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BoA Charge Off

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iyoulow
Valued Member

BoA Charge Off

Hi all,

 

There is a joint account with my ex on my reports which was charged off in 1/2010. The charge off amount was $968 but the balance has been increasing ever since. It is currently $1600. What is the best way for me to improve this entry? Is it worth attempting a PFD?

 

Thanks

Credit Sesame (EX) - 7/2013 - 639, 9/2013 - 658, 10/2013 - 676, current - 670
Credit Karma (TU) - 7/2013 - 580, 8/2013 - 591, 9/2013 - 607, current - 635
USAA Experian Credit Check - 8/2013 - (EX) 609, (EQ) 634, (TU) 601
9/2013 - (EX) 639, (EQ) 649, (TU) 605 - 3/2014 - (EX) 652, (EQ) 641, (TU) 631
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1 REPLY 1
RobertEG
Legendary Contributor

Re: BoA Charge Off

There are two basic issues.

One is preventing further damage, and the other is addressing damage already done.

 

Taking of a charge-off does not affect the continued obligation of the consumer for the entire debt, including continued assessment of interest.

Paying the debt addresses no longer haiving an unpaid delinquent debt, ceases any further accrual of interest, and if done prior to sale or referral of the debt to a debt colelctor, the addition of a collection to your credit report, or possible legal action.  It can get worse.

 

However, paying the debt does not remove the reporting of their having taken the charge-off.  If your credit score is also an issue, you can offer a PFD.

They dont have to agree to a PFD, and it might cause them to take other action, such as sale of the debt.

Whether to pursue a PFD is a personal decision.  If you offer and they decline, if you are then willing to simply pay in full, you could still do so.

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