Oc chargeoff

Mar 112011
 

If an oc sells a debt to ca can the oc report a balance or is the oc lying to me in saying they sold the debt.

Why removing a Charge-Off isn’t always a good thing!

Dec 022010
 

Today, DW’s last CO (CapOne) naturally fell off on EQ as the DOFD hit 7 yrs. It was reporting 1 60 day late and 4 other lates 90 days or worse on EQ and reported as a paid CO. It was never paid, but CapOne sold the debt and after a zillion GWs and even PFDs post-sell off, we let it go.

 

I played mental ping pong as to whether or not we wanted it off early. The lates are bad, as is the CO itself, but this was her oldest revolving TL by over 5 years. Well, it fell off today and in anticipation of a pending demise, I pulled her FICO scores on 11/29 and again today after seeing the change. Her EQ FICO dropped 8 points! Yeppers, the length of history helped more than the CO and lates hurt. When engaging in repair with respect to OC accounts, don’t always be eager to get those old COs removed. You can sometimes lose points when removing old COs.

 

BTW, for any FICO scoring folks, the AAoA remained unchanged and she wasn’t rebucketed because she still has a CA reporting. It was her 3rd oldest TL, but oldest revolving.

 

Who to contact OC or CA?

Sep 222010
 

This is likely answered somewhere in this forum, but I wasn’t able to find anything specific to my situation.  One of the OC’s showing on my credit report is First Premier Bank, but they sold the debt to Arrow Financial Services.  Both are listed as collection accounts.  I’ve contact Arrow via DV and PFD letters, but the First Premier Bank account is the one showing 3 late payments.  Do I contact First Premier Bank with a GW to remove the late payments (or the entire account?) or will it get removed if I get Arrow to remove the collection account?  I’m a newbie to this forum so forgive me if I didn’t follow forum protocols exactly.  Thanks for the help.

uncollectible debt (disputed) help

Jul 242010
 

I generally have good credit and had a rating over 800 prior to action taken on a disputed debt.  I am thinking about challenging/disputing the debt, again.  But, will this help or might it hurt?

 

The debt is from when I rented an apartment over 6 years ago.  The property management company wanted to charge me for cleaning the carpets and some other routine cleaning.  I took the position that my $200 “redecorating” deposit covered just that and that there was no other provision in the lease.  So, for the last 6 years or so there was a debt from the property management company that I disputed with the credit reporting agencies.  That was my only debt, other than my house (and stil is) and I had great credit scores.  About a year ago, the property management company must have sold the debt to a collection agency.  It showed up as a “new” debt that went to collection because I told the company to pound sand.  The staute of limitations has run and the debt is uncollectible.  My score dropped by over 100 points and is very slowly climbing back up, but only by a few points.  I was about to dispute the debt with the credit agencies, but thought I would ask for some collective wisdom first. 

 

Thanks in advance

Related Blogs

Fixing my credit, anybody want to review my plan, and give me ideas

May 072010
 

First off, my Fico score (Equifax) is 660.  Its better than I thought it would be. (and equifax doesn’t have data on my current credit card, which I have never missed a payment on in 2 years, so my other 2 scores are probably better)

 

Here is the Bad:

DRS/Bonded collection sys

Amount owed: 65.00

Placed for collection 3/2007

Date of removal 4/2013

 

Portfolio Recovery

Amount Owed 1,388

Date for collection 11/2007

Date of removal 5/2013

 

Chase-Charged off as bad debt

Will be removed 4/2013

(This was sold to portfolio recovery, Above)

 

The first thing I am trying to do is settle the 65.00 amount.  I sent them a certified letter stating that I would like to ‘pay for delete’.  If they accept it(in writting), I’ll gladly pay it, and follow through to make sure its deleted. 

 

The second thing I did was file a debt validation with Transunion.  (over chase and portfolio recovery). 

 

————

I still need to send a dispute validation to Equifax and Experian.  Should I send it directly to the creditors as well? 

 

My plan with the 65.00 amount is if they will not PVD, I would file a dispute validation with them as well.  If that comes back positive, do I have any other options?  I have no problem paying the debt, I just don’t want to loose any leverage.

 

Since Portfolio recovery is a bigger company, are they usually willing to PFD?  If so, what percentage of payoff do you think they woud offer?

 

Do I have any chance of getting the data from chase removed.  Since they have sold the debt, they have no reason to work with me, so I don’t have any ideas what to do when the DV comes back.

 

Also, I’ve read that you must submit a DV within 30 days of first contact.  I haven’t heard from any collection agents in 2 years, or so, does that make me ineligable for DV?

 

 

 

CAP ONE and DOLA Question…So my last DOLA was on …

Apr 052010
 

Date of last activity  Jun, 2006

 

Cap one sold the debt to NCO. (must have because bal is zero for Cap One).   

 

The statute of limitations run out in 3 yrs in my state.

 

How do I determine if the 3 years is up? Is it determined by the DOLA from the original acct from Cap One? Or NCO?

 

I’ve had the NCO item deleted through validation so I can’t really see the DOLA for NCO.