Reply
Established Member
Posts: 13
Registered: ‎04-20-2011
0

Verizon Wireless Charge-off

I am really confused right now. I have Verizon Wireless debt on my credit reports. 

 

The status is as follows:

EX: Paid, Closed. $615 written off.

TU: Payment After Charge off/Collection

EQ: Bad debt/collection

 

The original balance is $615. 

 

According to TU report, this verizion account will be removed this June.

 

The problem is this. I've been getting this settlement offer from a collection agency. On the settlement offer, it shows the original creditor as Verizon Wireless and the balance is $715.56, not $615. They are making an offer to settle for $100. 

 

So I thought maybe I can pay off that $100 right now and ask them to delete the derogatory information from my credit reports. When I called them, however, they were saying that they purchased this debt account in 2009 and the original balance is not $615. They also said that once they purchase an account, there should be only one creditor/collection agency report to the bureaus, which means that Verizon should've not reported to credit bureaus???? The agent from the collection agency suggested that I might have two accounts from Verizon Wireleess, but as far as I remember I only opened one Verizon Wiress account back in 2003.

 

I am not sure where I should contact or what I need to do to get this derogatory listing removed. Please help :smileysad:  

 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Verizon Wireless Charge-off

Welcome to the forums!

 

I think the CA gave you some bad info (never trust a CA). Both the OC and CA can report and Verizon Wireless (VZW) must report $0 if they sold it. Now if the CA is collecting or owns the debt, they can call and collect forever. They likely know they your SOL had already run out (likely) and your CRTP of 7-7.5 yrs is about to expire too. They are trying to get $100 now because they know this debt will disappear from view very soon.

 

It's up to you to accept that settlement or not. Now if you do, VZW won't delete early. A CA cannot force the OC to delete (and can't). And whether or not you do pay it via a settlement, the CA can report too, though they'd have to delete this summer too.

 

If you want Verizon Wireless to delete, send them a GW letter asking them to delete if they report $0.

 

The balance difference could be due to added interest.

Established Member
Posts: 13
Registered: ‎04-20-2011
0

Re: Verizon Wireless Charge-off

Thank you for your quick and thorough response. :smileyhappy:

I do still have some questions though. Sorry, I just started to rebuild my credit and I absolutely know nothing about credit and finance...

 

So should I just settle with the CA for $100 and send a GW letter to Verizon? If I don't settle with the CA and don't send a GW letter to Verizon, is my debt still going to be removed from my reports in June? 

 

How long is the SOL? from what date? the date I opened the account? the first delinquency? Thanks a lot!

 

I still have so many questions about other things too...Sigh...Hopefully I can get my scores up soon. 

 

 

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.

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.