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Charge Off Confusion

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Charge Off Confusion

Like many I have been surfing the web looking for advice regarding a charge off. I have had seen quite a few different answers to my question and am confused on the right direction to go. I have a 3 year old CO from Chase. They have sold the account to a CA who I have shut down there NAF efforts. If I do nothing I know that the CO will be at 7 years in 4 more but am unwilling to wait. I see on my credit report that Chase reported the CO in 2005 and has been reporting key derogitories monthly since. There is no information regarding the CA on my report. Even with the CO my score is 733. I have only checked one of the 3 so far. Since Chase sold the balance but is still reporting monthly to the credit bureau who do I contact for a possible PFD? Also, is it better to contact the credit bureaus for verification on the Chase account first, and then deal with the balance? I have enough money put away to make an offer of 40-50% and want to know what is the best change on my credit reports I should be negotiating. Any reply would be greatly appreciated.
Message 1 of 4
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Moderator Emeritus

Re: Charge Off Confusion



EricD wrote:
Like many I have been surfing the web looking for advice regarding a charge off. I have had seen quite a few different answers to my question and am confused on the right direction to go. I have a 3 year old CO from Chase. They have sold the account to a CA who I have shut down there NAF efforts.
 
What does that mean?
 
 
 
If I do nothing I know that the CO will be at 7 years in 4 more but am unwilling to wait. I see on my credit report that Chase reported the CO in 2005 and has been reporting key derogitories monthly since. There is no information regarding the CA on my report. Even with the CO my score is 733. I have only checked one of the 3 so far. Since Chase sold the balance but is still reporting monthly to the credit bureau who do I contact for a possible PFD? Also, is it better to contact the credit bureaus for verification on the Chase account first, and then deal with the balance? I have enough money put away to make an offer of 40-50% and want to know what is the best change on my credit reports I should be negotiating. Any reply would be greatly appreciated.

If Chase has sold the account, the only thing you can do with them is GW them.
 
You need to send PFD to whoever owns the account.
 
Is the account out of SOL?
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Message 2 of 4
New Member

Re: Charge Off Confusion

I sent letters to NAF and CA that I did not agree to arbitration, and I never heard from them again.  The SOL in California is 4 years and have another year before it is up.  What is GW?
 
Thank you
Message 3 of 4
Established Contributor

Re: Charge Off Confusion


GW is a good will letter, basically begging them to remove the negative remarks on your credit.  You can find sample letters here if you do a search.
"WTB Access Number"
Message 4 of 4
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