cancel
Showing results for 
Search instead for 
Did you mean: 

Charge off question

Justinb
Regular Contributor

Charge off question

I have a charge off from Chase that reports monthly.'I want to pay it off. Will that then move it to the collections section,'l or will it just update as paid in full and stay on the accounts section like it is now?
Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: Charge off question

No.

A collection is the reporing by a third party of their authrity to collect on a debt that originated with another.

 

The charge-off will remain even if paid.

The normal process is to first send the creditor a pay for deletion (PFD) offer, which offers to pay the full debt provided they agree to delte the reported charge-off.

I would advise sending them a PFD offer.

Message 2 of 3
Justinb
Regular Contributor

Re: Charge off question

Thank you.
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.