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Hello
So I am currently rebuilding my credit. I have a baddie that really needs to get cleared up from a BoA credit card that has been charged off and sold! ughhh
Here is what it looks like on all 3 CRA's
BANK OF AMERICA | |||||||||||||||
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Address Identification Number: | |||||||||||||||
Status: Closed. $1,025 written off. | |||||||||||||||
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Creditor's Statement: Purchased by another lender. |
Here is the debt buyers negative (same collection twice!)
ASSET ACCEPTANCE | |||||||||||||||
| Original Creditor: BANK OF AMERICA | ||||||||||||||
Address Identification Number: 0055621285 | |||||||||||||||
Status: Collection account. $1,080 past due as of Oct 2012. | Status Details: This account is scheduled to continue on record until Aug 2016. | ||||||||||||||
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So anyways what is the best way to deal with this??
So far I have tried PFD with Asset Acceptance. They are not having it. I have tried PFD with Bank of America. They are not having it and claiming that Asset Acceptance is now handling the Acct. Uggh.
What are the chances of getting these both removed or atleast one of them. Is any of this dispustable? It looks so bad to lendors
At this point in the game I don't think you're going to be able to negotiate a deletion with just one party. There was probably a window where BOA still owned the debt even in charge off status, but at this point they deemed it uncollectable by their means and sold it off. The charge off status is more of an internal dealing, where they assume the money is lost. Once it was sold off, they updated the balance to $0, but the tradeline will remain for 7 years from the date of first delinquency. The CA now owns the debt, thus the balance is still listed at $1080. This is still held to the same DOFD for both CRA exclusion and SOL, which it may or may not be out of.
Your best best is probably to continue to negotiate the PFD with the CA. Be mindful of the SOL. There are two reasons for this. If you are still within SOL, you are still able to be sued. If you are out of SOL, there is less leverage the CA has to work with, and thus might be more open to PFD. Once the account is paid in some fashion, you would then start GWing BOA.
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@rightcoast wrote:Hello
So I am currently rebuilding my credit. I have a baddie that really needs to get cleared up from a BoA credit card that has been charged off and sold! ughhh
Here is what it looks like on all 3 CRA's
BANK OF AMERICA
Address:
PO BOX 982235
EL PASO, TX 79998
No phone number availableAccount Number:
48XXAddress Identification Number: Status: Closed. $1,025 written off.
Date Opened:
10/2008Reported Since:
10/2008Date of Status:
12/2009Last Reported:
02/2012
Type:
Credit cardTerms:
NAMonthly Payment:
$0Responsibility:
Individual
Credit Limit/Original Amount:
$500High Balance:
$1,025Recent Balance:
$0 as of 02/2012Recent Payment:
$0Creditor's Statement: Purchased by another lender.
Here is the debt buyers negative (same collection twice!)
ASSET ACCEPTANCE
Address:
PO BOX 1630
WARREN, MI 48090
(800) 614-4730Account Number:
12XXX....Original Creditor:
BANK OF AMERICAAddress Identification Number:
0055621285Status: Collection account. $1,080 past due as of Oct 2012. Status Details: This account is scheduled to continue on record until Aug 2016.
Date Opened:
02/2012Reported Since:
04/2012Date of Status:
03/2012Last Reported:
10/2012
Type:
Debt BuyerTerms:
1 MonthsMonthly Payment:
$0Responsibility:
Individual
Credit Limit/Original Amount:
$1,025High Balance:
NARecent Balance:
$1,080 as of 10/2012Recent Payment:
$0
So anyways what is the best way to deal with this??
So far I have tried PFD with Asset Acceptance. They are not having it. I have tried PFD with Bank of America. They are not having it and claiming that Asset Acceptance is now handling the Acct. Uggh.
What are the chances of getting these both removed or atleast one of them. Is any of this dispustable? It looks so bad to lendors
Trust me; lenders are used to seeing this
Charge offs get sold to CA's, and they report to both.
If Asset Acceptance isn't going for the PFD, I would suggest paying it and trying to GW it.. then after paying it, you could also GW BoA and see if they would be willing to remove..
There isn't anything improper; there is nothing I can see really disputable.
-scott
The OC had a debt due to them. They took two actions to recover a part of the debt, both by means other than receipt of payment from the consumer.
First, they declared the debt uncollectible, thus permitting them to remove the debt from their accounts receivable, and to receive a tax writeoff for the debt.
A charge-off is an internal bookeeping measure on the part of the creditor, and does not alter the consumer's responsibility for the entire debt, or the ability of the OC, their heirs, or assigns, to continue to collect the entire debt.
So the unpaid debt still potentially had the collection value of its entire amount. However, having been determined as most likely being uncollectible, and having already recouped a portion of their loss, they sold it for a huge discount. The purchaser thus has a relatively high risk gamble... the potential to collect the full debt, but the lower liklihood of consumer payment.
The OC is entirely out of the picture, having salvaged what they could. They cannot accept any payment. Based on the tortured, at least in their view, account history, it will probably be a bit difficult to exude their GW in deletion of that account history.
A PFD to the new owner can at least atttempt removal of the collection. However, it wont remove any reporting done by the OC.
Future review of your CR will thus leave some unanswered questions even with the debt collector reporting deleted...... the showing of a charge off by the OC, their sale of the debt, and then no record of how or if it was ultimately paid. Apt to raise the question, until the OC reported is finally excluded, of what happened to the debt........
That is very unfortunate news for me. Even if i pay the CA and get them to delete the OC will still and always remain on my report. They will accept GW because they sold the debt and took their loss. My only chance in my eyes is asking BoA to bring back the debt somehow so I can pay them. Chances = slim to none!!
will not accept GW*
It's been sold, not assigned, so you are correct, there would be no way to pay the OC in this scenario.
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Moral of the story.... charge-offs can be a sign of impending debt collector involvement.
Once a debt collector reports, neither can agree to deletion of reporting made by the other.
Sounds like a lose-lose situation. Unfortunately. Bank of America was bailed out why Cant I!!! I may ask them to buy the debt back from the CA