No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello everyone. We are ready to start dealing with the issues on my husband's reports. Looking for advice before we get letter happy and mess something up.
Current Scores:
EQ: 631
TU: 641
EX: 636
** Scores should see a bump as soon as C1 reports $0 balance on QS MC. We were not paying attention to balances on reporting dates. TG for this forum to enlighten us on that important piece of information.**
Chase
Charge offf $249
Balance $0
DoFD 8/2012
Paid charge off, Account closed by credit grantor.
Credit One
Charge Off $476
Balance $0
DoFD 1/2014
Transfer/Sold Charged Off Account
Barclay
Charge off $557
Balance $857
DoFD 3/2014
Charged Off Account. Account Closed by credit grantor.
Bank of America
Current, paid, paying as agreed
Balance $0
Closed: 4/2011
Paid: 9/2011
Last Update: 10/2012
This was a delinquent account at one time. We reached an agreement with BOA for pmt and positive report on credit bureaus.
However...still reporting as 90 days late 8-10/2009.
So how would you guys handle these items? My biggest concern is Barclay as it is still reporting a balance. The account was sold a couple different times and ended up in Barclay's lap. We never got statements and honestly, thought we had PIF.
Looking forward to your advice. Thanks in Advance!
Isnt Barclay the original creditor?
If so, it is highly unikely that they sold the debt and then bought it back.
More likely, they simply assigned collection authorty to various debt collectors while retaining ownership.
If they had sold the debt,then they were required to have update the balance to $0 immediately upon sale, similar to what appears under the Credit One account.
I presume they now, and always have,owned the debt.
A charge-off is often the precursor to sale of the debt, thus recouping a bit more of their expected total loss.
Aftter they do sell the debt, you can no longer make a pay for delete offer to the creditor, and the debt collector will likely report a collection.
This is an ideal time to contact Barclay and either get a PFD, or pay and prevent a collection.
@RobertEG wrote:Isnt Barclay the original creditor?
If so, it is highly unikely that they sold the debt and then bought it back.
More likely, they simply assigned collection authorty to various debt collectors while retaining ownership.
If they had sold the debt,then they were required to have update the balance to $0 immediately upon sale, similar to what appears under the Credit One account.
I presume they now, and always have,owned the debt.
A charge-off is often the precursor to sale of the debt, thus recouping a bit more of their expected total loss.
Aftter they do sell the debt, you can no longer make a pay for delete offer to the creditor, and the debt collector will likely report a collection.
This is an ideal time to contact Barclay and either get a PFD, or pay and prevent a collection.
Yes Barclay was the last creditor to hold the account. I think it originated with Juniper Bank as an Apple account, many moons ago. We will go ahead and attempt the PFD with Barclay. The statements just stopped. We thought that debt was PIF. Should we send a validation letter before the PFD?
Thank you for your time and your help.
Formal debt validation letters only apply to debt collectors, not creditors.
However, you can certainly place an informal call and ask about the payment status if you feel it was paid.
Do you have any banking records to substantiate the payment?
I will need to look back and see if there was anything matching in our bank statements. We weren't exactly the most responsible when it came to managing our finances. Lesson learned. NOT going to head down that road again.
Thank you so much for your help, RobertEG.