Charge Offs

[Anonymous]

Ok so I been very successful at removing debt collectors, the problem is now how do I remove the charge offs? I really have nothing as leverage with the OC.

What are ways I can use to delete the charge offs?

[Anonymous]

What method did you use to get the collections removed?

[RobertEG]

Has the debt been sold to a debt collector?

Was the debt paid?

[Anonymous]

Yes, the debt was sold and the balance was changed to 0 and then charged off.

The Debt collectors have all been deleted. I still have the OC charge offs. I don't have a clue on how to remove the charge offs beyond a GW letter since I don't have any leverage. DVs always come back as the debt has been sold.

[jeffeverde]

IF you have paid the CO account, some OC's might respond to a GW letter.  But generally, the response (or more acurately, non-response) is - "it happened, why would we change it".

If it's an older account (especially if it was one of those credit card companies that merged, sold open accounts, etc, during the credit collapse), a 623 letter to the OC might succeed.  This is similar in concept to DV'ing a CA.  With recent accounts, or with a creditor like Capital One, where they can pull up the history easily, a 623 response is not an issue.  But with a creditor where the record archives are fuzzy and they don't have ready access to old records - they'll fail to respond to a 623.

If an OC fails to respond to a 623, you can then send a copy of your request (and proof of delivery), to the CRA's, with a letter saying  "The OC cannot validate this account.  Please delete it".

[RobertEG]

You will need to obtain a GW deletion from the creditor to get their reporting deleted.

Reporting of a charge-off is placing in the consumer's file a statement that the consumer is delinquent to the level that they are not expected to pay the debt.

Taking of the CO then permits them to recoup a portion of the bad debt via a tax writeoff.

They can then, with their assumption you are not going to pay, sell the debt at a discount, thus recouping a bit more.  Net result is still a loss.

After sale of the debt, any subsequent payment does not go to the OC.  They are finished with the whole mess, and left holding a loss.

Not usually conductive to grant of GW......

The only thing I could suggest is stating that your subsequent payment of the debt shows that their original statement that you were not going to pay the debt was not the ultimate outcome, and thus deletion of the reported charge-off would more accurately reflect on you as a consumer who DOES meet their debt oblitgation.

Filing a dispute in the hopes that they may not be able to verify is not sumething I would recommend unless you have a real showing that their reporting of the charge-off was inaccurate.  If you were seriously delinquent, there would be no basis for assertion that their taking of a charge-off was improper.

A furnsiehr has no obligation to iinvestigate a direct dispute that does not provide adequate showing of an error.  They could simply dismis the dispute as frivolous or irrelevant, with no need to them conduct an investigation of its accuracy.

[jeffeverde]

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@RobertEG wrote:

You will need to obtain a GW deletion from the creditor to get their reporting deleted.

Reporting of a charge-off is placing in the consumer's file a statement that the consumer is delinquent to the level that they are not expected to pay the debt.

Taking of the CO then permits them to recoup a portion of the bad debt via a tax writeoff.

They can then, with their assumption you are not going to pay, sell the debt at a discount, thus recouping a bit more.  Net result is still a loss.

After sale of the debt, any subsequent payment does not go to the OC.  They are finished with the whole mess, and left holding a loss.

Not usually conductive to grant of GW......

The only thing I could suggest is stating that your subsequent payment of the debt shows that their original statement that you were not going to pay the debt was not the ultimate outcome, and thus deletion of the reported charge-off would more accurately reflect on you as a consumer who DOES meet their debt oblitgation.

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That's an interesting interpretation.  But Federal Banking Regulations require Banks to charge off revolving accounts after 180 days of delinquency (to prevent a bank  from inflating it's asset sheet with uncollectable debt) .  Have you seen any success in getting an OC to remove a CO status because subsequent payment of the account to the JDB proves that the account was not in fact uncollectable? 

[Shokk]

The others have pretty much covered it.  Charge offs are hard to remove.  I'm sure some have had success at times, just keep up with the GW requests.

Chase told me straight up they won't do any GW requests or remove early.  And the accounts hit the 7 year mark in just under a year.  I'll still try again in 6 months.