons from others mistakes.

Answer 6

The absolutely free reverse vin check sites generally provide fake information. To get real information, money will have to be paid. The free searches provide fake information so they can get your email address to send spam.



Stay away from shady reverse vin check sites, most likely you won't get any information after you make the payment. Not to mention you won't get a report and you won't get an answer if you try to call for a refund. Stick with a reputable reverse vin check site like http://www.reversevincheck.net that has been around since 1995.

Answer 7

I can recommend two books that could help you.



Nolo Press publishes a book called "Credit Repair," which you should be able to find at a good library.



Also, the book "Good Credit is Sexy" is all about how to have good credit.



Good luck.

Answer 8

I think you should nicely contact the company and ask them to remove the bad remark.



Be prepare for a long battle with them. Make sure to write down the "names" and "positions" of everyone whom you talked to at the company.



If one person cannot resolve the issue, ask to speak with his or her manager, and his/her manager, and his/her manager.



Document your conversation by sending follow up letters, and send the letters by Cerfitied Mail with Return Receipt or by Federal Express so you have "tracking records".



If this won't get you anywhere, be prepare to hire legal counsel.



I hope you can settle this matter with the company.

Answer 9

probably 7 years, if you can prove it is a mistake, less time, by the way who are these private lenders with names like nicole kidman answering some of these questions?

Answer 10

remove charge credit history: https://bitly.im/c17/how-do-i-remove-a-charge-off-from-my-credit-history