topic Re: BoA OLD Charged-Off Checking Acct in Rebuilding Your Credit

BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 18:24:31 GMT

I am a former Bank of America customer (accounts closed in 2013), but have been receiving calls from some scammer saying I owe money to a payday lender that deposited into my BoA account. They didn't. Anyway, because my info has been part of the both of the recent OPM hikes (Thanks, China), I wanted to check with BoA. So, I called to see if they would send me the statements from that timeframe. In the process of asking for the statements, it was stated that my checking accounts were charged off with a not-so-small balance. And, now, they are going to send me...something? to say what I owe and I can set up a plan if I wish. I DON'T WISH! The last account was closed 4 years ago! My credit has taken a delightful upward trajectory. I readily admit to having zero financial / credit savvy until the last year or 2. But, thanks to this site and others like it, I have turned things around: I have 3 CCs all in good standing, all bills are paid, all collections have been satisfied and removed.

Can someone tell me if BoA is or will report this to the CRAs or do they only report to ChexSystems? I have a new bank accounts, also in excellent standing.

Thanks in advance.

I really don't need this headache...I'm doing so well!

Re: BoA OLD Charged-Off Checking Acct

RobertEG — Thu, 05 Jan 2017 18:46:02 GMT

Exclusion of any reported charge-off or collection is required no later than 7 years plus 180 days from the reported DOFD on the OC account.

What is your date of first delinquency that preceded the charge-off, and for which the account was continually delinquent from that date?

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 18:53:19 GMT

@RobertEG wrote:
Exclusion of any reported charge-off or collection is required no later than 7 years plus 180 days from the reported DOFD on the OC account.
What is your date of first delinquency that preceded the charge-off, and for which the account was continually delinquent from that date?

I'm not sure of the DOFD, actually. The last of 3 accounts (2 checking, 1 savings) was closed sometimes in 2013...at the latest. To be clear, I am talking about checking accounts that were overdrawn and closed. Not credit cards that weren't paid. This charge off has never been reported to a CRA and I had no problems opening a new checking account with my current bank. Is it likely that BoA is going to *start* reporting this, after all this time?

Re: BoA OLD Charged-Off Checking Acct

RobertEG — Thu, 05 Jan 2017 18:59:57 GMT

An overdrawn checking account creates a debt with terms for discharge that are set in your account agreement.

The overdraft was likely due immediately, so the DOFD would likely be the date the account became overdrawn.

It is hard to say whether the bank will report the CO, but they can.

If they do report a CO or refer for collections, they or the debt collector must report the DOFD no later than 90 days after reporting of a charge-off or collection.

If the DOFD is more than 7 years plus 180 days prior, then the CRA is prevented from including the reported CO or collection in any credit report they issue.

Thus, once you receive account records, you should be able to determine the DOFD, and thus whether it can be shown in your credit report.

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 19:31:23 GMT

@Anonymous wrote:
@RobertEG wrote:
Exclusion of any reported charge-off or collection is required no later than 7 years plus 180 days from the reported DOFD on the OC account.
What is your date of first delinquency that preceded the charge-off, and for which the account was continually delinquent from that date?
I'm not sure of the DOFD, actually. The last of 3 accounts (2 checking, 1 savings) was closed sometimes in 2013...at the latest. To be clear, I am talking about checking accounts that were overdrawn and closed. Not credit cards that weren't paid. This charge off has never been reported to a CRA and I had no problems opening a new checking account with my current bank. Is it likely that BoA is going to *start* reporting this, after all this time?

Yes, it is a possibiiity that they could start reporting the account. My BF had an account with a CU that was sent erroneously to a collection agency for overdraft charges. When the collection agency was contacted, they acknowledge the mistake (wrong account #) and it was corrected, so despite the fact that it is a checking account doesn't preclude a CO and collection activity. Also what is the SOL in your state? BoA may have some how missed it, but now that it is on their radar, it isn't going to disappear, so I suggest paying on it and seeing if they will not report it as a tradeline. Also, while you have current checking, some CU like SDFCU look at Chexsystems. Not sure about PenFed or NFCU, but if you can possibly get this taken care, then maybe you can minimize the impact it has.

Good luck.

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 19:36:11 GMT

Thanks. I guess I'll just have to wait to find out what they're going to say/do.

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 19:39:49 GMT

@Anonymous wrote:
Thanks. I guess I'll just have to wait to find out what they're going to say/do.

Did you overdraft the account and never pay them back? Is the debt yours?

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 20:33:21 GMT

@Anonymous wrote:
@Anonymous wrote:
@RobertEG wrote:
Exclusion of any reported charge-off or collection is required no later than 7 years plus 180 days from the reported DOFD on the OC account.
What is your date of first delinquency that preceded the charge-off, and for which the account was continually delinquent from that date?
I'm not sure of the DOFD, actually. The last of 3 accounts (2 checking, 1 savings) was closed sometimes in 2013...at the latest. To be clear, I am talking about checking accounts that were overdrawn and closed. Not credit cards that weren't paid. This charge off has never been reported to a CRA and I had no problems opening a new checking account with my current bank. Is it likely that BoA is going to *start* reporting this, after all this time?
Yes, it is a possibiiity that they could start reporting the account. My BF had an account with a CU that was sent erroneously to a collection agency for overdraft charges. When the collection agency was contacted, they acknowledge the mistake (wrong account #) and it was corrected, so despite the fact that it is a checking account doesn't preclude a CO and collection activity. Also what is the SOL in your state? BoA may have some how missed it, but now that it is on their radar, it isn't going to disappear, so I suggest paying on it and seeing if they will not report it as a tradeline. Also, while you have current checking, some CU like SDFCU look at Chexsystems. Not sure about PenFed or NFCU, but if you can possibly get this taken care, then maybe you can minimize the impact it has.

Good luck.

That SOL in D.C. is 3 years. But, you're right, that only precludes BoA suing me, not reporting by a CRA. I don't belong to a credit union, nor do I have plans to join one any time soon. I've had my current bank for 3 years +/-.

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 20:34:28 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks. I guess I'll just have to wait to find out what they're going to say/do.
Did you overdraft the account and never pay them back? Is the debt yours?

Yes. And yes.

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 21:16:56 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Thanks. I guess I'll just have to wait to find out what they're going to say/do.
Did you overdraft the account and never pay them back? Is the debt yours?
Yes. And yes.

By calling the bank you may have poked the sleeping bear. You may want to pay what you owe on the charge off before the bear comes out hungry.

Re: BoA OLD Charged-Off Checking Acct

Anonymous — Thu, 05 Jan 2017 21:20:16 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Thanks. I guess I'll just have to wait to find out what they're going to say/do.
Did you overdraft the account and never pay them back? Is the debt yours?
Yes. And yes.
By calling the bank you may have poked the sleeping bear. You may want to pay what you owe on the charge off before the bear comes out hungry.

That's the exact analogy I used. The "recovery" representative said they would be sending something within 10 business days, so I'll wait to get that so I can know whether I can afford to pay it all at once or if I have to make arrangements. I'm kicking myself...for multiple reasons.