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New Contributor
guardmama04
Posts: 61
Registered: ‎10-12-2012
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Credit One...charge off's

does anyone have email information they can send me for Credit One bank via PM....secondly, when dealing with Charge off's what is the best way to get the charge off and orginal creditor off of the CR? I have macys/ jcpenny and Credit one that are charge off's from 2008 and would love to get those removed. Thanks for any help that can be provided!!

In My Wallet: Barlclay NFL $4500 | Capital One Secured $300 | First Progress Secured $300| Walmart $600| New York & Company $500| Kohls $300| Discover IT $3000| Sears Citi|$4000|Walmart $800
First car lease $370 month August 2013
Signed First Mortgage August 2013
Starting Score: 581 EQ
Current Score: 658 EQ
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Established Member
cubs4wsn2012
Posts: 20
Registered: ‎11-30-2012
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Re: Credit One...charge off's

sent you a pm for cred one info!

Regular Contributor
coachb123
Posts: 119
Registered: ‎12-04-2011
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Re: Credit One...charge off's

Could you pm me the same info please.
New Contributor
guardmama04
Posts: 61
Registered: ‎10-12-2012
0

Re: Credit One...charge off's

Thank you so much for your help!!

In My Wallet: Barlclay NFL $4500 | Capital One Secured $300 | First Progress Secured $300| Walmart $600| New York & Company $500| Kohls $300| Discover IT $3000| Sears Citi|$4000|Walmart $800
First car lease $370 month August 2013
Signed First Mortgage August 2013
Starting Score: 581 EQ
Current Score: 658 EQ
Goal Score: 750
Established Member
cubs4wsn2012
Posts: 20
Registered: ‎11-30-2012
0

Re: Credit One...charge off's

sent!

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
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Re: Credit One...charge off's

As for dealing with charge-offs....

 

First, they are an internal bookeeping measure they took, and are not removed based on any subsequent payment status or collection of the debt.

They are excluded per the FCRA after 7 yrs plus 180 days from the DOFD on the OC account.  Earlier exclusion requires voluntary deletion by the creditor (unless, of course, you can show that the CO was itself improper).

 

Once having reached CO status, the creditor gets a tax writeoff with the IRS, so recoups a portion of the unpaid debt.  Many will then, based on their determination that the debt is most likely uncollectible, attempt to recoup a little more by selling the debt at a discount, and thus ending any future attempts to collect.

 

The primary tool for attempting earlier deletion is by offering to pay the creditor in exchange for their voluntary deletion.  PFD requests  require that the creditor still owns the debt, as they cannot accept any payment on a debt they no longer own.  So if PFDs are the plan, it must first be determined whether the OC still owns the debt.

That is usually found by looking at the current balance they are reporting, with $0 indicating they have sold the debt.

 

If the OC has sold the debt, then the consumer must rely on requests to them for deletion based on their good-will.  Having taken a net loss on the debt, that is usually difficult to obtain.

 

Once a debt collector reports, either based on assignment by the OC of collection authority or by purchase of the debt, the reportings of the OC and debt collector are separate.  One party can not agree to deletion of the reporting by the other. 

A PFD offer can still be made to the OC if they still own the debt, but the collection would remain unless voluntarily deleted by the debt collector.    If the debt collector has purchased the debt, any PFD offer must be made to them,  leaving the deletion of the CO at the discretion of the OC.

 

It is thus important to attempt deletion before they hire or sell to a debt collector, as that complicates the process.

 

New Contributor
guardmama04
Posts: 61
Registered: ‎10-12-2012
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Re: Credit One...charge off's

Thank you for the explination, I am a little confused on how Macys is reporting. They show as a chargo off and a blalnce due of $288--however the person they "sold" it to doesnt show up on any of my credit reports...they first told me to call city financial then they transferred me to Northland group. I actually can still login to my macys account page today online (i tried an old email) This account is from 2008. I don't want to pay a company that doesnt even reflect on my CR, and Macys is giving me a run around about making a direct payment to them. The lady today told me I could make a direct payment to them but everything would still be on my credit--its very confusing.

In My Wallet: Barlclay NFL $4500 | Capital One Secured $300 | First Progress Secured $300| Walmart $600| New York & Company $500| Kohls $300| Discover IT $3000| Sears Citi|$4000|Walmart $800
First car lease $370 month August 2013
Signed First Mortgage August 2013
Starting Score: 581 EQ
Current Score: 658 EQ
Goal Score: 750
Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
0

Re: Credit One...charge off's

If they stated that they can accept payment, that is an indication that they still own the debt, and that the debt collector they are referring to is their assigned agent, not the owner.  That is reinforced by the fact that they are still reporting a balance.

 

Many creditors refer to debt collectors because they no longer want to take the time and effort to continue collection efforts.  Additionally, many agreements with debt collectors include the stipulation that all payments must be made through the debt collector, so the OC may either not want to be bothered, or they have an agreement with their debt collector that they wont accept payment.

 

If they state that the account is now in the hands of their debt collector, you can certainly decide not to pay them.  However, they can report at any time.

Many will contact the debt collector, and offer to pay in exchange for the debt collector NOT reporting.  A modified type of PFD offer.

Your call.......

New Member
lilam0883
Posts: 3
Registered: ‎12-27-2012
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Re: Credit One..Charge off's

Hi everyone, I'm brand new to this site.  I have only spent a day looking at this site but I decided that I needed to join! 

 

I have never actually gotten a credit score but I have been pulling my credit report yearly for 2 years now.  My credit is bad.  

 

I have one account on my credit report (I believe on all 3 but I need to verify) that shows as a charge off but I paid the balance in full.  However I did this back in 2009 and I don't have any proof (young and stupid then).  My question is how can this CCC show this account as a charge off if I paid in full?  Can I get this information changed on my CR?   

Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
0

Re: Credit One..Charge off's


lilam0883 wrote:

Hi everyone, I'm brand new to this site.  I have only spent a day looking at this site but I decided that I needed to join! 

 

I have never actually gotten a credit score but I have been pulling my credit report yearly for 2 years now.  My credit is bad.  

 

I have one account on my credit report (I believe on all 3 but I need to verify) that shows as a charge off but I paid the balance in full.  However I did this back in 2009 and I don't have any proof (young and stupid then).  My question is how can this CCC show this account as a charge off if I paid in full?  Can I get this information changed on my CR?   


Are they reporting a balance?  was the account already charged off when you paid?

 


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