Collection Not Reporting... Do I Wake Monster???

[Anonymous]

I have a BOA charge off for $1600. It is showing as CO to all CRAs with a balance. Contacted BOA just now to arrange a settlement. Was told the debt was sold to GCC (no idea who they are) in Jan 16. When I googled the phone # it shows Leading Edge Recovery.  I have never seen this on any report nor have they contacted me.

First off, should I contact CA? Has anyone dealt with Leading Edge? I beilive the SOL is next month BTW. 

Secondly, should I dispute with the CRAs the reporting balance, as it not only hurts me as a charge off but also my utilization.

Its been at least 6 or 7 months since CA aquired debt and nothing. Wouldn't they report or at least try to contact me in that time.

Please help!

Thanks

[Anonymous]

I'd recommend not waking the sleeping giant so to speak.

However if you're looking to settle you can contact the CA (don't mention anything about it not reporting) make a settlement offer to take care of it. Once you get a letter or proof it's taken care of you can/should dispute the CO amount if it's hurting your UT.

Some CA don't report for whatever reason they may still obtain a judgement against you so act fast

[Anonymous]

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@Anonymous wrote:

I have a BOA charge off for $1600. It is showing as CO to all CRAs with a balance. Contacted BOA just now to arrange a settlement. Was told the debt was sold to GCC (no idea who they are) in Jan 16. When I googled the phone # it shows Leading Edge Recovery.  I have never seen this on any report nor have they contacted me.

First off, should I contact CA? Has anyone dealt with Leading Edge? I beilive the SOL is next month BTW. 

Secondly, should I dispute with the CRAs the reporting balance, as it not only hurts me as a charge off but also my utilization.

Its been at least 6 or 7 months since CA aquired debt and nothing. Wouldn't they report or at least try to contact me in that time.

Please help!

Thanks

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If this debt was actually sold to another company as the rep told you then the original creditor (BoA) must update balance to $0 as they no longer own it. So I wonder if they only assigned collection authority to this other company or actually sold it. So you could dispute based on this or simply talk with BoA to update balance to $0 if they truly don't own it anymore. 

[Anonymous]

Jeff - I'm thinking they just assigned it.

[RobertEG]

I agree with determining who now owns the debt.

If the creditor has actually sold the debt, as opposed to only assigning collection authority to the debt collector, they are requried to prompltly update the debt balance under their account ot $0.  If they are still reporting a balance, then either the rep was incorrect in stating that they sold the debt (reps will often misstate their lack of ability to deal with an assigned debt as their having sold the debt), or their reporting is now inaccurate, and can be disputed.

Dispute the accuracy, and see if they verify or they update to $0.

Once the update ot $0, it will no longer be affecting your % util.

If SOL expires next month, I would wait until it has expired to contact the debt collector.