Charged Off Credit Card Account Tips
bcanes
Joined: 05 Apr 2004
Posts: 2
Posted: Mon Apr 05, 2004 7:07 pm Post subject: charged off accounts
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i have recently started to try and repair my credit, in doing so i found an account that was charged off by the original credit in 11/2000. this same account appears on my credit report under a new creditor (sherman acquisitions). should both be on my credit report? can sherman acq. open charged off accounts and apply more interest to the charged off account?
if one should be removed, which one? and finally, if i have had information taken on my credit report with one agency, does it apply to all of them?
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Author: NightStar
Posted: Mon Apr 05, 2004 8:10 pm
Post subject: Re: charged off accounts
bcanes wrote:
i have recently started to try and repair my credit, in doing so i found an account that was charged off by the original credit in 11/2000. this same account appears on my credit report under a new creditor (sherman acquisitions). should both be on my credit report?
Yes, both can be reported at the same time, but the original creditor is suppose to be reporting a zero balance now on the account, and the collection agnecy should be reoprting the balance owed now - in this case the original creditor sold the account to the collection agnecy.
Quote:
can sherman acq. open charged off accounts and apply more interest to the charged off account?
They can not add their own interest, but if the contract with the original creditor allowed for it then that is where the fees are being added. You can request debt validation from the collection agnecy on this account to prove it is yours and that they have a right to be adding them fees.
Quote:
if one should be removed, which one?
Dispute both accounts with the credit reorting agnecy - see if you can't get them bumped that way.
Quote:
and finally, if i have had information taken on my credit report with one agency, does it apply to all of them?
No, you have to dispute individually with each credit reporting agency, they do not share their results amoung each other.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Joined: 05 Apr 2004
Posts: 2
Posted: Mon Apr 05, 2004 7:07 pm Post subject: charged off accounts
--------------------------------------------------------------------------------
i have recently started to try and repair my credit, in doing so i found an account that was charged off by the original credit in 11/2000. this same account appears on my credit report under a new creditor (sherman acquisitions). should both be on my credit report? can sherman acq. open charged off accounts and apply more interest to the charged off account?
if one should be removed, which one? and finally, if i have had information taken on my credit report with one agency, does it apply to all of them?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Mon Apr 05, 2004 8:10 pm
Post subject: Re: charged off accounts
bcanes wrote:
i have recently started to try and repair my credit, in doing so i found an account that was charged off by the original credit in 11/2000. this same account appears on my credit report under a new creditor (sherman acquisitions). should both be on my credit report?
Yes, both can be reported at the same time, but the original creditor is suppose to be reporting a zero balance now on the account, and the collection agnecy should be reoprting the balance owed now - in this case the original creditor sold the account to the collection agnecy.
Quote:
can sherman acq. open charged off accounts and apply more interest to the charged off account?
They can not add their own interest, but if the contract with the original creditor allowed for it then that is where the fees are being added. You can request debt validation from the collection agnecy on this account to prove it is yours and that they have a right to be adding them fees.
Quote:
if one should be removed, which one?
Dispute both accounts with the credit reorting agnecy - see if you can't get them bumped that way.
Quote:
and finally, if i have had information taken on my credit report with one agency, does it apply to all of them?
No, you have to dispute individually with each credit reporting agency, they do not share their results amoung each other.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:21 PM
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