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Established Contributor
mAndrew1980
Posts: 711
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
dude11
Posts: 237
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
mAndrew1980
Posts: 711
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 Emeritus
MarineVietVet
Posts: 14,084
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".


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