Charged Off/Closed at Credit Grantor's request ADVICE

[Anonymous]

Is this your only negative? No, but it is my only OPEN 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. The original purchase was only owe about half

This account was opened in 1997, how does that compare to other accounts you have? its the only open baddie I have right now.

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.  OK.  I think I'll try to DV before PIF.  I don't think I have anything to lose by DVing.  The worst that can happen is them saying, OK now PIF or you will be sued.  If I am going to PIF anyway, then that is not a threat to me.  The only issue I have with settling is that they will report it on my credit report as "Settled" and from everything I hear that will weaken my position for a mortgage.

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

[Anonymous]

I'm not sure what you mean by "open baddie".

It appears the OC has washed its hands of the account. Make certain they have sold. If so, what you do with the CA won't be reflected on the OC's entry.

---

MadDawg wrote:

This account was opened in 1997, how does that compare to other accounts you have? its the only open baddie I have right now.

---

What I meant was, do you have any other accounts(good or bad, but not collections) that were opened this long ago?

[Anonymous]

No, I believe this is my oldest credit line.

[Anonymous]

I've decided to DV.  The worst that can happen is that they will be able to validate the debt (Which Is what I want) and require me to pay in full or they'll sue me....I don't care about paying it in full so that is fine with me.  Now if they don't get back to me in 30 days, then I will offer a PFD, which will be a settlement to pay in full providing they delete and as a compromise I don't care if the debt is validated or not if they deleted the TL....

And if that doesn't work, then I will have no choice by to dispute with the CRA and ask for an investigation.

[ralbusta]

---

@Anonymous wrote:

I've decided to DV.  The worst that can happen is that they will be able to validate the debt (Which Is what I want) and require me to pay in full or they'll sue me....I don't care about paying it in full so that is fine with me.  Now if they don't get back to me in 30 days, then I will offer a PFD, which will be a settlement to pay in full providing they delete and as a compromise I don't care if the debt is validated or not if they deleted the TL....

And if that doesn't work, then I will have no choice by to dispute with the CRA and ask for an investigation.

---

Are you gonna DV the collection agency, is that what you are saying?

If so the CA has nothing to do with the account on your report other than that they now own it. Only GEMB can remove the account from your report, and is highly unlikely to do so.

You can dispute the balance shown on your report with the CRA, they will verify with GEMB. They will not delete unless instructed by GEMB, or if GEMB doesn't respond within 30 days. Again highly unlikely.

Your best bet is to get the agreement from the CA to NOT report if you pay in full. Then GW GEMB to not report negative info.

Message Edited by ralbusta on 05-18-2009 07:26 PM

[Anonymous]

Are you gonna DV the collection agency, is that what you are saying?

If so the CA has nothing to do with the account on your report other than that they now own it. Only GEMB can remove the account from your report, and is highly unlikely to do so.

You can dispute the balance shown on your report with the CRA, they will verify with GEMB. They will not delete unless instructed by GEMB, or if GEMB doesn't respond within 30 days. Again highly unlikely.

Your best bet is to get the agreement from the CA to NOT report if you pay in full. Then GW GEMB to not report negative info.

What about if I go straight for a PFD?  I'm not sure, but I think GEMB still owns the account and just assigned it to the CA.  Why wouldn't they accept that?  If someone told me that they'll pay me in full if I zap the negatives on their report.  I would think its a good deal.  I'm getting my money in full and their getting their report cleaned up.  Everybody is happy...What's the deal?

[ralbusta]

I agree with you, but many creditors do not. They feel that they would be violating FCRA, which we know is not true. For others its just policy to not change their reporting. Since you believe the account was assigned to the CA not sold, I would deal with GEMB. Try to PIF with them so they don't sell the account to a CA. I would then try for a GW letter. If its your oldest account the age may help more than the charge off is hurting, AFTER its paid.