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Need help removing a "soon to be charge off"?

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ejm201
Valued Member

Need help removing a "soon to be charge off"?

How do I go about removing this from my report? It was supposed t charge of soon but due to pressing employment matters(can't specify), it has to be addressed?

 

Here it is:

CRD PRT ASSO (Collection Account, opened 09/2010) - $221 past due

Thank you!

 

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Need help removing a "soon to be charge off"?

Is it paid or unpaid?  Have you contacted the company and requested its removal?

Message 2 of 4
ejm201
Valued Member

Re: Need help removing a "soon to be charge off"?

it's UNPAID(bolded for clarity purposes)....its an old bill from college and was not financially able to pay and now I have a decent paying job and so after signing up for MyFICO/Ultimate 3B, I am really trying to work on credit report[get them as clean as possible to the point where all I have to do is wate for acct. to age/charge off]. Since the above listed debt was going to charge off,I was just going to focus on my others but since future emploer is asking me to provide that either: I am disputing/ paid/ or making arrangments to pay; I have to handle it when I wasn't planning to do so with this one since it is my oldest.

 

Will agreeing to settle the amount[or worst case scenario...PIF] cause it stay on my credit report longer past the day it was suppose to charge off which is [09/2017]? This is my biggest concern. If I am able to settle, I don't have time to wait for a letter confirmation.Do you think they can email me a PAID confirmation letter or give me some type of confirmation number showing it has been paid?

 

I am under time constraint with the employer,they are giving me barely a week to correct this. 

Message 3 of 4
RobertEG
Legendary Contributor

Re: Need help removing a "soon to be charge off"?

When a creditor actually charges-off a debt is based on federal regulations, which usually provide some discretion on the part of the creditor.

They creditor is apparently stating that the charge-off will soon occur.

 

Once the creditor has taken a charge-off, they can report that fact to the CRAs.

They do NOT report the date they did that accounting measure, as it is irrelevant to credit reporting/scoring.  All that is provided is a date they chose to report that they have previously taken a charge-off.

 

They are not required to report their having taken a charge-off.  It is voluntary. 

If they do report, the charge-off must be excluded from the consumer's credit report no later than 7 years plus 180 days from the date the debt first became delinquent and thereafter remained delinquent up to the time of the charge-off.  That date is fixed, and is referred to as the date of first delinquency (DOFD).

 

Exclusion of a reported charge-off is required no later than 7 years plus 180 days after the reported DOFD, regardless of whether the debt is paid or remains unpaid.

Paying the debt does not either result in extension of the exclusion date for the reported charge-off or removal of the reported charge-off.

 

"Soon to be charge-off" is not a reported and has no definition.  There is no reporting of a charge-off until they actually have taken the charge-off.

If they do report the charge-off, you can make a pay for deletion offer, in which you offer to pay the debt in exchange for their agreement to delete the reporting of the charge-off from your credit file.  Only that deletion will remove it from credit scoring.  Paying alone will not remove it.

 

From the post, it is stated that the debt has already been referred to a debt collector, who has already reported a collection.

The collection has the identical credit report exclusion date as any charge-off that may be reported by the creditor (i.e., no later than 7 years plus 180 days from the DOFD).

Removal of the collection is a separate issue that involves deletion by the debt collector, not the creditor.

You can offer a pay for deletion to the debt collector seeking removal of the collection.

A PFD can be offered to either the creditor for deletion of any reported charge-off, OR to a debt collector for deletion of their reported collection.

They are separate, and cannot be offerred to both.

Message 4 of 4
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