How to repair B of A credit card charge off

[hopefulKT]

I have a credit card that shows as  a charge-off on my report from Bank of America; in all honesty, I probably owe the debt (very poor financial decisions made in college, but still no excuse)—so, my question is, how do I go about getting it validated and paid? Is there a simple letter that I  can send asking them to validate the debt (my main concern is that they no longer own it and it’s now managed by a CA—however, a CA is not showing on my report) and send payment information (if they are the owner)? The balance reported is $1,200. The date reported is 3/2010 (2+ years ago); how will paying it effect my score?

[llecs]

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@hopefulKT wrote:

I have a credit card that shows as  a charge-off on my report from Bank of America; in all honesty, I probably owe the debt (very poor financial decisions made in college, but still no excuse)—so, my question is, how do I go about getting it validated and paid? Is there a simple letter that I  can send asking them to validate the debt (my main concern is that they no longer own it and it’s now managed by a CA—however, a CA is not showing on my report) and send payment information (if they are the owner)? The balance reported is $1,200. The date reported is 3/2010 (2+ years ago); how will paying it effect my score?

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I'd call BofA. They'll try to transfer you right away, but be firm and adamant so you can get your questions answered. You'd want to ask them if they own the debt. You'd also want to ask them for the last few statements if you think the balance might be wrong. Keep in mind they can still charge interest long after the account has been CO'd. If they tell you they no longer own the debt, then ask them to report $0.

If you agree with the debt, then I recommend PIF, then start GWing them.

There can be a chance that your score can increase just by paying it. Most CO'd CCs w/ a balance still factor into CC util. However, if there are no recent dates beyond 2010, then due to the inactivity, it might not be factored in. Definitely review all 3 reports.

[hopefulKT]

Thanks so much; as soon as I'm able to PIF (within the next few weeks), I'll give them a call--don't want to wake-up a sleeping dog and not be fully prepared