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New Member
Posts: 3
Registered: ‎06-24-2008
0

Making Payments to a Charged Off account

Sorry if this is already answered in the forums.  I've searched for a few hours and found nothing answering my exact question.
 
I have been making on time payments for the past six months after a reached agreement with the OC on a CO account.  I would like them to drop the CO stamp and update our account so our CBR's show that we are making payments in line with the new agreement.  Is it possible to get the OC to do this?
 
Would this be beneficial? 
 
Thanks.
Moderator Emeritus
Posts: 32,863
Registered: ‎08-04-2007
0

Re: Making Payments to a Charged Off account

It is possible with a GW letter. Some OCs will work with you and others won't. Good luck and congrats on the debt payoff.
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Making Payments to a Charged Off account

You definitely want them to rehabilitate the account. Otherwise, what will happen is it will be reported as a paid charge-off, which is as bad for your credit score as unpaid. And what's worse: it will be re-aged to whenever you make the final payment!
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in a credit-scoring postnuclear Stone Age...
New Member
Posts: 3
Registered: ‎06-24-2008
0

Re: Making Payments to a Charged Off account

Thanks for the help!!
 
I want the OC to report the payments.  You say to send them a GW letter and ask them to rehabilitate the account.  This has been done before?  The OC is HSBC Mortgage Service.  Has anyone had good results with them?
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New Member
Posts: 3
Registered: ‎06-24-2008
0

Re: Making Payments to a Charged Off account

Bump.Smiley Wink

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