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Collection/Charge-Off
30-59 Days Late
60-89 Days Late
90-119 Days Late
120-149 Days Late
THE OTHER REPORT WAS EQ...............NOW ON TU IT SAYS Closed - Derogatory.....WITH 145% UTI!!!!!!!!!!!!!!!!!! HELP........
@PATRICKSTARKS wrote:HELP!!!!!!!! iM NOT SURE WHAT TO DO.............IT SAYS ITS A CHARGE OFF.............NO CA OWNS THE DEBT...............BUT IT MESSES UP MY UTI%% SINCE ITS AT 100% MAXXX.......ACCOUNT STATUS SAYS OPEN BUT THEN IT SAYS CHARGE OFF IM CONFUSED....Last ReportedSep 06, 2015Creditor NameWELLS FARGO BANK CARAccount TypeSecured Credit CardAccount StatusOpenOpened DateOct 30, 2013Closed Date--Limit$450Term--Monthly Payment$11ResponsibilityIndividual Account.Balance$450Highest Balance--Payment StatusCollection/Charge-OffWorst Payment Status--Date of Last PaymentDec 01, 2013Amount Past Due$387Times 30/60/90 Days Late1/1/2RemarksConsumer disputes - reinvestigation in progress
Consumer disputes after resolution
Charged off accountPayment History2015 CO CO CO CO CO CO CO CO 2014 OK 30 60 90 120 CO CO CO CO CO CO CO 2013 OK OK OK J F M A M J J A S O N D
- CO
Collection/Charge-Off
- 30
30-59 Days Late
- 60
60-89 Days Late
- 90
90-119 Days Late
- 120
120-149 Days Late
Credit Utilization*100.00%
@PATRICKSTARKS wrote:THE OTHER REPORT WAS EQ...............NOW ON TU IT SAYS Closed - Derogatory.....WITH 145% UTI!!!!!!!!!!!!!!!!!! HELP........
@PATRICKSTARKS wrote:HELP!!!!!!!! iM NOT SURE WHAT TO DO.............IT SAYS ITS A CHARGE OFF.............NO CA OWNS THE DEBT...............BUT IT MESSES UP MY UTI%% SINCE ITS AT 100% MAXXX.......ACCOUNT STATUS SAYS OPEN BUT THEN IT SAYS CHARGE OFF IM CONFUSED....Last ReportedSep 06, 2015Creditor NameWELLS FARGO BANK CARAccount TypeSecured Credit CardAccount StatusOpenOpened DateOct 30, 2013Closed Date--Limit$450Term--Monthly Payment$11ResponsibilityIndividual Account.Balance$450Highest Balance--Payment StatusCollection/Charge-OffWorst Payment Status--Date of Last PaymentDec 01, 2013Amount Past Due$387Times 30/60/90 Days Late1/1/2RemarksConsumer disputes - reinvestigation in progress
Consumer disputes after resolution
Charged off accountPayment History2015 CO CO CO CO CO CO CO CO 2014 OK 30 60 90 120 CO CO CO CO CO CO CO 2013 OK OK OK J F M A M J J A S O N D
- CO
Collection/Charge-Off
- 30
30-59 Days Late
- 60
60-89 Days Late
- 90
90-119 Days Late
- 120
120-149 Days Late
Credit Utilization*100.00%
Account DetailsLast ReportedAug 25, 2015Creditor NameWELLS FARGOAccount TypeSecured Credit CardAccount StatusClosed - DerogatoryOpened DateOct 30, 2013Closed DateJan 01, 2014Limit$309Term--Monthly Payment$0ResponsibilityIndividualBalance$450Highest Balance$667Payment StatusCollection/Charge-OffWorst Payment StatusUnknownDate of Last PaymentDec 25, 2013Amount Past Due$450Times 30/60/90 Days Late0/0/0RemarksCharged off as bad debt
Dispute resolved; customer disagrees
You need to contact WF and settle the account. Do it before it becomes a Charge Off AND a collection.
THANKS NORMAN BUT 1 CA SAYS OPEN...THE OTHER CA SAYS CLOSED DEROG.......
WHY THE DIFFRENCE???????? SEE BELOW...........THE ALSO BOTH HAVE SLIGHTLY DIFF #S.......
ALSO NORMAN WHATS THE DIFF BETWEEN CO & COLLECTION??
I'm confused. If it's a secured card, they should have paid themselves from your held deposit and the account would have a zero balance, unless you ran it up way beyond the credit limit with fees, interest and being over limit?
It should be easy to pay them off if you only owe the amount above your security deposit.
As a debt becomes progressively more delinquent, it reaches a point where the creditor makes the determination that the consumer is unlikely to pay the debt.
A debt that is owed and not yet paid is included in their accounting ledger under accounts receivable as an asset.
When the debt is no longer expected to be paid, they can move the receivable asset over to a loss, removing that asset from their accounting ledger.
For credit card debt, federal regs require them to do so when the debt has reaches 180 day late, thus preventing overstatement of their real assets to potential creditors and invesors. That is a charge to profit and loss.
The conumer continues to remain obligated for the entire debt, and taking of a charge-off does not affect their continued activites to collect the debt.
A collection is totally distinct from a charge-off. A collection is the reporting by a third party of their efforts to collect on a debt that originated with another.
A collection may or may not be by a party who has acquired the debt. The creditor can retain ownership of the debt, and assign authority to another to collect on their behalf.
It is common in commerical credit reports to state when either a charge off or collection referral has occured that the debt is a Collection/Charge off.
That means one or the other, and does not necesssarily mean that it has been referred for collection.
Any revolving debt that has been charged-off has been closed by the creditor to further use by the consumer, and thus should be closed..
When one CRA is showing closed while another is showing open, that is almost always a simply lack of updated reporting of closed to that first CRA.
It is a minor issue, as anyone reviewing the credit report and seeing a CO would know that the account is no longer open.
You could dispute and get it corrected, but it is a very minor issue.
The real issue, as stated by Norman, is that once a creditor has done a charge-off they usually eithr refer to a debt collector or sell the bad debt to a debt collector.
The debt collector can then report a collection to the CRA, further affecting your score.
Thanks to all for the responces/................
So your saying my best bet is to pay it in full right now???
no pfd....no dv....no of these other things will work.......just pay it in full is my best bet????????? it seems as if it is negativly affecting me currently how can it get worse
No, doing a PIF is not the only or necessarily even the best option.
You can still offer a settlement for less, or a PFD, to the creditor.
What is being stated is that the distinct possibility remains that it can get worse.
If the creditor either refers the debt to a debt collector for collection assistance or sells the debt, then the debt collector can report their collection.
That becomes an additional derog, and will remain in your credit report for the same period as the reported charge-off.
Regardless of whether you pay in full or obtain a settlement for less, the debt will become discharged, precluding a collection.
Ultimate goal would be to obtain a pay for deletion agreement from the creditor, thus preventing the additon of a collection AND removing the existing charge-off.