Rebuilding Your Credit

[Swtrandi]

I have a CO with BofA and they transferred the account over to a CA. Now both are reporting on my CR. The OC shows a balance of $0 and the CA is the one showing the amount of the CO. How do I go about getting the OC tradeline deleted from my CR? Any suggestions is greatly needed....Thanks in advance!!

[demed]

not much you can do, other than sending GW letters - they can report for the full 7-7.5 years.

BofA is still reporting 3 30dd lates back from 2002-2003 on a closed account and not a single GW letter has worked so far for me....

[RobertEG]

You wont, for legitimate reasons. All of the basic account data upon which any CA can base their collection activity is pegged to account data furnished by the OC, and most particulary the FCRA Compliance Date/DOFD. A charge off by an OC is a part of legimate reflection of account history. You cant get prior OC reporting deleted unless it is inaccurate. CA reporting is a piggy-back on prior OC reporting. It wont happen.

[iltph]

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RobertEG wrote:
You wont, for legitimate reasons. All of the basic account data upon which any CA can base their collection activity is pegged to account data furnished by the OC, and most particulary the FCRA Compliance Date/DOFD. A charge off by an OC is a part of legimate reflection of account history. You cant get prior OC reporting deleted unless it is inaccurate. CA reporting is a piggy-back on prior OC reporting. It wont happen.

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So would it not be worth it to settle with a CA for PFD then since only one would be removed? For example, I have a $4,000 CO. If I settled for $1,000 and the CA deleted it, would it not really make a difference (at least worth paying $1,000) since the OC would still report it? It isn't due to fall off until 2012 and is my only baddie in the past 6 years.

[sidewinder]

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iltph wrote:

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RobertEG wrote:
You wont, for legitimate reasons. All of the basic account data upon which any CA can base their collection activity is pegged to account data furnished by the OC, and most particulary the FCRA Compliance Date/DOFD. A charge off by an OC is a part of legimate reflection of account history. You cant get prior OC reporting deleted unless it is inaccurate. CA reporting is a piggy-back on prior OC reporting. It wont happen.

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So would it not be worth it to settle with a CA for PFD then since only one would be removed? For example, I have a $4,000 CO. If I settled for $1,000 and the CA deleted it, would it not really make a difference (at least worth paying $1,000) since the OC would still report it? It isn't due to fall off until 2012 and is my only baddie in the past 6 years.

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IMO, if you can PFD a collection, it is always worth it.

Both accounts are negatively affecting your report, however the collection provides absolutely nothing positive to your report.

The OC TL is adding to your age and is helping you in some areas, likely.

IMO, a collection account is worse than a negative TL by the OC.

[Swtrandi]

So say I PFD the CA. Then can I get the CA to delete the tradeline? If so, how do I go about doing that?? Thanks in advance!

[sidewinder]

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Swtrandi wrote:

So say I PFD the CA. Then can I get the CA to delete the tradeline? If so, how do I go about doing that?? Thanks in advance!

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A PFD is a Pay For Delete......where you negotiate with the CA to pay the debt if they delete.

Once you get the agreement in writing from the CA and then fulfill your end, then they have to delete their entry.

If you are asking about doing a PFD with the CA and how to get the entry from the OC to delete....this is two separate things.

If the CA owns the account and you get a PFD, all you can do is GW the OC.

If the CA don't own the account, you can try to negotiate a PFD that includes the CA and OC deleting once you PIF.

However, I really don't know your chances of this happening is.

Remember, the OC account counts for age and can have positive effects on your score, even when it is a negative account. I had a 5 yr old CO removed and lost around 30 points, it was my next to oldest account.