Advice Please

[keepwhattime]

This morning my score dropped 56 points on Experian. I have a new charge off reporting that it was open 2-1-15, terms 1-month, account type- collections for 1261, last update 4-1-15. This is an old BOA account. I left them and went to a credit union back in 2009 that I forgot about. 

Can this new collection company put a new date on this collection? What should I do at this point?

Thank you in advance for any advice.

[keepwhattime]

***Bump**

[Anonymous]

Is the Charge-Off reporting as open by the OC or the CA?  If that's when the CA received the account, then the date is accurate.  It would still age off at the same rate as the original account, but the CA is reporting the date that the account opened in their office.

[keepwhattime]

Thank JayRohm for responding. Yes it was the CA that posted it. So should I worry about this or just let it ride?

I do have 3 CC and a loan that is new to help rebuild my account, just open within the last month. 

2 -Captial one - 500 unsecured. One secured Visa, one secured installment loan both for 1k both through credit union.

One Capital one and installment loan has posted so far. The other capital one  and visa has not posted yet.

Scores were EQ 669, TU 733, EX 670 before this hit.

[gdale6]

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@keepwhattime wrote:

Thank JayRohm for responding. Yes it was the CA that posted it. So should I worry about this or just let it ride?

I do have 3 CC and a loan that is new to help rebuild my account, just open within the last month. 

2 -Captial one - 500 unsecured. One secured Visa, one secured installment loan both for 1k both through credit union.

One Capital one and installment loan has posted so far. The other capital one  and visa has not posted yet.

Scores were EQ 669, TU 733, EX 670 before this hit.

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The CA can only report it for a max of 7,.5 yrs from the accounts DoFD as set by BoA this date cannot be changed and must be on file with the CRA no later than 90 days post reporting of the collection. The date of this year is the date they opened their collection and is proper reporting. If this doesnt have a lot of time left to report they most likely will update on a monthly schedule to keep your Fico depressed until it reaches CRTP. If you wish to settle I would offer them a PFD. You have the minimum new credit already to help building your profile.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

[keepwhattime]

gdale6 - thanks for responding. 

What is the right thing to do, settle if they will remove it?  Settle and it will show paid - does this have a major impact - damage already done? Or take a hit each month until it ages off?  Can I put a freeze on my account so they can not report it? I will not be applying for  mortgage until end of this year.

[gdale6]

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@keepwhattime wrote:

gdale6 - thanks for responding. 

What is the right thing to do, settle if they will remove it?  Settle and it will show paid - does this have a major impact - damage already done? Or take a hit each month until it ages off?  Can I put a freeze on my account so they can not report it? I will not be applying for  mortgage until end of this year.

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Well first thing is to ascertain the accounts DoFD or drop off date then you want to know what the SOL is in your state. Settling it as a paid CO does not improve your credit immediately but it stops the updating monthly and over time your score does rise. If it has less than a year or so to report you may just want to wait for it to drop if they wont agree to a PFD.  A freeze does not stop any reporting of debts they get right thru it.

[keepwhattime]

Thanks gdale, i will do so research tonight. 

Thanks again..