topic Re: Charge off removal question.... in Rebuilding Your Credit

Charge off removal question....

hpfan10016 — Wed, 05 Jan 2011 02:00:24 GMT

I have a charge off from WFCB-Blair (reported as charge off; $100 late) on my reports PLUS the CA is also reporting.

I am currently paying the CA in monthly installments.

Is it possible to GW WFCB-Blair to remove from my reports seeing as the CA is reporting also?

If it's not possible I completely understand, I'm just curious.

Thank you!

Re: Charge off removal question....

RobertEG — Wed, 05 Jan 2011 02:25:28 GMT

My opinion on the posible scenarios:

When an OC does a CO, they can report it to the CRA.

After an OC does a CO, they can choose to either retain ownership of the debt, and simply assign collection authority to a debt collector, or they can actually sell the debt to the debt collector. Under either of these scenarios, the debt collector can then report a collection account (CA) to your credit report. Then you hav e both a CO and CA.

When a debt collector reports a CA, it merely lists the amount of the debt they are collecting. They dont disclose, in your credit file, whether of not the amount of debt reported in your CA is assigned for collection, or owed by the debt collector.

The only way to determine that from your CR is to look over at the OC account reporting. If the OC merely assigned the debt,both the OC and the CA will show a balance owed.

Howevever, if the OC sold the debt, their balance should now show $0.

OK, now to your question. If the OC still owns the debt, they wont consider a GW deletion of the unpaid CO. Payments to the CA wont discharge the debt until paid off.

However, if the OC is now reporting a $0 debt balance owed to them, then a GW would be possible.

Re: Charge off removal question....

hpfan10016 — Wed, 05 Jan 2011 04:27:21 GMT

Okay! Thank you very much for the information!

Re: Charge off removal question....

guydiver — Wed, 05 Jan 2011 18:49:15 GMT

@hpfan10016 wrote:
I have a charge off from WFCB-Blair (reported as charge off; $100 late) on my reports PLUS the CA is also reporting.
I am currently paying the CA in monthly installments.
Is it possible to GW WFCB-Blair to remove from my reports seeing as the CA is reporting also?
If it's not possible I completely understand, I'm just curious.
Thank you!

You need to get the CA to agree to a PFD, pay for delete. Otherwise, you don't solve anything score-wise after you pay and they do not delete the derogatory collection. It is probably easier to get the GW from the OC if the account is paid.