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new chargeoff date=reaging account??
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Posted by piggybank (208.180.110.77) on September 19, 2003 at 01:08:22:
Can an OC be guilty of 'reaging' a paid account by changing the date of chargeoff?
Example: Account went delinquent in 97, was closed and charged off in 98. Account was paid in full in 2000. OC never reported acct paid in full until I disputed with them in 2/2003. OC changed acct to 'settled', left the DOLA as 8/97, but changed the chargeoff date to FEBRUARY of 2003 (prior to this time it's first chargeoff date was 3/98). I ask this because this OC seems to know very well what they are doing... the credit reports that I get from EQ, EXP and TU show only the DOLA and settled. BUT, when I applied for and was denied credit based on this tradeline alone, I was given a LENDERS copy of my credit report and on there, the only information about this account that is listed was 'settled for less than full amount' (no date) and 'cargeoff P&L/bad debt 02/03, date of status 02/03'. Obviously this severely damaged my credit scores and the lender told me (is also sending me a letter of denial per ECOA) that they couldn't approve me because the OC was reporting this account as a chargeoff just this year.
I think I've got a pretty strong case for reaging here (Oh,I've got them on dozens of other violations, too, but this reaging and denial of credit would be HUGE), but, it seems to me that there is alot of confusion as to whether or not changing the chargeoff date actully reages an account. The consensus seems to be that if the DOLA (date +7yrs acct drops off) does not change that the account can not be considered as 'reaged'. While, that may be true, the OC has indeed reaged this account in the eyes of lenders. Can anyone help shed some light on this for me??
Thanks!
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