topic Re: Repaying Charge Offs?? in Rebuilding Your Credit

Repaying Charge Offs??

Anonymous — Thu, 25 Dec 2008 19:57:11 GMT

Ok, so I have two charge off accounts on my credit report. Both of them say it's still a revolving account. Does that mean I can still make payments to the orginal creditor and they will update the information on my credit report that I am starting to make payments and make the account current?? If this is true, would making payments on this account do anything for myFICO score?? Any suggestions?? Thanks in advance!!

Re: Repaying Charge Offs??

Anonymous — Thu, 25 Dec 2008 20:13:47 GMT

Is the OC reporting a balance?

If the OC still owns the account, they should take payment on it.

If they have assigned it or sold it to a CA, then they may tell you that you have to send payment to the OC.

If they are reporting a balance, it is possible that the account is still being figured into your util. If this is happening, then you would likely see an increase in your score.

Re: Repaying Charge Offs??

Anonymous — Thu, 25 Dec 2008 20:55:57 GMT

Yeah its both of the OC's reporting. They both post a balance and say the account is revolving. Does that mean if I start to send payments then it will show current? or will it still just say charge-off?? Also, before sending payments should I send them something first to make sure they will accept payments? Please let me know! Thanks for all your help!!

Re: Repaying Charge Offs??

Anonymous — Thu, 25 Dec 2008 22:17:25 GMT

Swtrandi wrote:
Yeah its both of the OC's reporting. They both post a balance and say the account is revolving. Does that mean if I start to send payments then it will show current? or will it still just say charge-off?? Also, before sending payments should I send them something first to make sure they will accept payments? Please let me know! Thanks for all your help!!

Since you talk about making payments, I am going to assume that you can't PIF.

So the next most important thing is, are these within SOL?

Once CO, it is a CO, making payments or bringing the account current is not going to erase that.

Once you state whether you can PIF or if the account is beyond SOL or not, I can better advise you.

Is any CA reporting also?

Message Edited by sidewinder on 12-25-2008 04:17 PM

Re: Repaying Charge Offs??

Anonymous — Thu, 25 Dec 2008 23:19:09 GMT

No I can't PIF. They are both over $1500 so I need to make payments. They are both beyond my states SOL (3 years). Also, no CA is reporting either charge-off....just the OC's. What should I do??

Re: Repaying Charge Offs??

Anonymous — Thu, 25 Dec 2008 23:31:58 GMT

Swtrandi wrote:
No I can't PIF. They are both over $1500 so I need to make payments. They are both beyond my states SOL (3 years). Also, no CA is reporting either charge-off....just the OC's. What should I do??

IMO, don't touch them until you can PIF or you check your state statutes and get a definite answer about payments/payment arrangements resetting SOL.

What is the DOFD?

Re: Repaying Charge Offs??

Anonymous — Fri, 26 Dec 2008 02:31:23 GMT

Who do I talk to to get the definite answer of my states statue on payments and whether or not it would restart my SOL?? Where do I find my DOFD? I have the date of last activity, but I don't know where to find the DOFD? I appreciate all your help so much! Thanks!!

Re: Repaying Charge Offs??

Anonymous — Fri, 26 Dec 2008 02:51:19 GMT

If you have a report directly from EX or TU, then look for a removal date.

On a report directly from EQ, look for DOFD.

You won't have this information on reports gotten from 3rd party resellers such as myFICO or TC.

Check out the "State Resources" link in my signature.

You can always ask your AG, if SOL can be reset once it has full expired, and if so, what actions would reset it.

Depending on your AG, they may or may not provide advice.

Check your state statutes from that link first. It may state what resets it, if anything.

Re: Repaying Charge Offs??

Anonymous — Fri, 26 Dec 2008 04:35:09 GMT

I actually at this point only have the information from my Experian credit report, which I got off of annualcreditreport.com. The removal date for one charge-off is 2011 and the other is 2014.

I checked out the state resource link you provided and got sort of confused. I am going to try to ask an AG to see if a SOL can reset after it expires. I will let you know how it goes!! Thanks

Re: Repaying Charge Offs??

Anonymous — Fri, 26 Dec 2008 15:56:41 GMT

Moved to a new thread

Re: Repaying Charge Offs??

Anonymous — Tue, 30 Dec 2008 03:33:08 GMT

Ok, so I got a response back from my states AG. He told me that in my state the SOL will reset anytime a consumer makes a payment within the SOL time periods. I am so glad I found that out! I will not be making payments...I will just wait until I can PIF! Thank you so much for your help!