01-31-2013 11:47 AM
I just called HSBC (now Cap1) about an account that is on my CR. It shows that the account was paid in full and was a charge-off. The high balance was $560 and is due to come off of my CR May 2014.
They said that to get the balance on this account that I will need to call a company called Forward Properties. They sold the account to this company, but they are still reporting it on my CR as PIF CO. Forward Properties is not reporting on my CR. What should I do now? Leave it as is since is says it was PIF? Or, should I do something to try to get rid of it?
Thanks in advance!
01-31-2013 11:49 AM
Forward properties would have nothing to do with this account. The would not sell them a closed/paid off account. I would continue to GW HSBC. They are the ones on your report, not this new company.
01-31-2013 12:18 PM
I have another balance at Capital One that I plan to pay within the next 30 days. Should I request GW now or would it be better if I had paid this off prior to making the request?
01-31-2013 01:12 PM
If the OC sold the debt, regardless of whether they charged-off the debt prior to sale, they were required upon sale of the debt to report $0 balance to the CRA.
Most likely, your CR does not show reporting of a paid status by the OC, but rather a $0 balance?
If they did update the status to paid, that was a favor, as they had no obligation to report any activity you had with another party.
Payment of the debt, even had it been to them, does not require deletion of piror reporting, such as a charge-off.
Your remaining option is to contact the OC and ask for their good-will deletion of the charge-off.
01-31-2013 01:20 PM
Thanks for your response, Robert - though it doesn't really answer my question:
"I have another balance at Capital One that I plan to pay within the next 30 days. Should I request GW now or would it be better if I had paid this off prior to making the request?" Any thoughts on that?
01-31-2013 03:25 PM
If you are going to pay the other one off, I would wait for that to be paid before a GW attempt, that way you can say that you've paid all your debts to them in good faith.
On the other one, if no CA is on your CR, then there would be no reason to contact them. They couldn't delete HSBC's reporting of a CO on your CR.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.