Rebuilding Your Credit

[kitty9779]

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!

[Shogun]

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.

[kitty9779]

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?

[RobertEG]

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.

[kitty9779]

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?

[Shogun]

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.

[kitty9779]

Thanks Shogun!