01-21-2013 04:02 PM - edited 01-21-2013 04:02 PM
I am trying to get pre approved for a mortgage and have one blemish left on my reports which is a BOA Credit Card chargeoff that was sold to Asset Acceptance. I contacted Asset Acceptance through the BBB and AG of Michigan for Debt Validation. The debt came back verified so I accepted that it was mine and called Asset Acceptance to make a settlement payment. Per their customer service, they can no longer accept payment or even speak about my debt due to being past SOL! I just pulled my credit reports and they are still reporting an unpaid collection under a "factoring company account." I am so frustrated since I am here to pay a debt and now your telling me I can't! Wake me up because this has to be a NIGHTMARE. They claim the debt is past SOL and they have to close the ACCT. This is so bad.
Are they going to report as a closed unpaid with 0 balance or what?? The original Creditor already reports as CHARGEOFF SOLD TO ANOTHER LENDOR!
Wow i didnt even get a chance!
Any advice be would greatly appreciated
01-21-2013 04:06 PM
Here is a snapshot of my credit report
BANK OF AMERICA
|Address Identification Number:|
|Status: Collection account. $1,080 past due as of Dec 2012.||Status Details: This account is scheduled to continue on record until Aug 2016. |
01-21-2013 04:06 PM
They can choose to terminate collection activity at any time. However, they must report a $0 balance if they will not accept payment. I would contact them again and request that they either take payment, or delete from your CR. They of course, don't have too, but worth a shot. The SOL has nothing to do with the debt termination, it just means they can't take you to court.
01-21-2013 04:10 PM - edited 01-21-2013 04:11 PM
So basically the debt will forever remain unpaid! This is horrible, I was hoping to pay it off and then they would report as paid and it would boost my score enough for an FHA loan. So my dreams are vanishing. Has to be something I can do!
Thanks for commenting
01-21-2013 04:14 PM
Actually, no, if they are reporting a balance on your CR,they have to accept payment. I've frankly never heard of a CA not taking money. It's just weird.
01-21-2013 04:21 PM - edited 01-21-2013 04:24 PM
01-21-2013 04:22 PM
Maybe it was the agent you spoke to. Maybe they had their terms mixed up. I agree with calling again to see what they say.
01-21-2013 04:28 PM - edited 01-21-2013 04:28 PM
Spoke to multiple agents and a supervisor, Was transferred back in forth from the compliance department to the Collection department. I am at a loss. Compliance department is now closed so I will have to call tomorrow. She said there is no way to make a payment on the debt since it is past SOL and they will ceasing collections and closing the account. She said the account would remain closed but could not give me an accurate description of what it will report as. She said I would need to talk to the compliance dept.
So will they just report a $0 balance status unpaid with a previous balance of $1080. If so what actions can take. She said they will not sell the debt.
With the balance closing out will this help my fico score.... Since it will help my DTI
01-21-2013 04:34 PM - edited 01-21-2013 04:35 PM
What was the DOFD on the account when it was with BofA?
What is the SOL in your state?
Is it possible that it IS out of SOL but still within the 7yr+180day credit reporting timeline.....
Best of luck to you!
01-21-2013 04:38 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.