@eddiei wrote:Hi All,
I had a BOA account that was charged off for $968 back in 1/2010. The balance continued to increase until 9/2014 when I believe it was sold off to a debt collector. It is now $1690. I called BOA last week to try to work out a settlement not knowing it was sold off. Therefore, there was nothing they could do.
What is my best course of action? I certainly don't want the debt collector to report to the CRAs. I am willing to settle this once and for all but if I do with the CA how do I get BOA to show it as paid? I am expecting a letter from the CA any day.
As a side note, this was a joint account with my ex.
If BoA has sold the debt they have to report a 0 balance, if they explicitly told you it was sold off you would send them a Section 623 direct dispute challenging the balance due. As soon as you hear from the CA I would make an offer to settle in exchange for not reporting the collection.
@eddiei wrote:Hi all. Had no idea how much this was affecting my score. It finally fell off my TU CR this week. My TU FICO went from 677 to 766. Woohoo!!! Just waiting for it to drop off the others in the next month or so. Utilization is 21% and should drop to about 9% this month so score should climb a bit higher. It took me 3 years to rebuild but the persistance paid off.
Grats to you 
Good to hear!
