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oc reporting a balance when charged off

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Anonymous
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oc reporting a balance when charged off

Hi everyone, I am new to these boards and have a ton of questions but my first one is should a oc be reporting a balance on my cr when they have written it off as a loss. It is showing my outstanding balances as being high. I am doing a lot of research to try and raise my scores but more importantly to improve my over all credit.
 
Thank you
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Anonymous
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Re: oc reporting a balance when charged off



katrosmil wrote:
Hi everyone, I am new to these boards and have a ton of questions but my first one is should a oc be reporting a balance on my cr when they have written it off as a loss. It is showing my outstanding balances as being high. I am doing a lot of research to try and raise my scores but more importantly to improve my over all credit.
 
Thank you


Hi katrosmil, welcome to the forums.  I will give you some links that are full of info. Ask as many question as you need at any time.  
   This is a link for newbies & has the abbrevs that we all use and freq.requested threads.
 
As to your question:  The OC (orignial creditor) may report 7 - 7.5 years on your CR. What they report can change.  They will show a Balance after CO  until they sell the account to a CA.
 
They do not have to sell the account   they usually first assigned it to a CA to collect from you.
 
When this accures you will have 2 baddies showing  1 from the OC   and another from a CA!!
 
Dates are very important   the 7 years start at DOFD  or DOLA
 
Most states go by DOLA  for SOL (SOL  state set law as to time limit in which a creditor can file a lawsuit for a judgment)
 
IF you are thinking of cleaning up any baddies on your CR  there are some things that you need to know before starting.   Ready as much as you can on the threads.....ask as many questions as you need and know your SOL.
http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8   this is a simple SOl  BUT some states have been updated    if needed most of us have another link/
 
A simple dispute can wake a sleeping giant and you might be in worse trouble.
 
Take your time and do it right. There are many people here that will be happy to answer any questions that you have.


Message Edited by HappyDays on 03-09-2008 02:51 PM
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Anonymous
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Re: oc reporting a balance when charged off

Thank you so much for the reply. Would it be better to contact the oc and try to negotiate with them instead of the ca's then? These are for capital one.  Thank you once again
Message 3 of 4
Anonymous
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Re: oc reporting a balance when charged off

It is always better to deal with the OC....Crap1  is next to impossable to deal with. You would have to PIF   but keep in mind your SOL....crap1  will file suit in a heartbeat!!!!!
Message 4 of 4
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