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New Contributor
Greene718
Posts: 68
Registered: ‎02-28-2010
0

Help Please

So I have a credit card from nationwide bank and Capital One bank, but are reporting on my credit report as Charged off but Im guessing has not been sold to a CA, I just spoke with Nationwide and the guy said the acct is in the recovery dept which I did not get to speak with today because they were closed. I am guessing the same with capital one because again no CA has it. Is there a change I can get them to PFD or work something out since it is not sent to a CA yet? Anyone have any luck with this two companies?


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Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Help Please

Always a chance.  Try to deal with them before they go to a CA.  If a CA gets it and posts to your account, then you have 2 baddies for each to try and get removed.


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New Contributor
Greene718
Posts: 68
Registered: ‎02-28-2010
0

Re: Help Please

Are PFDs only for CAs or can that also be used for OCs as well?


Starting Score: EX 552 TU 652
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Goal Score: EQ 670 TU 750


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Mega Contributor
RobertEG
Posts: 18,551
Registered: ‎03-19-2007
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Re: Help Please

The primary issue is whether they still own the debt, and not whether a debt collector has become involved.

 

The OC can choose to continue to collect on their own, assign collection assistance to a debt collector, or sell the debt.

Under the first two scenarios, the OC can still accept payment, so you can offer a PFD to them, requesting deletion of their own reporting.

 

The second scenario has a wrinkle in that, if an assigned debt collector reports their collection activity, while you can still offer a PFD to the OC, as they still own the debt, acceptance of that PFD by the OC only relates to their agreement to delete their own reporting.  It does not compel the debt collector to delete their own, separate reporting.

So it might behoove to pay before a collection referral.

 

Option 3 forcloses any opportunity to offer a PFD to the OC for deltion of their reported charge-off, as they would no longer have any authority to accept any payment on the debt.  So PFD would then be limited only to any collection the new owner may have reported.

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Greene718
Posts: 68
Registered: ‎02-28-2010
0

Re: Help Please

Thank You for taking the time out to respond. Im wondering if it would just be better to send a GW letter since I believe Cap One and Nationwide bank still owns the acct they just listed it as a charge off. what Im confused about is do i ask them to take  off the charge off or just update my status as not being 120+ late?. im new at all this sorry if my questions are a bit silly.


Starting Score: EX 552 TU 652
Current Score: EQ 627 TU 715
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Mega Contributor
RobertEG
Posts: 18,551
Registered: ‎03-19-2007
0

Re: Help Please

If you are going to make PFD offer to them, start with a request for deletion of all reported derogs.... the CO as well as any monthly delinquencies.

Each reported delinquency stands on its own, with its own eventual CR exclusion period.  Deletion of just one wont provide a clean account.

Valued Contributor
beb86
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Help Please


Greene718 wrote:

Thank You for taking the time out to respond. Im wondering if it would just be better to send a GW letter since I believe Cap One and Nationwide bank still owns the acct they just listed it as a charge off. what Im confused about is do i ask them to take  off the charge off or just update my status as not being 120+ late?. im new at all this sorry if my questions are a bit silly.


CAP1 is a tough cookie who LOVES to use litigation to recover there losses...(wife had a bad experience in the past)....and a charge off is what the OC will do once it hits 120 days late. You can check out the sticky for great examples of what to include in your letters....if you have the cash I would ask CAP1 to PFD @full price. They WILL take you to court and get there money plus attorney fee etc.. but best of luck 

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