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Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012
0

Bank of America Charge Off Sold to Asset Acceptance

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 available 
Account Number:
48XX
 
Address Identification Number:

Status:  Closed. $1,025 written off.  
Date Opened:
10/2008
Reported Since:
10/2008
Date of Status:
12/2009
Last Reported:
02/2012
Type:
Credit card
Terms:
NA
Monthly Payment:
$0
Responsibility:
Individual
Credit Limit/Original Amount:
$500
High Balance:
$1,025
Recent Balance:
$0 as of 02/2012
Recent Payment:
$0
Creditor'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) 614-4730 
Account Number:
12XXX....
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. 

Date Opened:
02/2012
Reported Since:
04/2012
Date of Status:
03/2012
Last Reported:
10/2012
Type:
Debt Buyer
Terms:
1 Months
Monthly Payment:
$0
Responsibility:
Individual
Credit Limit/Original Amount:
$1,025
High Balance:
NA
Recent Balance:
$1,080 as of 10/2012
Recent 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


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: Bank of America Charge Off Sold to Asset Acceptance

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.

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
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WalMart CC $2400
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Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Bank of America Charge Off Sold to Asset Acceptance


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 available 
Account Number:
48XX
 
Address Identification Number:

Status:  Closed. $1,025 written off.  
Date Opened:
10/2008
Reported Since:
10/2008
Date of Status:
12/2009
Last Reported:
02/2012
Type:
Credit card
Terms:
NA
Monthly Payment:
$0
Responsibility:
Individual
Credit Limit/Original Amount:
$500
High Balance:
$1,025
Recent Balance:
$0 as of 02/2012
Recent Payment:
$0
Creditor'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) 614-4730 
Account Number:
12XXX....
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. 

Date Opened:
02/2012
Reported Since:
04/2012
Date of Status:
03/2012
Last Reported:
10/2012
Type:
Debt Buyer
Terms:
1 Months
Monthly Payment:
$0
Responsibility:
Individual
Credit Limit/Original Amount:
$1,025
High Balance:
NA
Recent Balance:
$1,080 as of 10/2012
Recent 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 :smileyhappy: 

 

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

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Mega Contributor
RobertEG
Posts: 18,158
Registered: ‎03-19-2007
0

Re: Bank of America Charge Off Sold to Asset Acceptance

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........

Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012
0

Re: Bank of America Charge Off Sold to Asset Acceptance

Thanks for advice! I really appreciate it

Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012
0

Re: Bank of America Charge Off Sold to Asset Acceptance

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!!


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012
0

Re: Bank of America Charge Off Sold to Asset Acceptance

will not accept GW*


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: Bank of America Charge Off Sold to Asset Acceptance

It's been sold, not assigned, so you are correct, there would be no way to pay the OC in this scenario.

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Mega Contributor
RobertEG
Posts: 18,158
Registered: ‎03-19-2007
0

Re: Bank of America Charge Off Sold to Asset Acceptance

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. 

Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012
0

Re: Bank of America Charge Off Sold to Asset Acceptance

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


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL

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