Good Will Letters for items approaching SOL

[maxdro2004]

Long time lurker .first post!

Been working on my credit for last year or so been slowly getting better!

My questions is that I have a few things that will be coming off credit report later this year and next.i was wondering if it would be wise to send a goodwill letter to ask them to remove it early?
I looking for a loan to improve my house and eventually sell later this year and get a new mortgage for new
place.

[Anonymous]

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@maxdro2004 wrote:
Long time lurker .first post!

Been working on my credit for last year or so been slowly getting better!

My questions is that I have a few things that will be coming off credit report later this year and next.i was wondering if it would be wise to send a goodwill letter to ask them to remove it early?
I looking for a loan to improve my house and eventually sell later this year and get a new mortgage for new
place.

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It never hurts to ask for a GW deletion.  When is the account scheduled to fall off your reports?

[maxdro2004]

One early as may and one at end of year.
One is a charge off that is still reporting monthly. As I read more on this subject it seems that I should be weary that they will wait until last minute and then sue or sell to collection.

If I decide to work out payment with them what should I be asking them to report on credit report?

[Anonymous]

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@maxdro2004 wrote:
One early as may and one at end of year.
One is a charge off that is still reporting monthly. As I read more on this subject it seems that I should be weary that they will wait until last minute and then sue or sell to collection.

If I decide to work out payment with them what should I be asking them to report on credit report?

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The ideal situation is a PFD; if not, then you want it to report a zero balance and no additional comments such as settled for less then full amount and assurances that if it is settle, then the balance will not be sold in collections.  Also, depending on the amount, you might end up with a 1099 if settled and the remaining balance is greater than $600.

[maxdro2004]

Thanks ..I just called cap one and they gave me number to law firm that is handling it..they said they haven't sold my debt but will have to deal with them ..will talking to them somehow restart sol?

I know I read hear what actually can start the 7 years again but I can't remember what it was.

Thanks

[Anonymous]

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@maxdro2004 wrote:
Thanks ..I just called cap one and they gave me number to law firm that is handling it..they said they haven't sold my debt but will have to deal with them ..will talking to them somehow restart sol?

I know I read hear what actually can start the 7 years again but I can't remember what it was.

Thanks

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Talking with them won't restart the 7 years.  Any arrangements you make, you need to make sure that you follow through on the arrangements.  If you feel that you can't follow through, do not contact them. 

[RobertEG]

Technically, there is a difference between credit report exclusion and reporting of a deletion.

Credit report exclusion, such as of a charge-off or collection at 7 to 7 1/2 years from DOFD, does not actually delete the information from your credit file.

It blocks the CRA from inclusion of the CO or collection in normal credit reports they issue after the exclusion date has passed.

However, credit report exclusion is not absolute.  FCRA 605(b) provides limited situations in which normally excluded information can still be included in a credit report issued by the CRA, such as if a creditor requests a report based on a consumer-initiated request for credit in the amount of $125K or more.

If the creditor reports a deletion, such as in grant of a PFD or GW request, the information is deleted from the consumer's file, and thus is no longer available for inclusion in any credit report issued by the CRA.

Requests for full-file credit reports under 605(b) are rare, and the distinction between exclusion and deletion is usually only academic, but in theory, information that is only excluded is not totally barred from credit report inclusion after its exclusion date.

[maxdro2004]

Thanks for the replies ..I contacted the firm and offered to pay off the original debt not any late penalties or other charges . Waiting to see if cap one accepts my offer.