I have a Chase Card balance that still is with the OC. Showing as Charged Off/In Collections. Balance is 920 dollars. Closed August of 2015.
All of my other collections that I have dealt with have been with a CA that bought the debt, I've never dealt with the OC before.
Does anyone have any advice as to how to deal with an OC? and anyone that has had experience with Chase in particular would be great as well. I don't know what can be done with this, but what suggestions for maximum positive impact for my report is what I'm looking for.
The designation of "Charge-off/In Collections" is often presented in commercial credit reports as a generic designation that broadly could be either or both.
A collection is usually reported by a third party who has either been assigned collection authority by the original creditor or has purchased the debt, and thus becomes the owner. The third party who is then collecting on the debt is defined under FDCPA 803(6) as a "debt collector," who can report their collection to a CRA.
However, original creditors can establish their own internal collection activities on delinquent debt.
If, in conducting collection activities internally, they use a name that might suggest or imply to the consumer that it might be a third party, the original creditor is legally defined under FDCPA 803(6) as also being a "debt collector."
The legal significance is that they then become subject to all of the provisions and requirements of the FDCPA, including the debt validation process.
If only the OC is reporting, and no dunning notice or other reporting by a debt collector has separately been made, then the showing in your commerical credit report of "Charged-Off/In Collections" should not be interpreted as your having BOTH a reported charge-off AND a collection. It your case, it likely means only that the original creditor has reported a charge-off.
You would deal with the original creditor the same as any delinquent account until such time as you have clear reporting of a separate collection.
They dont sell off accounts, or sue anymore. I have nearly $100K in charge-offs with them across 5 cards from years ago. They sent me a letter about a month ago offering to take $18K for everything. I accepted, just waiting to hear from where to send the cashiers check. He did say I'm going to get a massive tax bill from it.
So I guess what I'm asking then is, with Chase handling it, if I pay it off, as far as getting it removed, are my only options getting it paid off and then maybe a GW letter?