HSBC Collections - they sold my account to Discovery in NY

[Anonymous]

I have a HSBC Best Buy credit card that is showing CHARGE OFF! now, a collection agency owed the account. Balance $1,316

I want to know what is the right process in order for me to remove the CHARGE OFF of my credit report since it is showing that it will be there for 7 years. I called HSBC Best buy many time in 2011 to get into a settlement but the managers did not wanted to. I offered to pay 50% of the ammount owed back then which was $980. Now, i realized the it went to $1,316. 

I went a head and call HSBC again this month of October 2012 to offer a settlement to pay for the balance. I found out that my account was sold to a collection agency, long story short, the account was sold three times, I called the last collection agency and they were getting my information that week, once they got theinformation, I told them that I wanted to close my account. they want me to pay them $600usd in full in order for them to close the account. HERE IS MY question: if I pay them the $600, is that going to remove my CHARGE OFF from my credit report? what should I do? what is the legal step to do so the CHARGE OFF will be remove from my credit report?

Below are the two open accounts that my credit report showed today: I dont know why, the credit reports show two of the same account No. 

Thanks, and please give me an advice on what to do.

HSBC BEST BUY #700119115760**** PO BOX 5253 CAROL STREAM, IL 60197 (800) 695-6950

Date Opened: 08/26/2007 Responsibility: Joint Account Account Type: Revolving Account Loan Type: CHARGE ACCOUNT
Balance: $1,147 Date Updated: 03/28/2012 Last Payment Made: 07/22/2011 High Balance: $1,316 Credit Limit: $3,600 Past Due: >$69< Pay Status: >Charged Off< Date Closed: 09/29/2011 Remarks: CLOSED BY CREDIT GRANTOR Estimated month and year that this item will be removed:

HSBC BEST BUY #700119115760**** PO BOX 5253 CAROL STREAM, IL 60197 (800) 695-6950 Date Opened: 08/26/2007 Responsibility: Joint Account Account Type: Revolving Account Loan Type: CHARGE ACCOUNT
Balance: $1,147 Date Updated: 03/28/2012 Last Payment Made: 07/22/2011 High Balance: $1,316 Credit Limit

[Davidngo]

Charge Off Accounts do permanant damage to your report.  They are basically writing this debt off and referring to a CA to collect.  The only way is to deal with the OC and see if they would do a PIF to Delete deal.  Good Luck!

[Azumi1]

You need to negotiate a PFD with the CA...and GW Cap 1  to delete the tradeline from your credit reports. I recently had some success with that.  The px for Cap 1 executive offices is on the sticky in the credit cards forum.

[Shogun]

First off that's a duplicate posting, it should only be listed once.  To answer your question,  no, paying the CA will not require not the OC to remove their posting.  Since they have sold the account, you will have to try for a PFD with the CA then GW the OC.

[beb86]

This account is now owned by CAP 1 and they WILL sue you so best bet is try a PFD if they refuse but you have the cash PAY IT....CAP 1 will get their money anyway...as for the above poster saying it does "permanent" damage that is false..nothing does permanent damage to your CR...two things to remember this is your debt and you are responsible and make sure you get everything in writing first

[Anonymous]

Thanks for the answer. Just couple of questions.  OC means Original Creditor?    What is PIF stand for and what is that, how can I create one?

Also, when you are saying OC (original creditor) that will be HSBC-Best buy? or who will be my OC or better, How can I find out who is my OC.

Sorry, I am new in this...thanks in advance for your help

[Anonymous]

thanks for the answer.

What is a PFD?  ...so I need to negotiate a PFD with the Collection Agency-Discovery - Correct?   ...after, you are saying ..... (and GW Cap 1.....what is that mean?...

also, can you send me a link on how to negotiate a PFD? or what is your advice on how to negotiate the PFD

Sorry, I am new in this...thanks in advance for your help

[Anonymous]

thanks for the answer, and yes, it was my mistake, since I saw  a blog for collections with HSBC, I posted there too..

since this is my first time dealing with this situation, I will appreciate in advance your help and knowledge....

what do you mean by ......you will have to try for a PFD with CA then GW the OC. could you please explain with complete words? this is new abbreviations for me..

what is a PFD?  CA= collection agency?     then.... GW (i dont know what is that or stand for)  the OC = Original creditor? if yes, how can I find out who is my OC?

last question...should I have to pay the collection agency or should I contact my original creditor and pay them? I owed $1300 but I have $500 cash..that I had been able to saved....

[Anonymous]

thansk for the answer.    what is a PFD? 

I want to pay my debt but I cannto pay all $1300, I had saved $500usd..which I dont have a problem paying that in order to close my account...BUT, here is the question...I want to pay BUT I want the CHARGE OFF to be out of my credit report, how can I do that? I want to make sure once I paid for it...it will not appear on my credit report...what is the best way to approach this situation?..... 

[Shogun]

Hello and welcome to the forums.  Below you will find a list to the commonly used abbreviations used in the forums.  

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Now to summarize.  You will try to get a Pay For Deltion from the Collection Agency (Discovery) and then send a Goodwill Letter to the Original Creditor (HSBC).  Below is another thread that addreses pfds and and that address GWs.  Good Luck

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...