topic Re: AMEX Charged off in Rebuilding Your Credit

AMEX Charged off

Anonymous — Thu, 04 Apr 2019 22:14:13 GMT

CA resident, $10,000 debt, about 3-4 years old.

Charged off AMEX is showing on my report depressing my score. AMEX reps refuse to remove the entries even upon full payment. I really need to get these off my report

Any ideas or suggestions will be appreciated.

Re: AMEX Charged off

Brian_Earl_Spilner — Thu, 04 Apr 2019 21:54:08 GMT

They won't remove it unless there's an error. You can try reaching out to the executive office with a sob story, but they probably will not remove it.

Re: AMEX Charged off

Anonymous — Thu, 04 Apr 2019 22:15:07 GMT

@Anonymous Is it the reps that caused the charge-off or you? Did you not think that letting your bill go unpaid would have a detrimental effect on your scores? Here’s a suggestion...In the future, be more responsible and pay your debts. Best of luck!

Re: AMEX Charged off

thornback — Thu, 04 Apr 2019 22:15:55 GMT

My sentiments exactly - thank you for saying it -

@Anonymous wrote:
@lucaramenIs it the reps that caused the charge-off or you? Did you not think that letting your bill go unpaid would have a detrimental effect on your scores? Here’s a suggestion...In the future, be more responsible and pay your debts. Best of luck!

Re: AMEX Charged off

CreditCuriosity — Thu, 04 Apr 2019 22:17:33 GMT

Thread under review..

Thread is now unlocked. Multiple posts have been edited to remove origin references. Please refrain from using origin from posts on MF as this won't be tolerated.

Re: AMEX Charged off

thornback — Thu, 04 Apr 2019 22:26:20 GMT

OP - unless the debt is reporting innaccurately, Amex will not remove the account as their internal policy is to abide by FCRA regulations. Even if it were innacurate, chances are they'd just update it with the necessary corrections. The account will remain on your reports for the entire 7 - 7.5 years post DOFD, as per the FCRA credit reporting statute. The CSRs have zero say with regards to this policy and are simply doing their jobs.

What you could do to help your credit rebound is pay the debt - either in full or settle. Having an unpaid charge-off allows for the balance to be included in your overall revolving utilization, which may be further dinging your scores; it also allows the account to be updated periodically or even monthly, by Amex, which will further damage your scores each time and prevent the derogatory from aging. If you pay it, it will be officially closed and updated to reflect a $0 balance, preventing any fadditional updating thus, allowing the account to age and hurt a bit less over time - though it will still hurt for the entire time it remains on your reports. The update to a $0 balance will also reduce overall utilization which may result in a bit of a score boost for you depending on your current utilzation on open accounts. You are not likely to have any success with having the account removed completely as Amex is not known to grant Goodwill deletions or agree to PFDs.

Best of luck to you.

Re: AMEX Charged off

Remedios — Fri, 05 Apr 2019 12:30:14 GMT

@Anonymous wrote:
CA resident, $10,000 debt, about 3-4 years old.

Charged off AMEX is showing on my report depressing my score. AMEX reps refuse to remove the entries even upon full payment. I really need to get these off my report

Any ideas or suggestions will be appreciated.

The only ideas anybody can offer you is to either pay it so it stops updating and your scores can start recovering, or because the possibility of lawsuit is real. I know SOL in CA is 4 years, but you're unsure how long ago CO happened.

You can still be sued even past SOL, but that's another animal and probably a topic for a different thread.

Original TL is not going anywhere, till it drops off after 7 years or so. It's your choice how it appears during the next 3-4 years and what it does to your scores.

I'd suggest you keep calling, maybe you will get an offer to settle for less as time goes, but I implore you to be kind to people you're expecting to so something for you.

Good luck and I hope you get it resolved to your satisfaction.