[scdunlap]

I have an old credit card account on my report that is seriously delinquent. It was my first credit card in high school and I was very irresponsible with it. The account has long been charged off and up until today the account was supposed to be removed from my credit report in August of 2008. Now the report says that it has been purchased by another lender has no mention of when the account is to be removed and the date of status has been changed to reflect this year!! If anyone can please advise me of what steps to take I would greatly appreciate it. I’m guessing I will be contacted by some other collection company in the near future. Will the SOL and the 7 year reporting date start over brand new for this new company and is the debt basically going to restart itself.? I’ve pasted what my last report said and the most recent one below: thanks in advance for any help.

Cap One Bank - (what credit report said before)

Status Details:
This account is scheduled to continue on record until Aug 2008.
This item was verified and updated on May 2006.
Address:
PO BOX 85015
RICHMOND, VA 23285
(800) 903-3637 Account Number:
xxxxxxxxxxxxxxx....


Status:
Account charged off/Past due 150 days. $575 written off. $1,185 past due as of Feb 2008.


Date Opened:
12/2000
Type:
Revolving
Credit Limit:
NA

Date of Status:
04/2002 Terms:
NA High Balance:
$1,185

Reported Since:
05/2001 Monthly Payment:
$0 Recent Balance:
$1,185

Last Reported Date:
02/2008 Responsibility:
Individual Recent Payment:
$0


Your Statement:
NA Add Statement


Creditor's Statement:
Account closed at credit grantor's request.


Account History:
Charge Off as of Feb 2008, Jan 2008, Nov 2007, Oct 2007, Sep 2007, Aug 2007, Jul 2007, May 2007, Apr 2007, Mar 2007, Feb 2007, Jan 2007, Dec 2006, Nov 2006, Oct 2006, Sep 2006, Aug 2006, Jul 2006, Jun 2006, May 2006, Apr 2002
150 days as of Mar 2002
120 days as of Feb 2002
90 days as of Jan 2002
60 days as of Dec 2001
30 days as of Nov 2001, Jul 2001

(The account now reads

Cap One Bank
Address:
PO BOX 30281
SALT LAKE CITY, UT 84130
No phone number available Account Number:
xxxxxxxxxxxxx....
Address Identification Number: xxxxxxxxxxx
Status:
Transferred,closed/Account charged off. $575 written off.
Date Opened:
12/2000
Type:
Revolving
Credit Limit:
$200 Date of Status:
04/2008 Terms:
NA High Balance:
$1,195 Reported Since:
05/2001 Monthly Payment:
$0 Recent Balance:
NA Last Reported Date:
04/2008 Responsibility:
Individual Recent Payment:
NA
Creditor's Statement:
Purchased by another lender.

[Enigma]

It will still fall off in August. Late July dispute as obsolete.

[apexcrsrvc]

Correct. Keep an eye on your reports for inquiries. This will probably indicate who purchased it and you can head it off at the pass so to speak.

[centex]

There was a change to the account, specifically that it was sold. The updating to reflect that event is NOT reaging.

As enigma and apex noted, it should still fall off in a timely fashion and might even disappear with a dispute as obsolete. Some have been able to get rid of CrapOne a few months early that way...

You might actually see a score bump by the way...having that charged off balance out of the way should be viewed in a positive manner by the algorithms.

[scdunlap]

Thanks everyone. I'll be sure to dispute it when August roles around. I was just scared because it used to have the date of deletion right in the notations and then that just disappeared. I'll keep an eye out for new inquiries as well. There was no score bump though-at least not on Experian. I'll have to get my report and score from Equifax and Transunion as well.