Charge Off Resurrected

How to Handle a Reinstated Charge Off

I have an account on my credit report that I have three credit reports stating paid in fact in the notes on one it states payment made after charge off.

This bill is from back in 99 and honestly I can't remember if I paid it or not.

But now all of a sudden...right before it is supposed to be dropped off my credit they put it back on as unpaid and last del of 9/05.

Will it still be dropped or will it be on for another 7 years? Can I use to old reports stating that its paid to dispute....should I even contact them???

Help! I'm trying to buy a house and this sucks.

Thanks for you time!

Jennifer

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If I understand your letter correctly, you have an old charge off that has been resurrected.

The old credit reports showed that payment was made after a charge off. The new report shows the charge off is unpaid.

You are going to have to contact your creditor and find out what the true story is. If the charge off is unpaid and the debt is still collectible, the mortgage lender will likely force you to repay it.

If the debt is from 1999, it should not be collectible due to expiration of the statute of limitations. However if you made subsequent payments or a judgment was entered against you, the debt might still be collectible.

Find out if you paid the bill or not. If the credit report has incorrect entries, you can have it corrected following the instructions Your Credit Report.

If the creditor is trying to collect an uncollectable debt, you might have to hire an attorney or credit counseling firm to help you straighten this out. Try to get together all your old bills and canceled checks so a determination can be made if the statute of limitations has expired.

If you have no proof, you will be at the mercy of the creditor and an attorney would be of great help.

I don't think old credit reports will be accepted by the mortgage lender as proof that you paid the bill. They will do their own credit check and make their own determination. You will have to produce proof that the current credit report is wrong in order to prevail.

Since you are trying to get a mortgage now is the best time to clear this all up. It could wind up costing you much more than the amount of the if you choose to ignore the problem.

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