BoA charge off

[Anonymous]

I called BoA and the said they don't have that account yet they gave me the CA phone number. On my credit report it says the balance owed and it's not $0. I just got a letter from the agency they willing to settle and I mailed a PTD letter. The balance is only $580 and its a charge off. Why is this account being reported with a balance and it's also revolving

[RobertEG]

The fact that the debt is now with a debt collector does not necessarily mean it was sold.

If ithe OC has merely assigned collection authority to the debt collector, then they still own it and can continue to report the balance as owed to them.

Taking of a charge-off does not negate the debt or require reporting of a $0 balance.

Are you sure the debt was in fact sold to the debt collector?

[Anonymous]

I'm not sure if it was sold but they won't take any type of payment all they said was they don't have that account. In my credit report number to call is the bank. I call the bank and they send me to call an CA agency. Confused now. Should I call and just ask if it was sold?

[RobertEG]

The creditor can rightfully require you to deal with their debt collector even if they still own the debt.

Thus, their referral to the debt collector is not evidence that they have sold the debt.

Yes, call them and inquire as to whether they still own the debt.

If they have sold the debt, they were required to have promptly reported a $0 balance to the CRA, so that is basis for your making an inquiry as to ownerhip.

If they do update to $0, that becomes their formal statement that they no longer own the debt.

[Anonymous]

Well I mailed a PTD letter few days ago to the CA now I'm not even sure if should have even done that or maybe dispute? This account is killing me and it's only $580 but it's revolving and it comes of In 2020 I want clear this as I'm trying fix my credit.

[RobertEG]

If only the OC is reporing, then the debt collector cannot agree to any deletion of reporting that they did not make.

The debt collector could only agree to deletion of their own reporting of a collection.

If the OC wont take payment of the debt, then you cannot obtain a PFD of the reported charge-off.

I see no basis at this time for a dispute, as there is no clear showing of inaccurate reporting.

Even if you do determine that the OC has sold the debt, their update ot $0 would be adequate response to any dispute, and would not require deeltion of their other reporting.

[Anonymous]

I would rather it say $0 so it won't be hurting my revolving credit. Sounds like BoA still owns the account but the CA is the one that will take the payment.

[RonM21]

You will find out soon if they'll take it. But it sounds like BoA hasn't tuened it.over yet, or they were in the process of it, and you kind of caught it right in the middle. Stay on top of it though. I'm thinking they may started the process, but the new collection agency hasn't received all of the info yet. If that is the case, I can see where you may be able to pay before they can even report.

[Anonymous]

Weird cause this account been charge off since 2013.

[Anonymous]

Just got off the phone with BoA and they do still own the account and will only take a full payment if not its thru the agency. I also let them know that the account is still being reported as open and it's also revolving. Very kind customer service also told me that she put in report for credit to show closed account and also take of revolving. now what