HSBC Charge off

[Rese]

I have been trying to fix my credit on and off since 08. I was doing good then lost my job. I got another job(2 years later) and I am determined to fix my credit. I just pulled my reports and HSBC just c/o my account 4/12. It is showing a 0 bal. PORTFOLIO RECOVERY ASSOC now has the account. My question is would it do me any good to call HSBC and try to reestablish the credit line or pay them? If not what should I do with the CA. Any advice would be appreciated. Thank you

[ah12345]

If HSBC/Capital one still owns the account you can try dealing with HSBC/Capital one directly but no creditor will reestablish a charge off account. As for the collection you can DV first and if they validate the account work out a PFD terms that way you can get the collection remove. I would start by finding out if HSBC still owns the account the go from there.

[RobertEG]

If the OC is reporting a $0 balance to the CRA, that is their reporting that no debt is due to them, so unless you paid it, then they sold it, and you cant pay them, PFD or otherwise.

If the debt collector has already reported, then the cease collection bar you can impose by a timely DV is too late to block their reporting.

Sending a timely DV will temporarily bar the debt collector from conducting further collection activities until such time as they choose to verify the debt, but wont affect their current reporting.

Unless you contest the debt, want an itemization of its current asserted amount, or simply want a temp cease collection bar, a DV wont serve much purpose at this point.

If you do send a timely DV,  the cease collection bar it imposes bars them from conducting any collection activities.  Thus, you would be in temporary limbo regarding any PFD negotiations with them.

If deletion of the collection is your objective, then you might forgo a DV and make a PFD offer.

Dealing with the OC will necessitate a GW request for deletion of their reported CO.