Can I remove a charge off if I PIF?

Anonymous · ‎04-19-2016

I'm in the midst of rebuilding my credit. So far I've been able to get about $15,000 in available credit with 9% utilized (working to pay that off too). I have A LOT of inquiries dropping off within the next 6 months (I admit this was my worst problem) and an accidental 30-60-90 late pay finally dropping off (I really did think I had auto pay set up!) There is one blemish on my report left and it was charge off from Verizon Wireless. It was sent to Jefferson Capital Systems. I know I should have contacted Verizon first but in the end I PIF with Jefferson Capital. My report shows paid/closed with Jefferson but open/collections with Verizon. Is that something I have to live with? Is there a way to get the Verizon part removed or at least also reporting as paid/closed or at least closed? Any help would be appreciated. I'm new to the forums and fairly new to actually caring about my credit. Thanks!

RonM21 · ‎04-19-2016

It may take time, but I seem to think the Verizon part should go away. If not, you may be able to dispute it or have it changes to paid.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

TRC_WA · ‎04-19-2016

@Anonymous wrote:
an accidental 30-60-90 late pay finally dropping off (I really did think I had auto pay set up!)

Not to derail the thread but I'm curious how that happens...

I don't use autopay on anything... but if I did... lets say my car payment for instance... $600.

If the $600 DIDN'T vanish from my checking out on the due date... I'd probably think something was wrong and I'd catch it at most within 24 hours because I check my account daily.

I'm baffled as to how you can accidentally have a 30-60-90 day late... especially given the fact that the lender would probably be contacting you to inform you of your late status well before 30 days anyway.

FICO8 current as of : 4-17-24 EQ: 724 TU: 707 EX: 706
Hard INQs last 12 months: EQ: 5 | TU: 8 | EX: 9
Verizon Visa $8500 Amex Delta Reserve $10,000 Care Credit $18,000
NFCU CashRewards $7500 Apple Card $7000 Best Buy $8000 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) 6.95%
NFCU motorcycle loan (2024 Harley Davidson Road Glide - Alpine Green & Chrome) 9.45%
Total CL: $64,000 --- Total CC UTI: 27% --- AAoA: 5.5 years --- Income: $200k
Last app: 4-6-24

Anonymous · ‎04-19-2016

Credit card payment. I missed a $30 payment a couple of times. If it were something like a car payment, for sure I'd catch that but at the time, I was having a lot of trouble making ends meet. So, for me, it was an easy miss. Just happy to put that behind me.

RobertEG · ‎04-19-2016

Once you paid the debt collector, they were requred to have promptly notified the OC that the debt was paid, and the OC was required to have promptly updated therir reporting to show paid, closed, $0 balance. They were not requried to delete any reported delinquencies or the charge-off.

Lack of update to closed, paid, $0 balance is a formality that you can dispute and get corrected, but it wont compel deletion of the charge-off or improve your scoring.

Their reported CO will remain either until it has become excluded at approx 7 years after the DOFD, or you can obtain a good-will deltion from Verizon.