05-16-2017 07:35 PM
BOA charged off $1,150 sometime in 2014-2015. (exact date unknown for sure). CR's say it comes off in Dec 2021.
I called BOA last year, wanting to make payment on this account. BOA tells me they sold it.
I received notice in the mail from a CA verifying that the CA has the debt. I ignored the letter.
Last month, a new CA (Gatestone) now has the debt. (So the debt has been sold twice)
None of the CA's are reporting this debt
BOA is still reporting this account, with a balance, with an alert that I am over my $1000 line of credit AND reporting a "Failed to Pay" mark for each month.
Here is my Question:
If I offer, in writing, a settlement to the current CA (Gatestone) AND get a "Settled In Full" statement from Gatestone, then can I dispute the BOA with the Credit Agencies and have the item removed?
05-17-2017 07:37 AM
05-17-2017 03:19 PM - edited 05-17-2017 03:23 PM
Thank you for your reply.
I am planning on writing BOA a letter to see what exactly the status is with the account.
So if the account has been sold and I settle with a payment with the CA, then the best I can ask for is a "zero" balance?
05-19-2017 07:29 AM
Welcome to the forum SSkippy!
I actually have a similar situation with BOA. My account charged off in 2014 for $1135. It has changed CA's a few times and its currently with Credit Control. I also called BOA to see if I can pay it directly to them and they said no. However they are still reporting to my credit reports monthly. They still own the debt and they are using the collection agency to collect the funds. I plan to pay them in full next month so I can put it behind me, once that is done the account will zero out to $0 (paid in full). But to answer your question, if you own the debt, you should not dispute it because BOA still owns it.
05-20-2017 09:02 AM
Thanks for your imput.
If I settle for less with CA, then can I ask BOA to mark a "$0" balance?
If BoA sold the account they are required by law to report a 0 balance. I would file a direct dispute with them if they are not reporting it as 0. If they are reporting a comment that you are over the CL no biggie as long as its reporting 0 balance.
05-20-2017 12:45 PM
Reporting by a creditor of activity on their account is separate from the reporting by a debt collector of a collection.
Once a creditor sells a delinquent debt, they must update the current debt balance to $0.
The subsequent payment or nonpayment of the debt to the new owner has no bearing on deletion of prior payment history reported by the creditor.
There is no inaccuracy in prior reporting based on subsequent payment of the debt that would form the basis for a dispute relating to the OC account.
In fact, the CRA reporting manual clearly instructs that prior reporting not be deleted based on subsequent payment of a debt.
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