Chase PFD Denial - now what

[lahtiji]

I had my hopes up when I received a call from Chase Card Services' Executive Office yesterday in response to an e-mail I'd addressed to the CEO, and after a letter offering a PIF (just over $1,200)  in exchange for removal of all negative information on an old WaMu CC that was charged off in May 2009.

Just got off the phone, and they're again claiming they won't remove. I thanked the representative for his time, and was off the phone in under a minute. No point in hearing any rationale, because it seems pointless. And I don't want to hear a word about "the integrity of the credit reporting system" from a bank that wholesale stopped suing to collect on debts because there was enough doubt about the validity of their own documents.

At this point, what? Wait a month and contact the same person again? The line ages off in October 2015, and that's a long way off. This is my biggest baddie.

I'm just stumped. From a business standpoint, the loss they took on the original CO must be more valuable to them than the income, which they can now never hope to recoup as it's outside the SOL.

[TrishN]

i still send it again and again with a bit higher offer ! 

[lahtiji]

Thanks for the response.

I've twice offered the amount they're reporting: >$1,200.00 on what was initially an $800.00 line. The offer is to make good on the obligation they claim. I'm fine with paying a debt. I'm not fine with bribing them.

[Rain77]

Just to clarify - did your letter say remove negative information?  They could be thinking you mean remove any lates.  I'd try again, offer to PIF and  for deletion of the tradeline/account.

[TrishN]

you have nothing to lose. if you have $ then just play game with them. you may try send mail to chase on your CR and send letter to EO send 2-3-4-5 mail at 1 time. keep doing it until you get to right person. 99 times they turn you down,but you need 1 times for them to say yes. your Debt may be still in SOL,but if you have money on hand,then that is good for fighting . i remember i sent over 100 mails to CO, they return over 20 of them,finally they said yes. took me 4 months, ^^

[lahtiji]

Thanks. That must be the term of art that's tripping this up: I did say I'll pay $1200 if we can agree to remove any negative information.

Heck, if they want to delete the account altogether, that would be fine with me.

[lahtiji]

I'll try again in a couple more weeks and offer the same amount if they just delete the account altogether.

Thanks for the clarification. I can't believe I missed the distinction.

[RobertEG]

+1

Provided you are willing to lose the age of the account.  Often less significant than the removal of derogs.

The CRA policy pertaining to non-deletion, incorportated into their credit reporting agreements, only applies to deletion of adverse information under an account, not the account itself. 

Account deletion would also be a practical business move on the creditor's part, as it removes any possibility of any future comsumer disputes under the FCRA pertaining to any reporting.

[lahtiji]

Provided you are willing to lose the age of the account.  Often less significant than the removal of derogs.

Good point. My AAOA is 9 years 7 months, with a total credit history 22+ years. This account was opened in July '07. 

It is one of two baddies reporting a balance (and they do report the same balance month in and month out), I'd say it's probably worth the loss of the account to my aging. It's off by the end of 2015, so if it were gone tomorrow, I'd still have 18+ months to garden and recover.

[Rain77]

I wouldn't wait.  If you still have the number of the person that called, I'd called back.  I got my deletion over the phone - spoke to the them on Friday, gone by Monday!

Good luck!