topic Re: BOA Charge off Removal in Rebuilding Your Credit

BOA Charge off Removal

Anonymous — Wed, 20 Jan 2016 20:19:15 GMT

Ladies and Gentleman, I want to tell everyone that I got a charge off removed 3 years earlier. I was reading the news on charge offs and it stated that Citi, BOA, and other major banks have agreed to remove charge offs that were sold to collection agencies. Someone mentioned this was only valid for people who claimed bankruptcy, but I never claimed bankruptcy. I simply went on the BBB site and filed a complaint against BOA stating their settlement with the federal government and they removed the charge off. Their executive office called me and told me they were going to delete it. I received a confirmation lettter that they are going to remove it and it will take up to 60 days for removal. Try your luck, but it worked for me. Working on Citi next, that's the only two charge offs I have left.

This forum has made my credit score go from 600 to 730 in less than two years. Thanks gain!

Re: BOA Charge off Removal

RobertEG — Wed, 20 Jan 2016 20:32:59 GMT

Only BOA is involved in the consent decree.

Re: BOA Charge off Removal

Anonymous — Wed, 20 Jan 2016 20:48:41 GMT

Bummer. I'll try my luck anyway. Amex removed one, and Citi dropped one off a year ago by luck.

Re: BOA Charge off Removal

Anonymous — Wed, 20 Jan 2016 21:27:14 GMT

i called bofa and disputed regarding this and it got me no where. I have no disputed with an article about this in hopes to have it removed. just did it yesterday.

You simply filed a complain with BBB? Could you PM what you sent them? Thanks

Re: BOA Charge off Removal

TheBDub — Wed, 20 Jan 2016 21:55:40 GMT

Citi is a toughie. I've been trying for three years. About to just give up and ask for a EE in a year.

Re: BOA Charge off Removal

Anonymous — Thu, 21 Jan 2016 14:21:22 GMT

I am looking for it as we speak.

Re: BOA Charge off Removal

Anonymous — Thu, 21 Jan 2016 18:13:53 GMT

Unfortunately, I paid it off with BOA after the CO. So I'm stuck with it for two more years.

If I would have let it go to collections and paid them sounds like it would now be out of my life.

Awesome for those who get this removed!!

Re: BOA Charge off Removal

CJ7 — Thu, 28 Jan 2016 01:32:42 GMT

I hadn't thought of this method. Just filed my complaint. How long did it take for you to get the phone call?

Re: BOA Charge off Removal

Anonymous — Wed, 03 Feb 2016 16:53:19 GMT

Tried this for a second time. Still wont remove it.

Re: BOA Charge off Removal

Anonymous — Thu, 10 Mar 2016 01:13:25 GMT

Hi, I emailed a goodwill letter to the CEO of BOA earlier this week. Today, I received a phone call from one of their representatives denying my request to have a charge off removed. I've made several attempts in the last few years without any luck. I'm hoping you would be able to help me with my sitatution since you were successful in getting your charge off removed. What information did you include in your email in regards to BOA's settlement with the federal government? What important points would you recommend I include in my email to the BBB. I've exhausted every outlet and attempt at rehabing this sitution, but have reached no where with this. I almost lost all hope until I came across your post and I hope you will be willing to help me with this as well. Congrats again on your success with BOA! Thank you.

Re: BOA Charge off Removal

RobertEG — Thu, 10 Mar 2016 01:46:45 GMT

The deltion of charge-offs on consumer accounts where BOA has sold the debt is not a requirement of the consent decree, it is a volunatry decision made by BOA,a nd applies only if/when they have sold the debt to a debt collector.

The consent decree stemmed from a failure to remove the status of accounts from charged-off to BK when the debt was discharge by a BK.

BOA was not doing so, and consented to update the status ot dicharged under BK, and remove the charge-off.

They additionally decided, but were not required, to remove the CO if they sell the bad debt.

They made that determination because they no longer have subsequent knowledge if/when a later BK might occur,and did not want any hassle with having to upate sold debts. Thus, they stated that they would voluntarily remove a reported CO if they sold the debt.

If they still own the debt, then it is not covered under their procedure. The CO can reamin until excluded by the CRA in the normal course of business.

Re: BOA Charge off Removal

Anonymous — Thu, 10 Mar 2016 04:43:06 GMT

Thank you so much for that information. in regards to this statement, "They made that determination because they no longer have subsequent knowledge if/when a later BK might occur,and did not want any hassle with having to upate sold debts. Thus, they stated that they would voluntarily remove a reported CO if they sold the debt." Do you think I still have a chance at getting my charge off removed since my account was sold to a CA? My account was settled and paid in full with a charge off.

Re: BOA Charge off Removal

CJ7 — Thu, 10 Mar 2016 04:51:00 GMT

Settled with BofA directly or with the CA? If the former, then I doubt it would apply to you.

If you were affected, more than likely it would have fallen off at least one CRA back in June-August 2015

but not necessarily all three.

Re: BOA Charge off Removal

Anonymous — Thu, 10 Mar 2016 04:54:37 GMT

I settled with a CA but the charge off was never removed.

Re: BOA Charge off Removal

RobertEG — Thu, 10 Mar 2016 05:36:59 GMT

The issue is not whether you settled with the creditor or debt collector, it is whether BOA still owned the debt.

Not all debt collectors own the debt on their reported collection. Some only have assigned collection authority.

If you pay a debt collector with assigned collection authority, you are technically paying the OC, who will then remit whatever amount they have agreed to pay their debt collector. It could be a flat fee, or a percentge of the collected debt.

Re: BOA Charge off Removal

Anonymous — Fri, 11 Mar 2016 00:30:14 GMT

The only baddie I have left on my CR is a paid BofA CO. It will be there unti. 2020. The CRA's still consider it a recent delinquency at 23 months old and a major derogatory because the past due was 120+ days. I paid a CA but BofA still owned it and was/is the one reporting it. I've done a ton of research and at this time BofA is strongly opposed to goodwill. I accept that. I'm not going to spend time looking for a loophole that does not exist. It's paid and no longer hurting my scores in the way it was.

It suck to know it will be there for 4 more years but I am the one responsible for it in the first place. Today, my FICO scores are considerably higher because it's paid and I'm rebuilding excellent newer credit.....one day at a time.

Re: BOA Charge off Removal

Anonymous — Fri, 11 Mar 2016 00:54:46 GMT

My account was never in BK. They sold the debt to a CA. In my BBB inquiry, I highlighted the case and a day later it was removed. My charge off occurred in 8/2012. Keep trying, I've removed Cap1 & Amex.

Re: BOA Charge off Removal

QueenJ — Tue, 05 Apr 2016 23:36:18 GMT

I have a question i have a charge off who BOA no longer owns but i still owe on it, and im paying it little by littel; what is the best course of action for me?

Re: BOA Charge off Removal

Anonymous — Wed, 06 Apr 2016 01:18:00 GMT

That explains why my BOA fell off my report this year. But, here is where my story get's odd. BOA was a CO for $850. Sold to Calvary. Both were reporting in January. I started disputing everything in early February. Not because of needless disputes but because I had multiple balances for the same account. I disputed BOA and Calvary. Rewind to 12/11/2015 I received a letter stating Calvary now owned the debt. On 2/12/2016 I receive a "last chance" offer of 50% off to settle. However my dispute and this letter crossed in a hybrid e-snail mail campaign. In this letter that was dated 2/12/2016 they stated that since I was outside the SOL they would not sue. They stated they would continue to report to the CB's. By the end of February Calvary was gone. I actually wanted to do a PFD with these guys. Now I am left like... WTH do I do? It was due to fall off my CR on 3/2017.

Re: BOA Charge off Removal

stfraw — Fri, 27 May 2016 20:09:42 GMT

I think my case applies here. I have owned a small debt (less than $500) on my auto loan which are the fees charged, all principal loan was paid in full. They send it to CO and Charge Off which lowered my CS significantly. I have mailed BoA goodwill letter - they called me back saying they don't remove Charge Offs and if I pay it my score will increase. Maybe so and I'm willing to pay ofc but I don't want to get stuck with Charge Off on my CR for 7 years! So, my question is - should I wait until BoA sell it to CA and then go to BBB or just pay it now? What course would be better and won't take me to the dead end? Thanks in advance!!!