topic Re: Charged Off/Closed at Credit Grantor's request ADVICE in Rebuilding Your Credit

Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 13:49:10 GMT

I have a Charged off with a status of closed at the Credit Grantors request that is scheduled to stay on record until 2012, BUT I am planning on applying for a mortgage in 1 year. I don't plan on disputing this. I am wondering how most would handle something like this. Would you just pay it and get something that says "Paid Satisfactorly" or would you take the ride until 2012 and HOPE it gets dropped!?

Here is a print Screen:

GEMB/L&T

Address:
PO BOX 981432
EL PASO, TX 79998
No phone number available

Account Number:
XXXXXXXXXXX

Address Identification Number:
XXXXXXXXXXX

Status:
Account charged off. $217 written off. $217 past due as of Apr 2009.

Date Opened:
02/1997
Reported Since:
07/2005
Date of Status:
01/2006
Last Reported:
04/2009 Type:
Revolving
Terms:
NA
Monthly Payment:
$0
Responsibility:
Individual

Account History:
Charge Off as of Apr 2009, Feb 2006
180 days past due as of Jan 2006
150 days past due as of Dec 2005
120 days past due as of Nov 2005
90 days past due as of Oct 2005
60 days past due as of Sep 2005
30 days past due as of Aug 2005

Status Details:
This account is scheduled to continue on record until April 2012.
This item was verified and updated on Apr 2009.

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 13:52:01 GMT

Paying it would just update it to show "paid after CO" or something like that, not "paid satisfactorily".

It will be dropped in 2012, no matter what.

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 14:06:59 GMT

So what does this mean? Would you pay it or would you say screw it and go for the ride until 2012? Do you think I can negotiate something with the CO to list it as "Paid Satisfactorily"

Re: Charged Off/Closed at Credit Grantor's request ADVICE

203bravo — Fri, 15 May 2009 14:46:54 GMT

With it being that recent and in today's credit market you most likely wouldn't make it through automated underwriting. Then when it goes before manual review most lenders would require for it to be paid and showing a $0 balance.

You can find letters on here to attempt to negotiate a better reporting option, such as PFD, but be careful... If you are within the SOL make sure you can PIF if they decide to seek legal recourse, and if it is an older account then the age of the account may be helping you more than the charge off is hurting.. Thus if you were to get it removed with a PFD attempt the loss of age may cause a point drop.

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 15:17:31 GMT

Now this was a store card and was written off to the CA...Do you think it is worth it to try to call the store and see if we can reestablish credit if I pay in full or am I most likely wasting my time because its closed and with a CA? Anyone ever do what I am thinking of doing? (Calling store PIF and reestablish credit with them)

Re: Charged Off/Closed at Credit Grantor's request ADVICE

203bravo — Fri, 15 May 2009 17:45:10 GMT

If they still own the account and have only assigned it to a CA, may be worth the try. A no wouldn't really hurt you.

If they have sold the account. The could not collect the $$ since they are no longer entitled to it

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 20:17:10 GMT

I called the store and they said the account is no longer with them and it is written off as a lost. They sold it to the Collections. I called Collections and they said that they don't mind settling at a lower number. I told them I rather pay it in full, but I requested a statement that proves the charges. They were unable to provide me with proof and said they have nothing. Given this, it sounds like this can be disputed. Aren't the CA's suppose to be able to PROVE the charges? Please advise on what could be a good letter to use on this one?

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 22:36:15 GMT

MadDawg wrote:
I called the store and they said the account is no longer with them and it is written off as a lost. They sold it to the Collections. I called Collections and they said that they don't mind settling at a lower number. I told them I rather pay it in full, but I requested a statement that proves the charges. They were unable to provide me with proof and said they have nothing. Given this, it sounds like this can be disputed. Aren't the CA's suppose to be able to PROVE the charges? Please advise on what could be a good letter to use on this one?

DV.

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 22:57:44 GMT

OK. But, what happens if they keep ignoring my DV? Should I then dispute it with the Credit Bureau? Like I said I don't mind paying in full, but I can't with a clear concious without knowing that the charge is accurate. It seems on the high side to me. Why don't this have a chance with a dispute? Will the CA have to proove the debt to the Credit Bureau in order for it to stay on my report?

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 23:19:36 GMT

Is the CA reporting?

You disagree with the amount, is that what you are saying?

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 23:47:27 GMT

The CA states they are not reporting. They only collect the debt. It is the store that they claim reports. I disagree with the amounts...That is correct....

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Fri, 15 May 2009 23:52:38 GMT

I also asked if they would accept a PFD and I was told they don't do that. I am thinking if it would be the same if I put my intentions in writing. I am thinking of sending a PFD letter, which I state my intentions to pay in full contingent upon a deletion from my credit report. Within the same letter, I will state if those terms can not be met, then I must get a DV in order to satisfy payment.

Thoughts... Please. I want to be done with this matter.

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Sat, 16 May 2009 10:34:02 GMT

Anyone???????

Re: Charged Off/Closed at Credit Grantor's request ADVICE

ralbusta — Sat, 16 May 2009 19:40:06 GMT

The account you pasted is the OC account. It looks like the CA isn't reporting. You can't do a PFD for an account that isn't reporting, and as stated before if you disagree with the amount DV the CA. The CA also cannot remove the OC's reporting. If the OC sold the account they must report 0 balance.
I would get a pay for not reporting agreement with the CA. As for the OC you'd have to try a GW letter.

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Sun, 17 May 2009 02:40:09 GMT

OK. This helps. Thank You. All I need to understand is what happens if the CA is not able to validate the debt? Then what?

Re: Charged Off/Closed at Credit Grantor's request ADVICE

moondog7324 — Sun, 17 May 2009 02:49:45 GMT

If the request for validation was timely They will either validate the debt, sue you- or leave you alone. Have you been contacted by the collection agency by phone or mail? Or did you initiate the contact? As far as a PFD- a collection agency will only be able to delete the collection account (not the original creditors account) and in your case they collection agency isn't reporting- so there is nothing to delete.

Message Edited by moondog7324 on 05-16-2009 07:49 PM

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Sun, 17 May 2009 04:57:07 GMT

In the past the collection agency contacted me by phone and by mail. Most recent, I contacted the collection agency. My request for validation is far from timely. I am way past the 30 days requested within their letter to validate the debt. I am starting to think that I am just flat out screwed and have no choice but to just pay the debt even though I don't believe the amount is right. It sounds like I can't PFD, because it was reported by the OC, which has washed its hands of the account. It sounds like I can't DV, because I am like years late from the 30 day window requested within the CA's letter so what's left to do, but pay this thing...

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Sun, 17 May 2009 05:04:24 GMT

Ok, let me make sure I have this correct.

The CA has contacted you and you have contacted them.

They are not reporting and state they don't report.

The OC is reporting and stating they have written off the account and sold it.

Is the CA trying to collect the same amount the OC is stating they have written off or another amount?

Which amount do you dispute-- the amount written off or the amount trying to be collected upon?

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Sun, 17 May 2009 10:14:58 GMT

Ok, let me make sure I have this correct.

The CA has contacted you and you have contacted them. Yes, they contacted me in the past, but I contacted them most recently.

They are not reporting and state they don't report. This is correct

The OC is reporting and stating they have written off the account and sold it. They didn't explicitly say this, but I just read between the lines. I called them and they said that I must speak with Capital Management (THE CA) and that this is Capital Management's account.

Is the CA trying to collect the same amount the OC is stating they have written off or another amount? Yes, the OC is the one that reported on the claim and charged it off most recently. I need to apply for a mortgage in a year and I don't think I will get approved with this evil demon following me.

Which amount do you dispute-- the amount written off or the amount trying to be collected upon? The amount that the Credit Report states I owe, which is the amount the OC is claiming.

Re: Charged Off/Closed at Credit Grantor's request ADVICE

Anonymous — Sun, 17 May 2009 12:22:19 GMT

Is this your only negative?

How much of a difference is there in the amount you believe you owe and the $217 being reported? Remember, there may be late fees, interest, etc added.

This account was opened in 1997, how does that compare to other accounts you have?

IMO, if it were me, I would get something from the CA stating that if you pay they will not report to the CRA ever. Then I would negotiate a payment, either PIF or less than full amount, and pay the CA to keep them from transferring to a new CA that DOES report. I would leave the OC account alone.

It went bad in 2005, right? I've heard of people getting approved with worse.