Regular Contributor
Posts: 115
Registered: ‎05-26-2009
What happens if I pay a chargeoff
Hi all- What happens if I pay the OC on a chargeoff? Does this delete it off the report? My report says Amereagleoutft/MBGA/GEMB (not sure what the MBGA/GEMB is but the OC is American Eagle Outfitters) So if I pay this-would it come off my report? Thanks.
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
Re: What happens if I pay a chargeoff

No, unfortunately just paying it will not remove it from your CR.  It can stay the entire time permitted by law which is 7 - 7.5 years past the DOFD.

 

Also, paid and unpaid collections and CO are looked at the same by FICO.

 

Does this have a CA attached to it?

 

What is the DOFD and the SOL?

Regular Contributor
Posts: 115
Registered: ‎05-26-2009
Re: What happens if I pay a chargeoff
So would I PFD them same as I would a regular collection? It is in SOL and is not set to fall off the report until 11/2014-so needless to say I would like to do something about it before then. I just didn't know what the process was for a charge off. So I should try to PFD them then?
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
Re: What happens if I pay a chargeoff

Yes you can ask for a PFD.  They can say no.  If they do say no they would have to update as paid charge off.  If it is from the OC then paying it could gain some points because it will not be counted in your utilization any longer.

 

 

Regular Contributor
Posts: 115
Registered: ‎05-26-2009
Re: What happens if I pay a chargeoff

Some points would be GREAT right now.. I am going to PFD them and see what happens. So quick question-even though it was charged off- it was a credit card so it still counts toward my utilization? I want to make sure I have that right!

 

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
Re: What happens if I pay a chargeoff
I am sure that an OC CO with a balance is counted in your utilization.  I will try to find out for sure.
Regular Contributor
Posts: 115
Registered: ‎05-26-2009
Re: What happens if I pay a chargeoff

That would be great if you could find out. I am going to go ahead and PFD them either way today though.

 

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
Re: What happens if I pay a chargeoff
Since it is still within SOL, PIF will keep you from getting sued.  At least on a manual review it will look good if they do not PFD.