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Contributor
Posts: 80
Registered: ‎02-28-2010
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Charge off from OC

I have HSBC GE Money and Capital One all reporting charged off on all 3 CRs because they sold my acct to a CA. Well no one has yet contacted me about the Capital One acct but as of Sept its been charged off. Is it possible for any of these companies to delete it from my credit report? I am trying to fix my credit because of course I want to get a mortgage soon. Anyone have any luck or any advice? All is appreciated.


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Registered: ‎04-15-2011
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Re: Charge off from OC

Are there any CAs reporting on these too?  You could try to GW them,  but chances are slim, and even slimmer if unpaid.

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Epic Contributor
Posts: 20,904
Registered: ‎03-19-2007
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Re: Charge off from OC

Selling of the account to a debt collector and charge-off of the debt are unrelated.  It was not a charge-off because it was sold.

 

If the OC still owns a debt, they can do an internal bookeeping measure to transfer the unreceived asset to a business loss, and thus reduce their tax oblitation.

They can only do such an accounting measure while they still own the debt.  Doing a charge-off is an internal business issue, and does not affect the consumer's continued obligation for the entire debt, or the ability of the OC, their assigned debt collector, or any party purchasing the debt from attempting to collect the entire amount, and to report their collection to the CRAs. So no status vis-a-vi a debt collector can be inferred from the CO.

 

Yes, the reporting party can always agree to delete their prior reporting.  While the OC still owns the debt, you can provide incentive for them to delete by offering to pay the debt in exchange for their agreement to delete.  A PFD offer.

However, if and when the OC sells the debt, you can no longer offer any payment to them, PFD or otherwise.

So it might be wise to contact them with a PFD offer before a debt collector gets involved.

 

 

 

 

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: Charge off from OC


RobertEG wrote:

Selling of the account to a debt collector and charge-off of the debt are unrelated.  It was not a charge-off because it was sold.

 

If the OC still owns a debt, they can do an internal bookeeping measure to transfer the unreceived asset to a business loss, and thus reduce their tax oblitation.

They can only do such an accounting measure while they still own the debt.  Doing a charge-off is an internal business issue, and does not affect the consumer's continued obligation for the entire debt, or the ability of the OC, their assigned debt collector, or any party purchasing the debt from attempting to collect the entire amount, and to report their collection to the CRAs. So no status vis-a-vi a debt collector can be inferred from the CO.

 

Yes, the reporting party can always agree to delete their prior reporting.  While the OC still owns the debt, you can provide incentive for them to delete by offering to pay the debt in exchange for their agreement to delete.  A PFD offer.

However, if and when the OC sells the debt, you can no longer offer any payment to them, PFD or otherwise.

So it might be wise to contact them with a PFD offer before a debt collector gets involved.

 

 

 

 


+1 in essence when the OC does a CO its a account write off that goes towards there tax liability (deduction according to WIKIPEDIA)...if the sell the debt to a company the no longer have the rights to the debt since the exchanged ownership of the debt 

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Regular Contributor
Posts: 133
Registered: ‎03-29-2009
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Re: Charge off from OC

I had a charge off removed from an OC, it was near impossible to get it done. They had to contact the CA and purchase the loan back in order to remove the entire tradeline.

It was the hardest battle in my credit rebuilding. Just remember it's possible!!
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: Charge off from OC


AJC1987 wrote:
I had a charge off removed from an OC, it was near impossible to get it done. They had to contact the CA and purchase the loan back in order to remove the entire tradeline.

It was the hardest battle in my credit rebuilding. Just remember it's possible!!

That is insane....but if you think about it lets say your CO was 10k and the sold it to the CA for $$500 bucks and you called up offering the full 10k the probably couldnt call the CA fast enough haha... How long was it since the account from OC was CO??

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Regular Contributor
Posts: 133
Registered: ‎03-29-2009
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Re: Charge off from OC

On mine it charged off in '07 and it was paid off completely in early '08. I was in a pretty bad car accident and was in the hospital and none of my bills got paid for a while. I went all the way up to the presidential offices of GE MoneyBank and they are the ones that got it removed about two weeks ago.
Contributor
Posts: 80
Registered: ‎02-28-2010
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Re: Charge off from OC

I spoke with one of the OCs today which is Nationwide bank that has reported a charge off to the CR. The woman I was spoke with told me they would not take off the charge off if anything all they'll do is put it as settled or paid in full. she did however give me a address to write someone to see if they will take it off but she said she doubts it. I will still try anyway. Next I am waiting to hear from Cap One since they still own the acct as well. has anyway had any luck with HSBC as far as deleting a charge off after they have sold the acct?


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