Reply
Established Contributor
Posts: 715
Registered: ‎08-26-2011
0

To Pay Off or Not???

Hi all,

 

So on my MyFico Transunion report, I have a HSBC Bank unpaid charge-off in the amount of $591.00. The date opened is March, 2005 and the date closed is September, 2005. Apparently it was never sent to collections though as under the collections profile of my report it is not listed. It does state it was purchased by another lender.

 

At any rate, would you recommend PFD or just let it fall off? Not even sure who I would contact because it doesn't say who the lender is that purchased it. I'd prefer to not have to wait a year for it to fall off if I could get it deleted sooner.

Transunion: 713 FICO (5/13/2014) MyFico
Experian: 789 FICO (4/10/12) Lender Pull
Equifax: 695 FICO (1/10/14) MyFico

My cards: Chase United Mileage Plus 7000CL (3/12), CITI Simplicity 1800CL (9/12), Cap1 Platinum 1000CL (2/10), Cap1 Cash back 1500CL (11/11), Apple Barclay's 2500CL (11/11), Discover IT 6000CL (5/13)

My Primary Financial Goal is to put down my utl%.



Regular Contributor
Posts: 242
Registered: ‎06-07-2011
0

Re: To Pay Off or Not???


mAndrew1980 wrote:

Hi all,

 

So on my MyFico Transunion report, I have a HSBC Bank unpaid charge-off in the amount of $591.00. The date opened is March, 2005 and the date closed is September, 2005. Apparently it was never sent to collections though as under the collections profile of my report it is not listed. It does state it was purchased by another lender.

 

At any rate, would you recommend PFD or just let it fall off? Not even sure who I would contact because it doesn't say who the lender is that purchased it. I'd prefer to not have to wait a year for it to fall off if I could get it deleted sooner.


My understanding is that even after it falls off that does not mean you do not have to repay the debt. The debt is still owed regardless if it is no longer being reported or not.

 

If you go with the PFD option most likely that will only work with a CA and not the OC but may not always be the case. If I were you I would contact the OC and find out the status on that account. They should be able to direct you to whomever is handling your account. After you find out who is handling your account then maybe after you settle or pay in full you can try and send a GW to the OC for the tradeline removal.

 

Someone please correct me if I'm wrong.

Established Contributor
Posts: 715
Registered: ‎08-26-2011
0

Re: To Pay Off or Not???

Also I've tried searching on the forums as to whether or not the drop off date is 7 years after "date closed" on my CR but can't seem to find clarification. If anybody has any clairification on this, I'd appreciate the feedback.

 

My concern with contacting the OC is I don't want to somehow have my contact miscronstrued as admission of guilt in terms of debt. Dont want to take away my barginning chip with PFD.

Transunion: 713 FICO (5/13/2014) MyFico
Experian: 789 FICO (4/10/12) Lender Pull
Equifax: 695 FICO (1/10/14) MyFico

My cards: Chase United Mileage Plus 7000CL (3/12), CITI Simplicity 1800CL (9/12), Cap1 Platinum 1000CL (2/10), Cap1 Cash back 1500CL (11/11), Apple Barclay's 2500CL (11/11), Discover IT 6000CL (5/13)

My Primary Financial Goal is to put down my utl%.



Moderator
Posts: 17,093
Registered: ‎07-14-2009
0

Re: To Pay Off or Not???


mAndrew1980 wrote:

Also I've tried searching on the forums as to whether or not the drop off date is 7 years after "date closed" on my CR but can't seem to find clarification. If anybody has any clairification on this, I'd appreciate the feedback.

 

My concern with contacting the OC is I don't want to somehow have my contact miscronstrued as admission of guilt in terms of debt. Dont want to take away my barginning chip with PFD.


The only date that matters as far as the expiration of the CRTP (Credit Reporting Time Period) is the DoFD (Date of First Delinqiency) on the OC account that led to the CO. The CO can report no longer than 7.5 years from the DoFD.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.