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Capital One Reage and Hard Inquiry!


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Posted by anon (66.199.107.181) on December 17, 2003 at 09:44:13:

I've read various different scenerio's but have been unable to find the answer to my specific dilemma, and I'm slowly driving myself nuts.

Wife and I applied for a mortgage loan. A full factual was pulled last week, within 12 hours Capital One reinserted an account which I thought was charged off on 10/ 1996 to Ex. Coincidence?

Anyway, what the heck gives here? I’ve managed to hold onto all of my delinquent bills of seven years ago. I knew the ship was sinking and almost filed bk7 back then.

THE FACTS:

The account is originally Citibank, and my final balance is due now notice came in the Summer of 1996.

I received a collection letter from Capital Credit aka Capital One, October of 1996. My subsequent TU credit report states it was reported as a charge off from Citibank in October of 1996. It dropped off about a year ago, and then whamo reinsert as Capital One and reage on TU in November (successfully disputed off of TU) and brand new entry in December EX with a charge off date of December 2003! I’ve disputed the EX but I’ve got like way to much time for my comfort to wait and have heard horror stories of their investigative results.

MY QUESTION:

How do I do the math? Does it fall under the old FCRA rules, or has the amended FCRA which went into effect in 1998 grandfathered these older accounts in? I’ve looked at many postings and am quite thoroughly confused now.

By my math it shouldn’t be their at all since October of this year if I use the old FCRA rules! And how do I know the charge off date isn’t really 2003, and they’re applying the rules that the new FCRA fixed by waiting till the end in order to reage?

I’m so numb right now! Not to mention a phone call I placed with a promised 40% settlement amount that landed a hard inquiry on my EX credit report. I sure didn't give them explicit permission to do that, was my call implicit? It says for collection purposes on the hard inq.

My score has dropped 41 points, in the last seven days! I’m almost willing to just pay the settlement amount to be rid of this extortionist bu11$h-T, of course they’ve given me just 24 hours to accept the offer. I'm not sure I have a basis to play hard ball here, or if I even want to... do I just pay so we can move forward with the mortgage app sooner?



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