topic Re: BOA in Rebuilding Your Credit

BOA

QueenJ — Sat, 21 Oct 2017 17:28:48 GMT

Hello

I had an account with BOA. Account went bad i believe it was a charge off. I had automatic payments set up, then it fell off my credit and i switch banks so no more payments. About 4 months go by and now i have received a letter and a message from a debt collection agency. What advice do you guys have for my situation? any do's and don't?

Thank you

Re: BOA

Adkins — Sat, 21 Oct 2017 20:38:20 GMT

What does the letter say?

Re: BOA

QueenJ — Sat, 21 Oct 2017 20:50:53 GMT

The letter states how much i owe and they give me 4 payment options.

Thank you

Re: BOA

QueenJ — Sat, 21 Oct 2017 21:03:29 GMT

Also if i start paying this new company will that allow them to put it back on my credit report?

Re: BOA

Anonymous — Sat, 21 Oct 2017 22:20:58 GMT

My experience with BoA charge off was debt was in collection agency but they still owned the account. You can pay BoA or the agency. I paid mines thru BoA after charge off in full. They will only take full payment. They will not PFD. i would try calling bank and explain since it's new but most likely you will have to GW them to get it deleted.

Re: BOA

QueenJ — Sun, 22 Oct 2017 00:49:50 GMT

Actually it was with BOA then another collection agency took it. It was charged off and this year made the 7 years mark it fell off my credit reports. Few months after falling off now a new collection agency has it enterprise something. Currently its not on any of my credit reports.

Thank you

Re: BOA

Adkins — Sun, 22 Oct 2017 01:52:19 GMT

@QueenJ - Whether you pay them or not, they can still legally put the collection on your credit reports. You can call & ask if paying them, using one of the four payment options listed in the letter, would keep it off your credit reports. Who's the specific collection agency?

Re: BOA

QueenJ — Sun, 22 Oct 2017 02:08:47 GMT

The collection agency is enterprise recovery systems. So even tho the 7 years have passed they can put it back on my credit report? argggg. i was going to call them but wasnt sure by me calling if it would do any damage.

Thank you

Re: BOA

RootDet — Sun, 22 Oct 2017 04:38:21 GMT

From a creditor standpoint, since the account was not deliquent for a full seven years, they can report it. By making payment toward the debt, you effectively restarted the clock to be 7 years from your last deliqency.

You kind of got lucky the account fell off the report while you were paying on it.

Another thing with collections agencies, always communicate in writting. It will help you in the long term!.

Re: BOA

Adkins — Sun, 22 Oct 2017 04:46:32 GMT

Collections are removed seven years from the date of your first missed payment from your credit report. Your first post makes it sound like you were paying, switched banks and stopped paying. Then four months later you got the letter. Exactly how long ago did you have this account? Depending on your state, there's a statue of limitations (SOL) to how many years they can sue you in court to collect on the debt. After that point, the debt will fall off your credit report seven years from the date of the first missed payment. Collection agencies can send you letters to get money out of you for the debt, but you're technically not obligated to pay it BUT they can put it on your credit report. Please clarify your credit time line, thanks!

Re: BOA

Adkins — Sun, 22 Oct 2017 04:48:40 GMT

And @RooDet is correct, certified mail is better for communications because you have a paper record. Or you can record your conversations with them, just be mindful of your state's laws.

Re: BOA

Anonymous — Sun, 22 Oct 2017 14:35:03 GMT

@QueenJ, I would not contact the collection agency until after you have confirmed the DOFD. If you have an old credit report it will list it on there. If indeed the 7 year 180 days have passed, then they cannot repost to your credit report. If they do, you can send a copy of the old report to the credit reporting agency stating this debt is past the 7 year reporting period. Credit report aside, we all should try to pay our debts if we are able to. However, if you cannot afford to pay the complete balance, do not enter into payment arrangements with them. If it is past the 7 year mark and statute of limitations and you desire to pay them, wait until you have the money in full, then pay BOA directly. Although they are no longer on your report, if you wish to do business with them in the future then paying them might give you more favorable changes.

Re: BOA

QueenJ — Sun, 22 Oct 2017 19:53:48 GMT

Ok so i had to find an old credit report. The thing is I was not knowledgeable about a lot of things re: credit. I was paying them on time but i had lost my job so i asked them if they could work with me they said no because at the time my account was in good standing. Once my account went bad i asked them for help they said ok but the account would have to be closed so i said ok. Well while on the program i ended up losing my job and missed a payment since i missed a payment the program was null and void and they charged me back interest or something along those lines they said it was part of the terms i agreed to; i couldnt remember but there was nothing i could do. So i continued paying them but the account was a charge off by that time. One day i called to make a payment and they told me they dont have the account anymore, so i continue paying but now its to a collection agency. I continued making monthly payments, i close my bank account lets say in june (last payment); september i noticed it was no longer on my credit report. Hope i clarified everything,

Ok so credit report (old one i had saved) day of first delinquency says 6/1/2010. Account closed 11/2011. This report is from Jan 2017 and it shows last payment was december 2016.

So should i just call this new company and just finish paying the debt? Will that cause it to be put back on my credit report and cause score to drop?

Thank you for all the help.

Re: BOA

QueenJ — Sun, 22 Oct 2017 19:54:22 GMT

Its actually National enterprise Systems.

Re: BOA

Adkins — Mon, 23 Oct 2017 17:04:07 GMT

Have you ordered your free annual credit reports yet? If you haven't, go order the report for the agency that is from the old credit report. (If not, go to credit check total and get all three reports and your credit score for the $1 trial and cancel in seven days). The DOFD seems to make this a zombie debt - debt that comes back after the SOL has passed but they try to get you to pay. But, I'm not sure because of the payment arrangement. Get your updated credit report, and see if the DOFD is different than what the original credit report you have says. Kudos to you for holding onto that report, a lot of people don't! Once you have the new report, and can see the date listed, let us know. I would NOT contact this collection agency until you know this information.

Re: BOA

QueenJ — Mon, 23 Oct 2017 17:53:49 GMT

I've gotten new reports and its not on there. They called me today and i hit the pick up button by accident. They asked if i could pay in full i told them im pretty sure i have paid that debt already and its over 7 years old she said your last payment was in June. I asked her to send me a detail letter showing starting debt all my payments and current balance. she stated so you are disputing this debt? i said yes she said ok asked couple verification questions and said ok good bye. Im not sure what happens next.

Thank you

Re: BOA

Anonymous — Mon, 23 Oct 2017 19:16:25 GMT

@RootDet wrote:
From a creditor standpoint, since the account was not deliquent for a full seven years, they can report it. By making payment toward the debt, you effectively restarted the clock to be 7 years from your last deliqency.

You kind of got lucky the account fell off the report while you were paying on it.

Another thing with collections agencies, always communicate in writting. It will help you in the long term!.

That is not correct. Making payments in no way affects the reporting time clock. Once the account is charged off, the DoFD cannot ever be legally changed.

Re: BOA

Anonymous — Mon, 23 Oct 2017 19:27:17 GMT

@QueenJ wrote:
Hello

I had an account with BOA. Account went bad i believe it was a charge off. I had automatic payments set up, then it fell off my credit and i switch banks so no more payments. About 4 months go by and now i have received a letter and a message from a debt collection agency. What advice do you guys have for my situation? any do's and don't?

Thank you

Do contact them and make repayment arrangements

Don't wait too long to do so. CA's generally give a 30 day grace period, after which it will be reported as a collection, unless you contact them as suggested above.

Edit: Please see my next reply reagarding this.

Re: BOA

Anonymous — Mon, 23 Oct 2017 19:28:10 GMT

@QueenJ wrote:
The collection agency is enterprise recovery systems. So even tho the 7 years have passed they can put it back on my credit report? argggg. i was going to call them but wasnt sure by me calling if it would do any damage.

Thank you

If 7 years have passed - then its Zombie debt. Past the time limit for it to be reported. Ordinarily I would recommend the FOAD letter. BUT - the fly in the ointment here is you having made payments and then stopping those payments. That *can* establish a new SOL that you can be sued for depending on your states SOL laws. This is referred to as a "reset of the SOL", often confused with the reporting time limit, but that is unrelated.

Did you sign a repayment agreement? 12 states require a written repayment agreement (California is one that I know of) to be signed by the debtor for the reset to occur. How long ago did the payments stop and how much was owed?

Re: BOA

QueenJ — Tue, 24 Oct 2017 02:42:04 GMT

I never signed an agreement it was all done by phone. Last payment was in june which is around the time it fell off my report as well. Im in Fl.

Thanks

@Anonymous wrote:
@QueenJ wrote:
The collection agency is enterprise recovery systems. So even tho the 7 years have passed they can put it back on my credit report? argggg. i was going to call them but wasnt sure by me calling if it would do any damage.

Thank you
If 7 years have passed - then its Zombie debt. Past the time limit for it to be reported. Ordinarily I would recommend the FOAD letter. BUT - the fly in the ointment here is you having made payments and then stopping those payments. That *can* establish a new SOL that you can be sued for depending on your states SOL laws. This is referred to as a "reset of the SOL", often confused with the reporting time limit, but that is unrelated.

Did you sign a repayment agreement? 12 states require a written repayment agreement (California is one that I know of) to be signed by the debtor for the reset to occur. How long ago did the payments stop and how much was owed?