Lost Credit Card Statements?

I check your site every day for the most updated information.  I believe you have the best site on the web for credit information.

I had an old Capital One credit card account, with a perfect payment history, which I had not used for some time.  There was still a balance of $800 on it when it was sold to another credit card company. I was notified that the account was being transferred, and that I would be notified by the new account holder very soon.  After a few weeks had passed, I contacted Capital One, who told me that they could not give me any information, and that I would have to wait until I was contacted by the new debt holder.

After a couple more months (in March, 2007), I received a “Past Due” invoice in the mail.  I found out that evening that the credit card that had been issued, as well as all the bills and notifications that had been sent, were in the possession of a step-daughter who was living with me at the time.  The card had not been activated.  I called the number on the bill and paid the entire amount that day.  The credit bureaus show a payment history on this account of April and May, 2006, OK; June, 2006, 30 days late; July through December, 2006, OK; January, 2007, 30 days late; February, 2007, 60 days late; March, 2007, 90 days late.

I am trying to buy a business, and I feel like this account will prevent me from qualifying for a loan.  It is the only thing in the last seven years that is derogatory on my report. 

I am wondering if I should dispute the incorrectness of the reporting on this account, or whether I should just have a letter attached to each bureau report explaining the circumstances.  I am in a big hurry, and need advice as soon as I can get it.

Cheryl

———-

Hi Cheryl,

I’m not sure how the story adds up.  I understand the 30, 60, 90 beginning January 2007, but why was it late in June 2006? 

Anyways, I personally don’t recommend a consumer statement.  You might have more success with a goodwill letter.

And it’s important to note for others that the Fair Credit Billing Act has some important protections with regards to receipt of statements/disclosures/billing disputes.  Whether or not that would apply to this situation is moot as the FCBA has a one-year statute of limitations under the TILA.

Thanks for the questions and hope this helps.

Paul