topic Re: HSBC Charge off removal in Rebuilding Your Credit

UPDATE: HSBC Charge off removal

dave36021 — Mon, 13 Jun 2016 20:39:26 GMT

Has anyone had any luck with getting HSBC to remove a charge off from their reports ? I have one that is killing my scores with multiple lates over 120 days and cherged off. It was sold to PRA but I was able to get that removed.

I want to be caution with it, it is due to come of 8/2017 but the issue that I am having is that it is reporting differently on each report. EX just shows it as a closed account no charge off or payment history so it is actually a Positive trade line there. On TU ir shows as a charge off and payment history of multiple 30 day lates a 60 , 90 and two 90 day lates. On EQ it shows as a charge off but no payment history.

this is one of my last baddies to get off and I disputed with EQ & TU but they keep coming back as verified and I am not sure how to proceed with it as I am afraid that EX will get updated and make my score drop.

With the reporting differently do you think I have something to fight them with. I sent them a goodwill letter in the past and they denied me.Any suggestions would be greatly appreciated.

6/13/2016 : so today I get a response from HSBC with the denial and the usual info when it was opened, last payment, who it was sold to and when.

So I have a problem with what they sent acording to the letter they sold the account to PRA 9/2010 but acording to my reports they posted the 9/10 itas 30 days late then 10/10 60 and so on until it went to charge off in 2/2011. If they are telling me that they sold it in 9/2010 then why did they keep reporting? Once they sold it they should not have been able to continue making updates to the account.

They also updated Experian to show as a charge off again on EX. Still considering a CFPB complaint considering all the different info that they have posted and sent to me.

Re: HSBC Charge off removal

RobertEG — Tue, 24 May 2016 05:28:03 GMT

It is not considered inaccurate for a creditor to omit delinquencies with one or more CRAs.

The requirment is that what is reported cannot knowingly be inaccurate.

Even if the reporting were considered inaccurate, the furnisher always has the opportunity to correct any inaccuracy.

Deletion is only mandated if the information is not either verified accurate as reported or corrected.

The purpose of the dispute process is to remove inaccurate information, not impose a deletion penalty for having inaccuracies.

If you assert inconsistency, the usual outcome is for the furnisher to give you the consisency that you assert by reporting each and every derog to all CRAs.

Unless a given derog is not accurate as to date or level of delinquency, then it is best not to dispute, as you are apt to get the consistency you request.

Re: HSBC Charge off removal

Anonymous — Tue, 24 May 2016 05:43:24 GMT

Your best bet is to keep trying GW if you want to, and then once 2017 hit maybe try an EE with the CRA's. Or, just keep gardening until they fall off As Robert explained disputing them may only make matters worse.

Re: HSBC Charge off removal

dave36021 — Tue, 24 May 2016 05:47:13 GMT

that is what I was going to try and do keep sending GW letters because I do not want EX to update back to a neg. I havent really pushed much with them. EX had swithed to a positive TL after a dispute last year and have been hoping to have the same thing happen on EQ & TU

Re: HSBC Charge off removal

Anonymous — Tue, 24 May 2016 16:09:31 GMT

I was in a similar case like yours. My CO expires in June 2016, so I got EE from both TU and EX in February/March. This includes the removal from PRA and HSBC. EQ wouldn't do a thing. In April, I was bored and disputed with EQ to get it remove. They removed the PRA but left the HSBC one BUT EX shows the CO again with paid, no history (became a positive). EQ still shows as closed, but has the history in it. Somehow for me, it became a positive as my score for EQ is around the 790.

Just be careful with the dispute as it could backfire. I luck out. On another note, June 1 2016, I could call up and get it remove by the supervisor. They left a note on it for me.

Re: HSBC Charge off removal

RonM21 — Tue, 24 May 2016 23:33:50 GMT

Keep trying those GW's. You never know sometimes. Worst case, it's only on there one more year.

Re: HSBC Charge off removal

dave36021 — Thu, 26 May 2016 03:14:22 GMT

I found the email to the CEO of HSBC and sent off a goodwil request for a removal. Crossing fingers that it works.

Re: HSBC Charge off removal

Anonymous — Mon, 06 Jun 2016 02:34:52 GMT

Do you mind messaging me the CEO email address? Im not having much luck and it doesnt hurt to try!

Re: HSBC Charge off removal

RobertEG — Mon, 06 Jun 2016 06:57:56 GMT

If you had a charge-off and the creditor then sold the debt to a debt collector, you have pretty much burned the GW bridge behind you.

After sale of the debt, the OC does not receive any addittional $ should the debt ultimately be paid to the new owner.

They sold the debt for pennies on the dollar, and thus have taken an unrecoverable net loss on the account.

It is usually tough to elicit good-will from a ceditor with whom you have caused a loss.

Re: HSBC Charge off removal

Anonymous — Mon, 06 Jun 2016 17:17:35 GMT

@dave36021 wrote:
Has anyone had any luck with getting HSBC to remove a charge off from their reports ? I have one that is killing my scores with multiple lates over 120 days and cherged off. It was sold to PRA but I was able to get that removed.

How on earth did you get the PRA removed?? I have been working on that one for months! They have my DoFD wrong, but I have no real way to prove it. HSBC was showing as a CO, but it has since aged off. PRA just keeps verifying. There date is only about 8 months off, but that's 8 more months of a collection on my reports....

Re: HSBC Charge off removal

dave36021 — Mon, 06 Jun 2016 21:09:38 GMT

PRA was a battle. They kept validating the debts(there were 4) but they were showing a payment history when no payments were made. I was able to get them to remove all based on that because it was not accurate and claimed that ifone account was wrong the others can have mistakes. I ended up filing a BBB complaint and a CFPB complaint and also worked with their ombudsman. Now they still send me letters every once in a while offering me a settlement but can not report and if they do I have a copy of the letter statingthat it would be removed.

Re: HSBC Charge off removal

dave36021 — Fri, 10 Jun 2016 03:05:09 GMT

I have somewhat of a update: since I sent my GW to the CEO my Experian report has changed still listed as closed but Payment Status has changed from Paid to Late, Payment status has changed from Credit Line closed to Charge off, Status Updated from 09/01/2011 to 09/01/2010. There have been some other reporting changes over the years as well but have to look at the reports to get everything.With the eratic reporting do you think that may be something to go to the CFPB since there have been changes going back and forth ? My thinking is how do we know what is accurate if it keeps changing.

Re: HSBC Charge off removal

dave36021 — Mon, 13 Jun 2016 20:44:36 GMT

so today I get a response from HSBC with the denial to delete and the usual info when it was opened, last payment, who it was sold to and when.

So I have a problem with what they sent acording to the letter they sold the account to PRA 9/2010 but acording to my reports they posted the 9/10 as 30 days late then 10/10 60 and so on until it went to charge off in 2/2011. If they are telling me that they sold it in 9/2010 then why did they keep reporting? Once they sold it they should not have been able to continue making updates to the account.

They also updated Experian to show as a charge off again on EX so sending a GW bit me in the butt. But another thing that was in the letter that I got a laugh at was their obligation as a company to report accurately and going by what they sent me and what is on the report they are not.

Still considering a CFPB complaint considering all the different info that they have posted and sent to me.