Credit One & HSBC Chargeoff Questions

[coachb123]

Has anyone had any luck working with these guys on fixing chargeoffs?  If so what did you do?  Have any good addresses or e-mails of people I can send GW letters to?  I would be willing to pay off my outstanding balances.  Any chance they would reopen my account with all the bad info gone?

[RobertEG]

If the charge-off remains unpaid, then you have no chance of getting their good-will deletion of their reporting.  GWs only have a shot if the debt has been paid.

What you are probably referring to is what is called a pay-for-deletion (PFD) offer. You send them an offer to pay that is contingent upon their prior agreement to delete the charge-off from your credit report upon receipt of payment. 

How old is the debt? Has the SOL expired?  How long before it falls from your CR due to its own old age?

As to agreement to reopen the account, that is a bit tough.  A charge-off is predicated upon a statement by the creditor that the debt has reached a stage of delinquency such that it is now considered "uncollectible" on their part.  Having made such an evaluation of your willingness to pay in the past, I would not see them scampering to reopen the account.  And if they were to reestablish credit with you, they would require that you go through the normal credit approval process, including a pull of your credit report.  If approved, they would most likley not establish the new account under the date opened of the prior account, thus reducing your average age of accounts.

[coachb123]

Okay so what is the best chance I have of fixing these?  I have the money to pay them off so should I pay them off and ask for goodwill at the same time or what.  Not sure of the process or order of how to do things here.

What is the best case scenario here if I pay it off?  How will they mark my account to stop showing a negative?

[coachb123]

One other thing.  One of the accounts says closed-charged off, which I assume means I can still pay them, but the other says sold to another lender, which I assumes means sold to a collection agency.  However for the one that has been sold, I have nothing from a collection agency on that one, so does that mean I can still pay them?

[llecs]

Are CreditOne and HSBC reporting a balance other than $0?

If reporting a balance, all you can send is a PFD.  ETA...or pay in full, then send GWs at a later date.

If reporting a $0, then they sold it to a CA, who may or may not be reporting. If $0, all you can send is a GW.

If a CA is reporting the debt, then send them a DV. If they verify and you agree, then send a PFD.

BTW, if you send a GW to an OC who reports as a paid CO, when you know you didn't pay it, they may opt to forward your contact info to an unreporting CA, who might decide to then report. Slight risk there.